Can my boyfriends tariff lein attach to my portion of the equity within a mortgage?
My boyfriend and I are buying a home together. He will be borrower and I will be co-borrower. He has a federal tax lien. Will it attach itself to the mortgage? How will it effect my rights?
Answers:
A charge lien will be against the property in the situation you describe and therefore could negatively impact your portion of the equity. You can protect yourself next to a separate contract with your boyfriend, but it must be filed beside a law firm for your protection. Even with a separate contract, it will not protect you if your boyfriend default on the mortgage and the house is foreclosed. Your credit is also at risk being a co-borrower on the mortgage.
Buyer beware Source(s): OC Register Real Estate columns, previous experience.
see a lawyer NOW. protect yourself.
First of adjectives I would be concerned if the lender will give you a mortgage if one of you has a Federal Tax Lien. It may be a requirement of the loan process that the lien be cleared. If explicitly not the case, hungry lenders surprise me all of the time, you could own the property attached if there is equity enough for the IRS to collect what they are owed. Depending on the size of the excise lien you could be getting into something that would be very costly.
see attorney
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Answers:
A charge lien will be against the property in the situation you describe and therefore could negatively impact your portion of the equity. You can protect yourself next to a separate contract with your boyfriend, but it must be filed beside a law firm for your protection. Even with a separate contract, it will not protect you if your boyfriend default on the mortgage and the house is foreclosed. Your credit is also at risk being a co-borrower on the mortgage.
Buyer beware Source(s): OC Register Real Estate columns, previous experience.
see a lawyer NOW. protect yourself.
First of adjectives I would be concerned if the lender will give you a mortgage if one of you has a Federal Tax Lien. It may be a requirement of the loan process that the lien be cleared. If explicitly not the case, hungry lenders surprise me all of the time, you could own the property attached if there is equity enough for the IRS to collect what they are owed. Depending on the size of the excise lien you could be getting into something that would be very costly.
see attorney
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