I've heard, and know of people who let other people borrow money and in return the borrower gives the "financer" something is his in return. Now, im not quite sure how all this works, and was hoping of someone could explain in more detail. My first question was is it legal, and im told yes. Now, im not sure if that means yes its legal if you set up your own shop legally? So, the random guy on the street, is he legal? Next, people go as far as to give the financer the papers to their house in exchange for money. Now, is it as simple as if the person doesn't make their payments back, including interest, the financer can simply take his house????? I don't get it. #1 the name on the paper is of the borrower, how would the financer get his name on the house paper?
And finally, is this a dangerous business, I would think if an individual gave up the paper to the house, and didn't make the payments, how would the financer go about kicking the guy out of his house and his family etc. does the court do it? Also, do you hear of these financers being attacked? I mean, giving up cars, motorcycles, HOUSES???? Seems like a pretty dangerous job to me! Fill me in......
And finally, is this a dangerous business, I would think if an individual gave up the paper to the house, and didn't make the payments, how would the financer go about kicking the guy out of his house and his family etc. does the court do it? Also, do you hear of these financers being attacked? I mean, giving up cars, motorcycles, HOUSES???? Seems like a pretty dangerous job to me! Fill me in......