Will we lose our home?

treasurebids · Joined: 25 May 2007 Posts: 1 1.28 Dollars($)

My fiance and I bought a house. Both of our names are on the title. The mortgage loan is in my name only. He has been trying to sell his condo, but prices have dropped over the past several months. Including the price drop and the realtor commision he will be negative $80,000. If he hands the keys to his condo back to the bank, can they come after our home since he is on the title?

colin · Posted: Fri May 25, 2007 4:42 pm Post subject:

Hi Treasurebids,

Welcome to Mortgagefit forum.

Contact to know if the bank will accept to take over the condo by way of deed in lieu of foreclosure. In such situation they will not take action to recover any balance dues through deficiency judgment against your fiance.

Colin

helping_user · Posted: Fri May 25, 2007 9:38 pm Post subject:

Hi Treasurebid,

I suggest you to wait for some time and then go for selling a condo. Handover the key to bank will not the good solution. And I have a doubt whether the bank will accept the key. Question

Thanks

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