Posted on: 16th May, 2011 04:18 pm
Hello,
If some one could please guide me, help me with this question.
If you are in the process of a short sale, waiting for the lender's answer to approve the offer, in a case of a deficiency, can the lender come after my spouse's assets? (I am the only person on the mortgage loan or title)
Thank you...
If some one could please guide me, help me with this question.
If you are in the process of a short sale, waiting for the lender's answer to approve the offer, in a case of a deficiency, can the lender come after my spouse's assets? (I am the only person on the mortgage loan or title)
Thank you...
Hi Guest!
Welcome to forums!
If the spouse is not a co-borrower of the mortgage, then the lender will not be able to come after your spouse's assets. However, if your spouse is a co-borrower of the mortgage, then he is equally liable for the mortgage as you are. Thus, the lender can come after his assets.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the spouse is not a co-borrower of the mortgage, then the lender will not be able to come after your spouse's assets. However, if your spouse is a co-borrower of the mortgage, then he is equally liable for the mortgage as you are. Thus, the lender can come after his assets.
Feel free to ask if you've further queries.
Sussane