I purchased 2 homes and eventually had 1 of the homes foreclosed in NV. The property which I live in California was still being paid on time can the mortgage company file a lien on my current property? They just sent me a letter stating if I dont pay them back 60% of the balance due then they leave the LIEN on my current property. Can they do that? If so what can I do to protect my house? How do I get out of this nightmere?
2007-02-09 18:58:42 · 6 answers · asked by jennifer v 1 in Business & Finance ➔ Renting & Real Estate
If the lender takes a loss and you have another asset they can get a defeicency judgement lien and post it on that other asset. If you was cross collateralized they can do it without a judgement as long as there was a loss on the foreclosed property. State law will determine if they can start a foreclosure on your California house or if they will have to wait for a escrow event. The IRS can also file a lien. I doubt the lender is bluffing you as the Fair Debt Collections and Procedures act would forbid them to send you a letter like that. Get a legal opinion and sue them if you can.
2007-02-11 18:43:38 · answer #1 · answered by Kevin H 4 · 1⤊ 0⤋
Maybe. You need to check the laws in California. In some states, creditors can put a lien on your homestead. In other states, like Texas, they can't. Depends on California state law since that is where the house is located.
You could always incorporate and put title in the corporations name, or put it in a trust with your kids as beneficiaries. Either of those things would severely hamper the mortgage company's attempts to place a lien.
Rick
http://www.fairwaymortgagelending.com
2007-02-10 05:16:49 · answer #2 · answered by Anonymous · 0⤊ 2⤋
I honestly don't believe so...unless they get a judgment for any deficiencies at sale. Best and only bet...contact a Real-estate attorney ASAP!
update: They themselves can not...but they can get an order from the courts. Least per Washington State...California laws are to long
2007-02-10 03:05:27 · answer #3 · answered by Nyte M 2 · 0⤊ 1⤋
I don't believe they can unless you used that property as collateral to get the loan.
Did you do this?
Call a lawyer, but most likely if they have done it, they can.
2007-02-10 08:19:29 · answer #4 · answered by frankie b 5 · 1⤊ 0⤋
Yes they absolutely can put a legal lien on your property.
2007-02-10 03:08:47 · answer #5 · answered by Aunt Bee 6 · 1⤊ 2⤋
No they can't.
2007-02-10 03:18:49 · answer #6 · answered by mycatsdead 2 · 1⤊ 0⤋