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What would happen if my son was unable to pay his house payment?

What would happen if my son was unable to pay his house payment?

Q: Can you sell a house without a title?

No, you cannot legally sell a house without a title. The title is a crucial document that establishes ownership and reveals any liens or encumbrances. If there are issues with the title, such as liens, they must be addressed before the sale can proceed to ensure a smooth transaction.

Q: What does it mean if a house has no title?

If a house has no title, it means there is no official document proving ownership. This can occur due to various reasons, such as lost documents or unresolved legal issues. Without a title, the property cannot be sold or mortgaged, and ownership disputes may arise.

Q: What is a lien from a previous owner?

A lien from a previous owner is a legal claim against a property for unpaid debts or obligations. This means that if the previous owner owed money, creditors could seek repayment through the property. Liens must be resolved before the property can be sold or transferred free and clear.

Q: Can you refinance a home that has a lien on it?

Yes, you can refinance a home with a lien, but it may complicate the process. Lenders typically require that all liens be disclosed and may require them to be paid off during refinancing. This ensures that the new mortgage has priority over any existing liens.

Full question:

My mother transferred a property over to me for one dollar; no sales agreement, no title insurance. There was and still is a lien on the home from when my mother signed for my son to refinance his home and needed a cosigner. How does this affect me now that I own this property? What would happen if my son was unable to pay his house payment?

Category: Real Property
Subcategory: Foreclosure
Date: 04/07/2025
State: Pennsylvania

Answer:

If the primary party fails to pay, payment may be sought from the cosignor and it can affect the cosignor's credit rating.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Can a house be sold without a title?

Selling a house without a title is generally not advisable. A clear title proves ownership and ensures that there are no outstanding liens or claims against the property. Without a title, the buyer may face legal issues and complications, making it difficult to transfer ownership. It's essential to resolve any title issues before attempting to sell a property.