Posted on: 08th Jun, 2010 06:57 am
in 2005 my mother and i, single mom with two kids, purchased a house together and the house is paid in full. both our names were on the house at the time. she passed away in 2008 and willed me her portion of the house and currently just my name is on the house with the appraisal district. i tried to get a small $15000 home equity loan to pay some bills and fix up the house last week. i was denied on a house stating the title company had my moms name on the house. the house is worth $150,000 and my credit is excellent. i was very upset. i was told my mother had credit card debt around $12000 where a judgment lien was placed on the house. what can i do? i was told the lien is not able to do anything being unsecured debt and she is deceased. how come i am unable to get a simple loan since i have a good job and good credit? how can i get around this and set aside the judgment in order for myself to get a loan?
Hi leatherneck,
As your mother has left a will, you will have to probate the will and get the property transferred in your name. This will help you in becoming the owner of the property. As there is a lien on the property, it needs to paid off in order to make the property free and clear. But as your mother is deceased right now, you will have to contact the creditor and negotiate with him so that he reduces the lien. This will make it affordable for you to pay off the dues. Unless the lien is removed from the property, you won't be able to get a secured loan on it.
Thanks
As your mother has left a will, you will have to probate the will and get the property transferred in your name. This will help you in becoming the owner of the property. As there is a lien on the property, it needs to paid off in order to make the property free and clear. But as your mother is deceased right now, you will have to contact the creditor and negotiate with him so that he reduces the lien. This will make it affordable for you to pay off the dues. Unless the lien is removed from the property, you won't be able to get a secured loan on it.
Thanks