Legal Question in Real Estate Law in Wisconsin
Are both held responsible for one's debt
If someone owns property and allows someone else to be added to the deed to insure the property be divided among the owners children upon his demise, are both parties liable for any leins put against the property? If the person whose name was added didn't notify the owner of their intent to take a loan out and use the property as collateral and they are going to forfeit on their loan is the owner responsible and will he lose the property? I mean even if he was never notified by any institution and never signed any documents himself but was notified by another family member of what happened after the fact? What rights does this owner have if any that will protect him and his property?
1 Answer from Attorneys
Re: Are both held responsible for one's debt
If a lien was recorded against the property for a loan--i.e, the loan was SECURED by the property, ALL record owners would have to sign. How was this lien perfected? You should have all the pertinent documents reviewed by an attorney.
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