When you forclose -- do you foreclose on the note and title holder or do yo
When you forclose -- do you foreclose on the note and title holder or do yo
When you forclose -- do you foreclose on the note and title holder or do you foreclose on all listed on the mortgage (even if one listed is not on the note or title).
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It is property which is foreclosed by the lender. The person whose name is mentioned on the mortgage docs will have to bear the negative impact of the foreclosure. It will be mentioned in his/her credit report for the next 7 years and may not qualify for a new mortgage in the next 3-4 years.
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I agree with James Hogg. The lender will foreclose the property and whoever is mentioned on the mortgage docs will have to face the negative affects of foreclosure.