Posted on: 14th Nov, 2009 10:41 am
if 2 names are on a mortgage but only 1 name is on the deed are both parties responsible for the loan if the house goes into forclosure? The house is in orlando fl.
Hi teresinski!
Welcome to forums!
As both the names are on the mortgage deed, then both of you are responsible for the mortgage payments. A foreclosure will affect both of them and their credit will be ruined. Also, the lender would be able to sue both of them to pay off the deficient mortgage balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As both the names are on the mortgage deed, then both of you are responsible for the mortgage payments. A foreclosure will affect both of them and their credit will be ruined. Also, the lender would be able to sue both of them to pay off the deficient mortgage balance.
Feel free to ask if you've further queries.
Sussane