Posted on: 08th Jul, 2010 09:18 am
If a property is transfered via inter-family transfer and dissolution and there is a 2nd mortgage or home equity line attached to it...is the person whom the loan is transfered too responsible for the 2nd lien, is the 2nd lien then considered and unsecured debt or does it transfer as well? A quick response would be greatly appreciated.
hi wmatthews!
welcome to forums!
the second loan will not be considered as an unsecured loan. the person who has taken out the mortgage will be responsible for paying off the dues. as the property has been transferred to the new owners, they should refinance the loan and get it transferred in their names and pay off the dues.
feel free to ask if you've further queries.
sussane
welcome to forums!
the second loan will not be considered as an unsecured loan. the person who has taken out the mortgage will be responsible for paying off the dues. as the property has been transferred to the new owners, they should refinance the loan and get it transferred in their names and pay off the dues.
feel free to ask if you've further queries.
sussane
I quit claim a property to my husband after divorce there is a 2nd line of credit on the property he said he would assume the property but he hasn't- he now owns the property but the bank does not know that he outrightly owns the property but I am responsible for half of the loc
Welcome Elizabeth,
If your name is mentioned on the mortgage docs, then you will be responsible for the mortgage payments though you've transferred the property to your husband. You should contact him and ask him to refinance the loan immediately.
If your name is mentioned on the mortgage docs, then you will be responsible for the mortgage payments though you've transferred the property to your husband. You should contact him and ask him to refinance the loan immediately.