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If a cosigner has no more money in his account can a lien be put against his house since the primary borrower isn't making payments on the loan?

Brandon Scott

in Student Loans

1 answer

1 answer

James Washington on January 17, 2018

Answer If you signed on the loan they will come after you. It could also destroy your credit if there are mortgage lates or a foreclosure.\n\nTimes have changed. You begin with the new banko laws of the Republicans, signed the bill into law, credit card companies putting liens on the property. Now it has become a great destination. Response \nA creditor must follow due process prior to the placement of a lien against any property type.\nDue process meaning of filing and winning a lawsuit, the approval of a writ of judgment and executing the judgment against non exempt property of the debtor. It is not possible in all states to place liens against a primary residence, the factors that determine this action are the way in which the house is entitled according to the law of the state, and the state's tax-exempt status. For example, when a married couple owns property as TBE and only one spouse has accumulated debt, the property is not subject to seizure by creditors. Other states such as Florida have unlimited homestead exemptions, as well as THE protection for married couples, making a lien against a primary residence impossible, except, of course, a Mechanic's Lien, federal or state taxes, or child support.

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