Posted on: 17th Jan, 2011 01:15 pm
I took a line of credit out on my house when the market was going good and I have a copy off the warranty deed on the empty lot I bought does that mean i Own the empty property free and clear after my house goes into foreclosure also can i go ahed and sell it without any problems Thanks Ken
Hi fred!
Welcome to forums!
If you have taken out a mortgage on the property, then it is not free and clear. There is a lien on the property. If you cannot pay off the lien, the creditor will foreclose the property and sell it off in order to recover his queries.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you have taken out a mortgage on the property, then it is not free and clear. There is a lien on the property. If you cannot pay off the lien, the creditor will foreclose the property and sell it off in order to recover his queries.
Feel free to ask if you've further queries.
Sussane