The following information about making a secured loan with debtor’s real estate property is brought to you by Ji Hoon Chang, a lawyer from David Chang Legal.
When you lend your money to someone, what can you expect to happen and what rights do you have?
In general, the more security you have, the safer the loan will be.
Is a caveat considered as a secured loan? Can we have a mortgage instead?
Having security means making a loan but requiring the borrower or debtor to offer up an asset as security. If the borrower or debtor doesn’t repay the loan then the lender or creditor can enforce the security; essentially claim the asset and have it sold to repay the debt.
Ji Hoon Chang, a lawyer from David Chang Legal, gives you more detailed advice about the issues through this episode.
[The full story is available on the podcast above]
Ji Hoon Chang, a lawyer from David Chang Legal Source: SBS Korean
