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Co-borrower on mortgage in foreclosure

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zverik Guest	Posted: Fri Mar 11, 2011 5:24 pm    Post subject: Co-borrower on mortgage in foreclosure Like 0 Dislike 0 Hi, I was the co-borrower for my ex-boyfriends mortgage. Now, 5 years later he left the US to leave abroad and decided not to pay the mortgage and condo dues and go either for short-sale or foreclosure. Will this affect my credit please? If the lender forecloses on his property, can they come after my assets for the difference? I am so worried. I don't know what to do? No attorney I contacted can help me out... _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Mar 13, 2011 10:11 pm    Post subject: Like 0 Dislike 0 Hi zverik, As your name is on the mortgage, it will have a negative affect on your credit score if the property is short sold or foreclosed. If the lender forecloses the property, then he will come after you in order to recover the deficient balance resulting from the sale. You and your co-borrower can apply for a deed in lieu of foreclosure. Though it will have a negative affect on your credit report, you won't be liable for paying any deficient balance to the lender. _________________ Procrastination is the enemy of your financial success

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