Re: Foreclosure Owner wants a 2nd
Posted by Bill H on February 18, 2003 at 22:38:35:
In Reply to: Re: Foreclosure Owner wants a 2nd posted by njspoch on February 18, 2003 at 09:29:30:
: If he has a diagnosed mental disorder, as you suggest, then you certainly don't want to enter into a Contract with someone who isn't competent to enter into Contract.
: Or, perhaps you were being fast,loose, and cute with the characterization of your fellow human being.
: To address your question, depending upon the foreclosure laws and customs in the state the property is located... sure it's possible to give a 2nd mortgage in exchange for a loan.
: However, it doesn't appear to be a prudent investment.
I agree with Dave---there is no state that I know of that will validate a contract with an incompetent person.
Name : E-Mail : Subject :
Comments:: : If he has a diagnosed mental disorder, as you suggest, then you certainly don't want to enter into a Contract with someone who isn't competent to enter into Contract.: : Or, perhaps you were being fast,loose, and cute with the characterization of your fellow human being. : : To address your question, depending upon the foreclosure laws and customs in the state the property is located... sure it's possible to give a 2nd mortgage in exchange for a loan.: : However, it doesn't appear to be a prudent investment. : I agree with Dave---there is no state that I know of that will validate a contract with an incompetent person. Optional Link URL : Link Title :