Posted on: 30th Mar, 2010 12:52 pm
I cosigned for a mobile home for my daughter 8 years ago and until last fall she paid the mortgage on time. Recenty, she moved out and abandoned the home and they are coming after me for the balance. She left the home in bad shape and I cannot sink money into a mobile home that is falling apart. The balane owed is $37,000. The mortgage company has started forclosure proceedings and are attempting to sale it. The home I live in with my husband was purchased by him prior to us getting married so my name is not on the mortgage. However, we are planning on paying the home home this year and putting the deed in both our names. Can the lender from the mobile home put a lien on any property that we own together even though he had nothing to do with me cosigning the mobile home mortgage? We were not even married at the time and we live in Texas. I had excellent credit until she abandoned and trashed the home and I am at a loss as to what to do.
Welcome pjtschirhart,
As you've cosigned for the mobile home, you are equally liable for the mortgage payments. The lender has all the rights to come after you for the mortgage dues if your daughter is not paying it on time. If the lender forecloses the property, it will have a negative affect on your credit report and you would be liable for paying the deficient balance resulting from the sale. If you do not pay the deficient balance, then the lender can place liens on your property though you own it jointly with your husband.
As you've cosigned for the mobile home, you are equally liable for the mortgage payments. The lender has all the rights to come after you for the mortgage dues if your daughter is not paying it on time. If the lender forecloses the property, it will have a negative affect on your credit report and you would be liable for paying the deficient balance resulting from the sale. If you do not pay the deficient balance, then the lender can place liens on your property though you own it jointly with your husband.
first a caveat - i don't know anything at all about the laws of texas as they pertain to real estate.
okay...if you don't own the home, and your husband was not involved in the mobile home transaction (that's pretty obvious to me), then my opinion is that the lender cannot file a lien against your home. the only circumstance in which they could do so would be to first obtain a judgment against you for whatever the sum of money is that they've lost; next, to determine that you are the legal owner of that real estate (which you are not), and they could then, assuming you don't pay, file their lien on the real estate.
if you own nothing tangible that can be liened, then there's nothing they can lien, in my opinion.
if you want the best answer possible, i suggest you query with a local real estate attorney.
okay...if you don't own the home, and your husband was not involved in the mobile home transaction (that's pretty obvious to me), then my opinion is that the lender cannot file a lien against your home. the only circumstance in which they could do so would be to first obtain a judgment against you for whatever the sum of money is that they've lost; next, to determine that you are the legal owner of that real estate (which you are not), and they could then, assuming you don't pay, file their lien on the real estate.
if you own nothing tangible that can be liened, then there's nothing they can lien, in my opinion.
if you want the best answer possible, i suggest you query with a local real estate attorney.
