LO question - Posted by Tom

Posted by Craig (IL) on January 25, 2002 at 12:21:49:

Nothign STOPS the owner from doing this. Your best proetction is to have your lawyer draw it up and record a Performance Mortgage on the title. This is how a Performance Mortgage offers better protection than a Memorandum of Option. If an owner tried to do this, you would be able to foreclose.

LO question - Posted by Tom

Posted by Tom on January 24, 2002 at 22:49:42:

I have a question about protecting yourself in a LO.
What stops the owner of the house from taking out a second or putting other liens on the property? Is there a way to be notified if the owner is doing something like this?
Thanks for the help.