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INTER-FAMILY TRANSFER & DISSOLUTION

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WMATTHEWS Guest	Posted: Thu Jul 08, 2010 9:18 am    Post subject: INTER-FAMILY TRANSFER & DISSOLUTION Like 0 Dislike 0 If a property is transfered via inter-family transfer and dissolution and there is a 2nd mortgage or home equity line attached to it...is the person whom the loan is transfered too responsible for the 2nd lien, is the 2nd lien then considered and unsecured debt or does it transfer as well? A quick response would be greatly appreciated. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Jul 08, 2010 11:26 pm    Post subject: Like 0 Dislike 0 Hi WMATTHEWS! Welcome to forums! The second loan will not be considered as an unsecured loan. The person who has taken out the mortgage will be responsible for paying off the dues. As the property has been transferred to the new owners, they should refinance the loan and get it transferred in their names and pay off the dues. Feel free to ask if you've further queries. Sussane
Elizabeth saunders Guest	Posted: Mon May 30, 2011 8:42 pm    Post subject: quit claim deed Like 0 Dislike 0 I quit claim a property to my husband after divorce there is a 2nd line of credit on the property he said he would assume the property but he hasn't- he now owns the property but the bank does not know that he outrightly owns the property but I am responsible for half of the loc
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue May 31, 2011 10:21 pm    Post subject: Like 0 Dislike 0 Welcome Elizabeth, If your name is mentioned on the mortgage docs, then you will be responsible for the mortgage payments though you've transferred the property to your husband. You should contact him and ask him to refinance the loan immediately. _________________ Procrastination is the enemy of your financial success

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