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Bankruptcy

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Icon Mini Profile Angel60jh





Joined: 24 Oct 2009

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Post Posted: Sat Oct 24, 2009 11:00 am    Post subject: Bankruptcy
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If you are on the deed but not the mortgage and someone files bankruptcy can they come after you for any part of the loan
Icon Mini Profile sunnyca2009





Joined: 04 Aug 2009

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Post Posted: Sat Oct 24, 2009 11:22 am    Post subject:
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If the loan is nto paid as commited, the lender will go after the person who took the loan

If that person is filign for bankruptcy, then they might work out a payment plan with them
Icon Mini Profile Angel60jh





Joined: 24 Oct 2009

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Post Posted: Sat Oct 24, 2009 11:54 am    Post subject: Bankruptcy
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What about the person that was quitclaimed on the deed? They are not on the loan by the way
Icon Mini Profile raymond
raymond
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Joined: 03 Jul 2009

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Post Posted: Sat Oct 24, 2009 2:24 pm    Post subject:
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The Lender can't come after anybody that's not on the Note - and it gets messy for the Lienholder when somebody is on Title but not the Note. That's one of the reasons most Notes have a due-on-sale clause that says the Lender can call the Note due and payable if Title has been modified after the Note is signed.
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