Legal Question in Real Estate Law in New Hampshire
property lien on NH Home
My ex-husband and I were court ordered to sell our marital home. We now have a contract that is near closing, only to find out that there is a $69,000 lien on the house from a bank loan he took after we separated. If this sale doesn't happen, the house will foreclose immediately due to nonpayment of mortgage. There will not be enough equity after sale to cover his debt. How does the Homestead Rights apply and how do I protect my assets and still have the sale go through?
1 Answer from Attorneys
Re: property lien on NH Home
This is a somewhat complex situation with rights of multiple creditors. You did not indicate if the loan your husband took out was secured by the house or that he defaulted and the bank attached the house.
Either way, your homestead rights were released to the bank holding the original mortgage. To the extent that there are any remaining proceeds after payment of the original mortgage, you may be able to claim homestead rights as against the lienholder from the loan you husband took. However, it is likely to require litigation to protect your interests.
I suggest that you need to meet with an attorney promptly to fully examine the facts and determine how best to minimize the damage in this situation.
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