Co-signer home v. garnishment

Date: Fri, 09/24/2010 - 06:36

Submitted by anonymous
on Fri, 09/24/2010 - 06:36

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Total Replies: 2

Co-signer home v. garnishment

If my aunt cosigned on a private student loan and passed away owning a home worth $250,000+ free and clear, if I default on the loan will the lender put a judgment lien on the home? What if in the will my aunt left the home to her husband (who is currently in the process of trying to add his name to the deed)? Can they still place the judgment lien on the home after it goes through probate or must they do it prior to the title transfer?

The lender could garnish my wages, but I'm thinking the judgment lien would probably seem more lucrative at this point.

Thank you!

Really not sure on this issue...if you are not in default now, i

Really not sure on this issue...if you are not in default now, it wouldnt be an issue right now. You may want to consult an attorney.

lrhall41

Submitted by SOAPLADY on Fri, 09/24/2010 - 07:22

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I would contact an attorney as SoapLady suggested. Probate issu

I would contact an attorney as SoapLady suggested. Probate issues can be tricky. Usually a phone call consultation/face to face intro won't cost you a penny. I hope you are current on your loans and this won't become an issue. Is your uncle aware that his wife co-signed for you? If not, I would make him aware ASAP. I'm assuming the home you mentioned is his principal residence. If there is a chance he could lose it, he should be aware. He may even be able to bring up the issue with the attorney handling the estate therefore, eliminating the need for you to contact an attorney.

lrhall41

Submitted by J L B on Fri, 09/24/2010 - 07:47

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