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Guest
0.10 Dollars($)
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 Posted: Wed Aug 20, 2008 4:39 pm Post subject: mortgage liability |
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| hi, i'm just wondering if the house loan is under someone's else name but on the title my name is attach, do i have a liability of the house gets foreclosed |
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 larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Thu Aug 21, 2008 2:09 am Post subject: |
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Hi Guest.
Welcome to the forum.
As you are not on the mortgage the lender cannot come after you for the deficiency judgment. But if the property get foreclosed then you credit may have a negative affect though. I think you should try to help the person who is on the loan to avoid foreclosure. If he/she cannot afford the payments, then ask him/her to sell the property and payoff the lender. Feel free to ask if you have any further questions.
Best of luck,
Larry |
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ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 378
Location: Dallas
56.65 Dollars($)
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| Posted: Thu Aug 21, 2008 5:48 am Post subject: |
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On the FNMA 1003 Uniform Residential Loan Appl,
Question in Declarations Sect VIII, e states:
e. Have you directly or indirectly been obligated on any
loan which resulted in foreclosure, transfer of title
in lieu of foreclosure, or judgment?
(This would include such loans as home mortgage loans, SBA loans, home improvement loans, educational loans, manufactured (mobile) home loans, any mortgage, financial obligation, bond, or loan guarantee. If “Yes,” provide details, including date, name, and address of Lender, FHA or VA case number, if any, and reasons for the action.)
So while you may not have a financial obligation....you will have a foreclosure that has to be disclosed.
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
888-383-9019
emails and PMs gladly answered
www.freedommortgagetexas.com
Freedom Mortgage
I live in TX but cover all 50 states |
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pam
Guest
0.10 Dollars($)
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| Posted: Sat Oct 18, 2008 10:05 am Post subject: mortgage and credit if forclosed |
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| Purchased a house with someone. Both parties are on 1st and 2nd mortgages. Our agreement was I pay the 2nd mortgage and the other part pays the 1st mortgage. I have never missed a payment and 2 times have been 1-3 days late. The other person I discover is consistently late has been seriously delinquent and has nearly been foreclosed on. I know ther must have been letters about these issue yet I have never been given or recieved any letters. If forclosed and it can be shown the other person kept important information from me who is libal? |
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jameshogg
Joined: 20 Dec 2005
Posts: 1392
Location: nevada
189.99 Dollars($)
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| Posted: Mon Oct 20, 2008 12:04 am Post subject: |
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Hi pam!
As both of yours names are on the mortgage both of you will be liable to pay off the debts. The mortgage company may ask you to pay off the debts and you can do so if you want to save the property.
Thanks. |
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