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Co-borrower with Foreclosure

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Guest	Posted: Wed Feb 23, 2011 12:12 pm    Post subject: Co-borrower with Foreclosure Like 0 Dislike 0 Case Scenario Example: I'm a non-occupant co-borrower on my mom's home loan (via Fannie/Feddie or FHA). She would be the primary borrower but I would aslo be listed on the mortgage. If I foreclose on my (seperate) primary residence (FHA Loan in my name), would that affect the home of which I am the co-borrower on? Moreover, how would this affect my mom who would need me as an active co-borrower to remain qualified. In this case, the loan for my mom has already been approved with me as a coborrower but the foreclosure on my primary residence happens later. Thanks for any insight/inputs...
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Wed Feb 23, 2011 7:57 pm    Post subject: Like 0 Dislike 0 Hi Guest, If your name is mentioned on the property deed of your mother's property, then the lender who forecloses your primary residence can place a lien on that property. However, in order to place a lien on the property, the lender will have to file a lawsuit against you and get a judgment. However, it won't affect your mother's credit in any way. Thanks

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