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Foreclosure

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cj2196 Guest	Posted: Tue Nov 03, 2009 1:07 pm    Post subject: Foreclosure I am in foreclosure with a house in Boise, ID that I live in and have title. My stepfather is on the bank's mortgage note. If it forecloses can the bank go after his paid off home in Oregon and assets that he has in a living trust? He is 87 years old and I don't want to cause him confusion and hassles and hurt his estate. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jenkin7 Joined: 04 Jun 2007 Posts: 3429 Location: Hawaii 514.13 Dollars($)	Posted: Wed Nov 04, 2009 12:27 am    Post subject: Hi cj, As your stepfather is on the mortgage note, he is liable to pay off the loan. He is the one who signed on the note and hence, he is legally responsible for the repayment of the mortgage. Thus, the lender has the right to go after your stepfather's assets. However, the state laws vary from state to state. Since his paid-off home is in Oregon, not in the state where the foreclosure is taking place, it is unlikely that the lender will go after it.

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