I am foreclosing on a property; and I am worry about a friend I did a favor to by signing on the mortage of his house as a co-borrower. I am not on the deed though. Can my lender put a lien on my friend's house?
2007-08-03 05:55:38 · 4 answers · asked by buby 2 in Business & Finance ➔ Renting & Real Estate
If you aren't on the deed, you don't own that property and your creditor can't go after it.
It is extremely stupid to co-sign a mortgage and thus be responsible for that loan and not be on the deed. Of course, it is going to work out to the best for your friend.
2007-08-03 06:00:19 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Your friend's lender is using his house as collateral to secure the note. As a co-signer, they're also using your income--and possibly your property / possessions--as security. Since you are not on your friend's property deed, you have no ownership interest in it. His house is not an asset that you are part owner of, but his debt is something that you share responsibility for. I think your friend is safe. Still, as a previous response indicated, you really need to seek legal advice.
2007-08-03 13:29:01 · answer #2 · answered by Chuck Z 2 · 1⤊ 0⤋
I'm assuming you mean that your house is being foreclosed on, and you are worried that the lender will attempt to place a lien on a home you do not own, simply co-signed for. I do not believe that they can, as you do not "own" the home.
2007-08-03 13:00:54 · answer #3 · answered by W J 2 · 1⤊ 0⤋
Sweetie, I would high tail it to the nearest Real Estate Attorney and hire them to protect your rights. You may be liable for the mortgage as co borrower. Do it now today!
2007-08-03 12:59:21 · answer #4 · answered by Alterfemego 7 · 0⤊ 0⤋