More details to this question:
my brother has credit card debt that he can not pay. He was a cosigner on my house loan but he signed a quit claim on the deed last month. I was wondering can creditors put a lien on my home even though I have the quit claim. Also statue of limitation is 5 years in WA. if they put a lien on my home does that mean the lien last 5 years as well or is it until I sell the house. Also could you please explain the 5 years SOL. does that mean the collectors can't come after him after 5 years. Thank you so much for your help
3 ANSWERS
Family Law Attorney serving Kingston, NH
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DiManna Law Office, LLC
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If he does not have an ownership interest in your home then the creditor should not be able to put a lien on your home.
Answered on Dec 13th, 2010 at 6:43 AM
Bankruptcy Attorney serving Victorville, CA
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Law Offices of Lady Justice
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Even though your brother quit claimed the house to you, he is still responsible for the loan. A mortgage loan is different from a deed of trust. However, first find out if your brother's debt with credit cards is secured. Usually credit cards are unsecured debt which means they cannot put liens on property in order to recover the debt. So although your brother is your cosigner, his credit card will not have a right to put a lien on your house.
Statue of Limitations (SOL) is the time you have until you can sue. Example: Your friend breaches a contract you have with him. If your state has a SOL for contracts at 5 years, then you only have 5 years to sue him. After those 5 years, you cannot sue him for that contract he broke.
Answered on Dec 10th, 2010 at 6:58 PM
William C. Gosnell
A Statute of Limitations means that the creditors can't get a judgment after 5 years.
They must sue within the five years. Judgments are good for an additional 10 years.
Wa may have a statute that allows creditors to set aside the quit claim deed as it
is in fraud of creditors. Check that out.
Answered on Dec 10th, 2010 at 1:13 PM