Posted on: 25th Mar, 2011 11:09 am
My mother gifted her house to my husband and he has the title.We found out she had a loan on the property four years after she died.My question is can the company foreclose on his house?There is no leins on the title.
Hi mimicat!
Welcome to forums!
If the property has been used as a collateral by your mother for the loan, then the lender has the rights to foreclose the property. But if the property deed is in the name of your husband, then it might be difficult for the lender to foreclose. In such a situation, he may charge off the debt.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property has been used as a collateral by your mother for the loan, then the lender has the rights to foreclose the property. But if the property deed is in the name of your husband, then it might be difficult for the lender to foreclose. In such a situation, he may charge off the debt.
Feel free to ask if you've further queries.
Sussane