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Can a bank put a lien on my house if myother property forclo

I recently took out a mortgage along with my nephew.He had a subprime mortgage and I wanted to help him get a better rate because i had excellent credit.The mortgage is in my name and he is the cosigner.I dont live there,I have my own house. Right now things do no look good.He's months behind on the mortgage.If they forclose on the property,can the bank put a lien on my house which is paid for.
P.S My name is also on the deed along with his.

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi clarkemuscle!

Welcome to forums!

You have said that the mortgage is in your name. This will make you the primary mortgagor. As your nephew is the co-signer, the lender will ask him to pay the debt only if you cannot pay it off.

If the foreclosure sale results in a deficiency and if you cannot pay it off, then the lender may place a lien on the fully paid for house of yours.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:50 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Clarkemuscle,

Are you sure that your nephew is the cosigner? I'm saying this because usually a cosigner uses his credit and income to help the borrower qualify for a loan.

If your nephew is months behind the payment and he's the cosigner, well then if you don't pay, it's his responsibility to repay the mortgage.

If the bank forecloses, it can place a lien on your home provided the deficiency payment, if any, is not paid for.

Regards,

Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I need to show on paper there is a lean on my house and I need the info. immidiately. I do not know who to conntact.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jeri,

I think you should visit the county recorder's office to check if there is a lien on or the property or not. You can also engage a title search company to know about the lien on the property. If there is a lien on the property, the county recorder must be having a document stating it. You can get a duplicate copy of that document.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if i have a property foreclose on can the mortgage company put a lien on my other paid off properties

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To jw,

Mortgage companies can put a lien on your other properties, if there's a deficiency from the foreclosure. They can obtain a judgment against you and can even garnish your wages. However, much depends on which state you are in. If you are in an anti-deficiency state, the lender will not be able to come after you for the deficiency and thus, will not be able to put lien on your other properties.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is an "anti-deficiency?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi veve,

Some states have "anti-deficiency" laws which protect the owners of real property used as primary residence in case of foreclosure. In such states, the lender will only be able to recover the property and sell it off to get as much dues as possible. The home owner will not remain responsible for paying any deficit balance between the sale proceeds and the outstanding loan balance. Thus, the home owner will be able to walk away from the property without owing a deficiency judgment amount. However, this law will provide no protection for second mortgages or home equity lines.

Thanks

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