Can they take my grandmother's house?
Salle Mae is getting ready to sue me. I have no assets except…
I cosigned for my grandmothers manufactured home. Its not worth much but since I cosigned, can they take that? Further I am about to move into my aunts house on the same property. In order to stay there my name has to be on the title- but she is still the owner. Does that mean they can attack her house as well? Also, can they garnish my wadges? These are PRIVATE loans. My federal ones are still in deferment.
Thanks for your answer… let me clarify. Both of their homes are in a community where they pay space rentals. The park does not allow the owners to rent thieir homes so I have to be an owner to live there and pay the space rental- she is ill and has to go live with her daughter. We are doing each other huge favors.
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2 comments
L T on August 2, 2011 at 4:42 am
That was a great answer by baby 1 like she said there a different between mortgages an deeds! By co signing you top on a finacial obligation but you don’t own the home just make sure your names not on the deed an you’ll be ok if your name does appear on the deed then have it transferred into a LLC or Trust! As for there suit they can garnish your wages if they go after u an wiN !
Baby #1 on 12/10/08 Expecting #2 on August 2, 2011 at 4:42 am
You have financial liability with your grandmother’s home, but unless you’re on the title you have no ownership in it (it’s not an asset of yours). I’m not sure what you’re talking about with your aunt’s house and the title. I take it she’s requiring it of you as it’s not a legal requirement whatsoever. It’s kind of weird that she’d require you to gain ownership interests in the house when you’re about to be sued (being on the deed is not the same as being on the mortgage). If they are successful in obtaining judgments against you, the judge can order your wages be garnished.