Posted on: 09th May, 2011 12:46 pm
I have co signed for my sons home mortgage - he was getting divorced and unable to carry the home on his own temporarily. Can the bank put a lien against my home.
Joseph Aiello
Joseph Aiello
It depends on the state and what type of document was used in your loan, ie. a "mortgage" or "Deed of Trust" For example, in CA, we use Deed of Trusts, and the lender places a clause called power of sale, which is basically the right for the lender to use non judicial foreclosure. Meaning that the only recourse the lender has is the property in question. You would need to have your attorney review your docs to answer your specific question
Hi joseph!
Welcome to forums!
If you're a cosigner for the mortgage and if the mortgage payments are not made on time, then the lender may file a lawsuit against you and get a judgment to place a lien on your property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're a cosigner for the mortgage and if the mortgage payments are not made on time, then the lender may file a lawsuit against you and get a judgment to place a lien on your property.
Feel free to ask if you've further queries.
Sussane
