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Husband owned a business that closed but had no assets other than the machinery which the bank sold and kept the proceeds. Can they now put a lien against the house that is jointly owned?
Wiki User
∙ 16y ago
Yes, unfortunately. The bank has the right to recover the rest of the money owed them by putting a lien against any assets that the creditor (husband)owns or has joint ownership. Since the amount of money they collected from the sale of the machinery did not cover the amount owed, they will continue to expect the rest of the money they loaned to be paid back.
I would suggest that you and Hubby contact the bank and work out a way to pay off the debt that be mutually beneficial to all parties concerned. Do not just ignore the problem, it will not go away. If you act now, you can show that you are co-operating, and they will try to work with you.
Wiki User
∙ 16y ago
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