Legal Question in Real Estate Law in Florida
Real Estate Law in Florida
If my parents purchase a home in their name for my wife and I to live in and I default on payments can this mortgage company place a lien on my parents existing home? If they can what can I do to avoid this situation besides always making good on payments?
2 Answers from Attorneys
Re: Real Estate Law in Florida
No the lien would not attach to their other home. Contact us if you need further asssitance.
Re: Real Estate Law in Florida
I must disagree with the other lawyer to a certain extent. If the loan to the mortgage company on "your" house defaults, and the mortgage company gets a deficiency judgment against your parents, that lien could attach to any other property that your parents own, including their existing home.
Then, the only thing that could be done is to make good on the loan on "your" house.
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