Name is on the Deed with my Parents....

What is the name of your state? MA

My name is on the Deed of the house along with my parents names. I recently took out a Mortgage under my name to help them out.
If they have bad credit and own back taxes can the IRS put a lien on the house? If my parents owe the money can it effect my credit since I am on the deed of the house?
Let me know!
Thanks in advance!
Mary

[HomeGuru]

Originally Posted by PleasehelpMaryL

What is the name of your state? MA

My name is on the Deed of the house along with my parents names. I recently took out a Mortgage under my name to help them out.
If they have bad credit and own back taxes can the IRS put a lien on the house?

**A: yes, if course the IRS can do it.
*******

If my parents owe the money can it effect my credit since I am on the deed of the house?
Let me know!
Thanks in advance!
Mary

**A: their lien would not affect your credit.

[JETX]

Originally Posted by PleasehelpMaryL

If they have bad credit and own back taxes can the IRS put a lien on the house?

Yes.

If my parents owe the money can it effect my credit since I am on the deed of the house?

No. Their credit, good or bad, will not 'attach' to your credit solely due to your name being on the deed. However, if the bad debt includes the mortgage, and if your name is also on the mortgage (as shown in your previous question) then that mortgage history COULD be reflected on your credit profile.

Yes, my name is on the Mortgage. I understand that I am responsible for that (unfortunately). I was just worried that if some other collector put a lien on the house while my name is on the house with my parents and solely on the mortgage that the lien would effect my credit.
Thank you for your quick answers! greatly appreciated!

[HomeGuru]

Make sure that there is no lien on your property.