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You co-signed a mortgage for property you don't own. Can a lien be placed on that property for your own personal debt?
Wiki User
∙ 12y ago
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoNo. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
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Can a judgment lien be placed on a property mortgaged by USDA-Rd?
A lien can be placed on any property, regardless of who holds the mortgage. In most cases the mortgage holder will be paid before a secondary lien holder.
What is the definition of 'senior mortgage'?
A 'senior mortgage' is the first mortgage placed on a property. If one re-mortgages one's house, then that becomes known as a 'junior mortgage'. Payment of a senior mortgage always takes precedence over payment of a junior mortgage.
Can a SECOND mortgage line of credit take your personal belongings?
Mortgages are secured by the real property, not personal property. If the loan is not paid, a second mortgage line of credit may foreclose on the home but your personal belongings are NOT the collateral for the loan. The old popular image of creditors emptying your home of your belongings is largely a myth. You can only be forced to forfeit items used as collateral for a loan. You may be sued by your lender in some cases and face a judgment, and liens can be placed on bank accounts or against other property.
What will happen to mortgaged property placed in trust?
The property will transfer subject to the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure. However, please note that most mortgage documents contain a 'balance due on transfer clause". That means if the title to the property is transferred the bank can demand full payment of the mortgage. You should consult with your bank before making this transfer.
What does it mean when you say that there is a lean on your property?
A lien is placed on property when the owner owes money to someone, and the someone wants to ensure that it will be paid back. Liens are only available to secure some kinds of debts. If a person takes out a mortgage, the bank will place a mortgage lien on the property. This means that when the person sells the property, the mortgage must get paid before the person can receive any proceeds from the sale. If the person pays off their mortgage while they still own the property, the lien will be removed. In other cases, liens are placed due to judgments and certain kinds of bad debts.
Can personal property be placed and protected IN an LLC?
Can a LLc protect personal dept?we have (3) propertys in a LLC can that be protected?
Can a house be placed into a trust if it has a 2nd mortgage on it?
The number of mortgages on a property has no impact on the owner's ability to put the house in a trust.
Can a home owner's association foreclose on a home?
If they hold a mortgage or a lien on the property. Home owner's associations often have required dues and if they are not paid, a lien can be placed on the property.
If you are a title holder of real property but are not on the mortgage loan and or mortgage note of that property can a lien be placed against the real property if you file bankruptcy?
This would be a most uncommon situation...you own the proerty but other people have it mortgaged? Your bankruptcy effects everything you own, not just what you may owe on. Your ownership of this property is included.
Your mortgage company added your other property to your mortgage illegally 2 years after signing mortgage What can you do?
The mortgage company can not add another property to your existing note without you signing for it. If they have placed a lien on your property you can go to court and make them remove it. Pull your Mortgage or Deed of Trust (depending on what state you are in) and look at the addresses on it. If it does not show the second property, then they have no legal right to put a lien on it. I would go to the closing agent (title company or attorney) that originally searched the title to your property and ask them for help. in some states if you had a foreclosure on another property, the first lender can place a lien on a new property that you have bought, if that is what you are talking about.
What happens if the primary borrower dies and the cosigner used her home as collateral?
If you are not an owner of the property and yet you cosigned a mortgage then you have volunteered to pay the indebtedness if the primary borrower (assumed to be the owner of the property) does not pay even if the reason they stop paying is their death. Your only hope is that there are estate assets that can pay the mortgage balance or some type of mortgage insurance. One must wonder why you would sign the mortgage when you don't have any interest in the property. You have placed your credit record and your finances at risk. In your case, it seems that you also pledged your own home as collateral for the primary borrower's loan or mortgage. If the primary borrower doesn't pay the mortgage and the bank forecloses then your credit will be ruined and the bank may go after you for any shortfall after the property is sold at the foreclosure sale. In your case, the lender can take your property to satisfy any deficiency. If the owner fails to pay and you don't want to suffer all the damage caused by the default then you must take over paying the debt. You will get no return on your investment. You have obligated yourself to pay for property you don't own.
Can a person claim Lender-Placed Insurance on their home on their income tax?
If you are talking about PMI (Private Mortgage Insurance for those who put less than 20% down on their purchase), that should be deductible if the mortgage originated in 2007 or later. If you are talking about homeowner's insurance (fire, burglary, liability), that is never deductible for your personal residence no matter who placed it. If it is a business or investment property, it would be deductible like any other business/investment expense.
