We are trying to refinance a loan and we are going to remove the cosigner on the new loan. But we found out that there was a lien placed on the property to be refinanced under the cosigner's name. Is there a way that the lien be placed solely on her other properties so it will not be included to be paid off on our refinancing? Do we have any other option aside from paying of the lien prior to closing?
your facts are a bit confusing; You may want to clarify and re-post your query. more specifically, you say a lien has been place on the "cosigner" to your loan. On does not place a lien on a 'cosigner's' interest - which is merely an agreement to PAY (how does one 'lien' that?).
If you mean the 'cosigner" is ALSO a CO OWNER of the property, then the lien would be imposed on the cosigner's ownership interest in the property.
In any event, if it's valid and enforceable, consult with a good local real estate attorney to review your title and for advice on how to refinance despite the lien, if that is at all possible.
Hope this helps.
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Normally a lien attaches to all real property that is owned by an individual who owes the debt. However in the case of a property that is owed by two individual it only attaches to the debtors interest.
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As stated a lien can attach to all property you own; including a cosignor's interest in a piece of property. It will depend what cosignor's interest in this property is; any title interest or merely on the note and/or mortgage. If you are doing a closing you should have a real estate attorney regardless.
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