Posted on: 10th Oct, 2009 04:18 pm
I inherited a house from my mother. The house is divided to 3 children. One has signed a quick claim deed to remover her name because of her owning a townhouse which she is thinking of letting go into forecloser. But the question is can the mortgage company come back and take the inherited house to settle the loan?
Yes thats correct the bank can come after any assest and savings you have to collect the deficient amount
Is there a time limit to keep this from happing?
Hi rgshaw,
Once the lender forecloses the property, he will have to file a judgment in order to place a lien on the other properties of the debtor. Once he gets the judgment in his favor, he will place a lien on that property. However, as your sibling has transferred the property to you, I don't think the lender would come after the inherited property.
Thanks
Once the lender forecloses the property, he will have to file a judgment in order to place a lien on the other properties of the debtor. Once he gets the judgment in his favor, he will place a lien on that property. However, as your sibling has transferred the property to you, I don't think the lender would come after the inherited property.
Thanks