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bank foreclosure laws

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awk Guest	Posted: Tue Aug 03, 2010 11:40 am    Post subject: bank foreclosure laws Like 0 Dislike 0 My question concerns a house I bought in 2004. I am located in Colorado. The mortgage and title are only in my name. It is the only asset listed as mine, and although I was married at the time, the application documents my status as single. In 2008, I began renting the property out. Prior to that, my son and daughter-in-law lived there but paid no rent. My husband has title and mortgage on two other properties obtained in 2008. I am considering allowing the property I am responsible for slip into foreclosure. The loans are interest only, adjustable rate, and the property is worth far less than owed. My question is: Can the banks come after the properties owned by my husband? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Aug 03, 2010 10:46 pm    Post subject: Like 0 Dislike 0 Welcome awk, As your husband's name is not mentioned on the mortgage and title of the said property, the lender will not be able to come after your husband's properties. Rather than letting the property go into foreclosure, you should apply for a deed in lieu of foreclosure. In this case, you won't be liable for paying the deficient balance resulting from the property sale. _________________ Procrastination is the enemy of your financial success

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