Re: Foreclosure Owner wants a 2nd

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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.

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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.  


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