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How do I sell property with a charged off loan?
I have a house with a charged off loan. So the house has a lien on it. I have a buyer who is aware of the lien and repairs needed. If I sell the house to my buyer can I still be sued for this charged off lien on this property? Can I be held responsible for anything else regarding this property. This would be an as is sale. I want to sell the property but I do not want any issues in the future.
2 Answers
- Mr PlacidLv 78 years agoFavorite Answer
What do you mean by "charged off loan." Do you mean that you were sued, and a judgment lien was placed on the property? Or do you mean there is a mortgage on the property and you are in default on the mortgage?
Anyway, yes you can sell the property. You should use a quitclaim deed. The lien claimant can still foreclose the lien, even after you sell the property. And yes you can still be sued for the money you owe. If you have already been sued (i.e. judgment lien) then the claimant can still seek other means to collect the judgment, such as wage garnishment.
- glennLv 78 years ago
any future owner may not be able to get a clear title to the property and that would prevent any mortgage. Ask a local title company to check this out for you.
