Posted on: 23rd Jun, 2009 12:29 pm
If your name is on a deed and not mortgage of a home, and you default on another mortgage, can a lien be put against the home where your name in on the deed only?
Hi tneylon,
You mean your name is the only one on the deed to the property, and you have defaulted on a loan against a different property, right? If this is the situation, then I think the creditor can put a lien on your property, if they fail to recover the loan amount after foreclosure. However, they cannot foreclose on your current home, unless it is the collateral for the loan you have defaulted on.
You mean your name is the only one on the deed to the property, and you have defaulted on a loan against a different property, right? If this is the situation, then I think the creditor can put a lien on your property, if they fail to recover the loan amount after foreclosure. However, they cannot foreclose on your current home, unless it is the collateral for the loan you have defaulted on.
tneylon
yes they will be able to put lien on your property where your name is on deed only.But you can always quitclaim your share either to your wife or parents at any time.
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keep in touch...
yes they will be able to put lien on your property where your name is on deed only.But you can always quitclaim your share either to your wife or parents at any time.
:arrow: :arrow: :arrow:
keep in touch...