Can the mortgage company come after me after my co-owner files for collapse on the home?
I own a home with another person. They moved out. The home is just about to be foreclosed. She wants to file for liquidation to stop the foreclosure. Can the mortgage companies then come after me alone for the mortgage payments and foreclose on me if she is protected by bankruptcy? We are both on the action to the house and letters come to both of our names from the mortgage company. The allowed complaint says john doe et al so I am the et al. I was thinking in the order of selling my half of the home to her before she files for ruin so that I have no more claim to the home. Is this possible? We live in New Jersey.
Answers:
Being on title and individual on mortgage/loan are two seperate things. They can foreclose on the home but your redit will not be affected nor can they come after you. However, if you're on the loan as well, afterwards there are reprecussions.
Regards
cosigning should be a sin and scam.
u will be chase for the forclosure.
where be u?
consult a realestate lawyer and contact the bank. u get a mess that will be with u for a long time. Source(s): foreclosure server, working too hard lately
Whether they can still walk after you depends on the chapter your co-owner files. If it is a chapter 7, nothing is stopping the mortgage company from doing anything against you. If your co-owner files a chapter 13, then at hand is what is called a co-debtor stay during the pendency of the case. From what you describe it sounds approaching your friend will file a chapter 7 because she isn't still in the house trying to hold it. If you have no intention on keeping it, go ahead and try and trade it. But with the market as it is, don't assume it will get rid of before a foreclosure sale will come up. You need to work with the mortgage company on this. They may enjoy options for you to avoid a deficiency if you at least possible try to work with them. If it gets to a point where on earth it looks like there will be a less, then you may want to file liquidation yourself. But try to work with your mortgage company first.
You are responsible for the mortgage too. If you want off, contact the mortgage company and see if they will tolerate you deed the property to the co-owner and take you stale the mortgage.
Related Questions:
No money down home mortgages for low credit score?
we are looking to finally purchase a home. but we have no money to put down.. our credit score isnt severe its between 530-575 .. but how do we find a mortgage loaner within our area that will help.. we live surrounded by southwest florida...
Answers:
Being on title and individual on mortgage/loan are two seperate things. They can foreclose on the home but your redit will not be affected nor can they come after you. However, if you're on the loan as well, afterwards there are reprecussions.
Regards
cosigning should be a sin and scam.
u will be chase for the forclosure.
where be u?
consult a realestate lawyer and contact the bank. u get a mess that will be with u for a long time. Source(s): foreclosure server, working too hard lately
Whether they can still walk after you depends on the chapter your co-owner files. If it is a chapter 7, nothing is stopping the mortgage company from doing anything against you. If your co-owner files a chapter 13, then at hand is what is called a co-debtor stay during the pendency of the case. From what you describe it sounds approaching your friend will file a chapter 7 because she isn't still in the house trying to hold it. If you have no intention on keeping it, go ahead and try and trade it. But with the market as it is, don't assume it will get rid of before a foreclosure sale will come up. You need to work with the mortgage company on this. They may enjoy options for you to avoid a deficiency if you at least possible try to work with them. If it gets to a point where on earth it looks like there will be a less, then you may want to file liquidation yourself. But try to work with your mortgage company first.
You are responsible for the mortgage too. If you want off, contact the mortgage company and see if they will tolerate you deed the property to the co-owner and take you stale the mortgage.
Related Questions:
No money down home mortgages for low credit score?
we are looking to finally purchase a home. but we have no money to put down.. our credit score isnt severe its between 530-575 .. but how do we find a mortgage loaner within our area that will help.. we live surrounded by southwest florida...