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Real Estate: Wisconsin/Getting a lien filled voluntarily on a home?


I live in California, and have lent my sister-in-law who lives in Wis.$38000 for legal fees and to purchase her ex's interest in thier house as part of the divoice settlement. She will shortly own the house with a market value of $185,000 and a 1st mortgage of $88,000. She does not have the cash flow to repay me anytime soon and will be keeping the house for at least the next 3 years (untill her kids move out). Is there a instrument that I can use to use the house (her only asset) to secure repayment of my loan to her? Can I, with her agreement place a lien on the house? She is not in a position to be able to refinace the house to pay me off and I can only see getting my money when the house is sold. I am open for any options.

 I am a realtor, not an attorney and for an absolute answer and execution of the lien properly, I would direct you to a real estate lawyer.  In my non-legal but experienced real estate opinion, you could indeed file a lien. Best to hire a real estate lawyer for the lien execution.

Real Estate: Wisconsin

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Sally K. & David L. Hanson, ABR, CDPE, e-Pro


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