My wife and I area borrowing money from my parents. We've had an attorney draw up a loan documented, which includes the following clause:As security to ensure prompt payment of this Note, Maker shall grant a second priority security interest encumbering the real property known as [address name].Does this make the interest deductible? There will be no documents filed with the registry of deeds / land courtAccording to Pub 936 the encumbrance must be recorded, so IMO this doesn't work.PhilRule Your Retirement Home Fool
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