Second Mortgages

C

charlie M.

New member
Sep 19, 2005
2
0
0
Hello to you all,

Here is my problem:

A friend of my asked me to give him a second mortgage on his new house. I did a couple in Canada and I know that in the case he is not paying I can forclose on his house for the outstanding amount. Is this the case here in the D.R.? What can I do to protect my money?
 
P

planner

.............. ?
Sep 23, 2002
4,409
26
0
I can tell you that most people here don't have first mortgages because of the high interest rates. How on earth could he afford a second mortgage at the much higher rate.

Personally, I would not touch this!!!!
 
T

TimInDR

New member
Jun 4, 2005
147
0
0
www.prestigecarrentals.com
planner said:
I can tell you that most people here don't have first mortgages because of the high interest rates. How on earth could he afford a second mortgage at the much higher rate.

Personally, I would not touch this!!!!
Click to expand...


friends... mortgages... hmm.... sounds like a great way to quash the friendship to me. I'd shy away.
 
F

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
2,359
252
83
www.drlawyer.com
Recording a mortgage involves the following:

1. Mortgage Agreement between debtor and creditor authenticated by a Notary Public.

2. Payment of recording taxes (approx. 1% of the value of the mortgage).

3.Taking the Certificate of Title of the debtor-owner with the Mortgage Agreement and the tax receipts to the Registrar of Titles.

Second mortgages are possible except when the debtor-owner has expressly renounced in the first mortgage agreement to assume a new mortgage.

Once recorded, the holder of the second mortgage can begin foreclosure proceedings on the property if the debtor does not pay the debt as agreed.
 
You must log in or register to reply here.
Top Bottom