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Is there any reason for a loan to remain in the name of the seller (previous owner) after a house is sold?

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multifrogmedia Joined: 15 Nov 2010 Posts: 1 1.26 Dollars($)	Posted: Mon Nov 15, 2010 5:04 pm    Post subject: Is there any reason for a loan to remain in the name of the Like 0 Dislike 0 A family member's house was sold in California to a buyer with a bad history, and the family remained in the house renting. 2 years later they learned that the old loan was still in the family members name.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Nov 15, 2010 9:10 pm    Post subject: Like 0 Dislike 0 Hi multifrogmedia! Welcome to forums! The new owner of the property must not have refinanced the mortgage in his or her name. This can be a reason as to why the loan still remained in the name of your family member. Feel free to ask if you've further queries. Sussane

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