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Are co signers responsible for liens if borrower quit claims to bank?
Wiki User
∙ 9y ago
The co-signer is responsible until the loan is discharged. When the borrower transfers the property to the lender there may still be sums due on the loan. The borrower and co-signer are equally responsible for paying the debt.
Wiki User
∙ 9y ago
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What is the name for claims against property?
The name for claims against property is liens.
Who satisfies liens on foreclosed property?
The person responsible for the liens must satisfy the liens. When a home is foreclosed on, the liens are removed before the next buyer purchases the home.
If you purchase a property that has an IRS lien against it does the purchaser acquire the lien with the property and become responsible to pay it or what happens to the lien when a house is foreclosed?
State laws may vary, and some liens could PREVENT you from recording a sale, if you try to record a deed without paying off (releasing) the liens. I'm certainly no expert on liens, but there may be nothing preventing a purchaser from buying a property subject to liens (claims) accrued by the previous owners. You could buy property with a mortgage on it, tax liens on it, mechanic's liens, municipal liens, etc., as long as you (the buyer) understand that ANY of these liens could result in claims being made against you, and you should get some guarantee (bond, security, payment) from the seller in exchange for accepting this sort of risk.
Do all judgments put liens on home titles?
No. A judgment has to be docketed for there to be a liens. This, of course, is referring to civil or small claims financial judgments.
Is a person responsible for paying liens on a house that has been foreclosed?
I believe that a lien on a property stays with the property, not with a person. The purchaser of the property will be responsible for any liens to get a clear title.
Can you have a jr lien at the same financial institution?
Yes. Banks often grant 1st and 2nd liens to the same borrower, sometimes at the same time. Under certain circumstances a bank or lender may also allow a 3rd position lien, so the borrower would have 1 senior and two junior liens.
Who is responsible for the tax liens after action to quiet title in Pennsylvania?
You need to address your question to the attorneys who represented the parties in the case. They would know the details of the case, the nature of the liens and who would be responsible for payment.
What has the author Francis L Lamer written?
Francis L. Lamer has written: 'Priority of Crown claims in insolvency' -- subject(s): Priorities of claims and liens, Bankruptcy
Is wife responsible for husband's car liens?
If you want to keep the car. It depends on the state of residence. In community property states both parties are responsible for all debts incurred during the marriage. In non CP states the person(s) who made the loan agreement that created the liens are responsible for the debt.
You bought property you didn't know had liens on it how do you make them pay you?
You have to track down the owners of the liens and pay them. Your local tax office or the tax office in which the property is located should be able to assist you in the location of the holders of the lien. If you bought the property with existing liens attached to it, you bought the liens too and are now responsible for them legally. Your only recourse would be to sue the previous owners for restitiuion of the cost of paying off the liens.
What has the author Robert H Bowmar written?
Robert H. Bowmar has written: 'Secured transactions in New York' -- subject(s): Security (Law) 'Lien priorities in New York' -- subject(s): Liens, Priorities of claims and liens
What has the author Michael Schmitt written?
Michael Schmitt has written: 'Der \\' -- subject(s): Alimony, Priorities of claims and liens, Support (Domestic relations)
