Posted on: 05th Nov, 2010 07:42 pm
I have a piece of property that I deeded to my son. He then in return deeded half interest back to be. Two years later my son is now MIA and I have recently discovered he took out a loan on the property. Am I liable?
Hi wideopen,
If the mortgage is solely in the name of your son, then you're not responsible for the loan payments in any way. However, if the lender forecloses the property, then you'll lose the home.
Thanks
If the mortgage is solely in the name of your son, then you're not responsible for the loan payments in any way. However, if the lender forecloses the property, then you'll lose the home.
Thanks
Hi,
As you say, you have already transferred this peace of property to your son, then now you don't have any authors of responsibilities on property. Also you will not be responsible for loan payments.
Thanks & Regards.
Gunz.ijjistaff :D
As you say, you have already transferred this peace of property to your son, then now you don't have any authors of responsibilities on property. Also you will not be responsible for loan payments.
Thanks & Regards.
Gunz.ijjistaff :D
When someone borrows money, the mortgage deed is prepared. This document must be signed by the borrower and the lender and sent to the county recorder's office for filing. Failure to document places lien on the property. During installation sentencing, the creditor can not close the property if the debtor fails to make timely payments.