Posted on: 26th Sep, 2008 04:10 pm
I just found out that my co-signer for a home loan has a lien against him for back child support. He is on the deed of trust. He is only a friend and does not live with me. This my home and I've made all the payments. I plan on selling (I got a great deal) as soon as loan is paid off. Now, will his lien effect me when I go to sell. Will support enforcement try to take any thing from me?
Hi speck!
Welcome to Forums!
A Co-signer is considered to be a guarantor on a loan. If in case the primary signer defaults on the payments of the loan, the co-signer could be held responsible and will have to pay off the loan. It should not affect you unless he is listed on the deed as an owner of the property.
Remember one thins that lien cannot be placed against a person. It is always placed on the property and prevents the sale of that property until the lien is cleared off. If he was a co-owner and the lien was placed against the property then you would have to pay it off before the property can be transferred. But as he/she is not on the deed then any liens against his property wouldn't affect you.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
A Co-signer is considered to be a guarantor on a loan. If in case the primary signer defaults on the payments of the loan, the co-signer could be held responsible and will have to pay off the loan. It should not affect you unless he is listed on the deed as an owner of the property.
Remember one thins that lien cannot be placed against a person. It is always placed on the property and prevents the sale of that property until the lien is cleared off. If he was a co-owner and the lien was placed against the property then you would have to pay it off before the property can be transferred. But as he/she is not on the deed then any liens against his property wouldn't affect you.
Feel free to ask if you have further queries.
Sussane
Hi speck!
I don't think this will affect you or your credit score. Moreover, a co-signer will only be responsible for the loan in case you default it by any chance.
Thanks,
Jerry
I don't think this will affect you or your credit score. Moreover, a co-signer will only be responsible for the loan in case you default it by any chance.
Thanks,
Jerry