Posted on: 13th Oct, 2010 03:20 pm
Hello,
My sister and her husband had a mortgage loan for a number of years. Unfortunately it became a financial burden so they chose to file for bankruptcy. The home is now in foreclosure proceedings and they have left the property. I am on the deed of trust, but not on the home loan. I live in WA state. How does this affect me? I don't have any interest in the home. Thanks for your advice.
My sister and her husband had a mortgage loan for a number of years. Unfortunately it became a financial burden so they chose to file for bankruptcy. The home is now in foreclosure proceedings and they have left the property. I am on the deed of trust, but not on the home loan. I live in WA state. How does this affect me? I don't have any interest in the home. Thanks for your advice.
Hi MCB,
You need to check out whether or not your name has been mentioned in the mortgage docs. If your name is mot mentioned on the mortgage docs, then the foreclosure won't affect you. However, if your name is mentioned on the mortgage doc, then your credit will be lowered by 250 points and the lender may come after you in order to recover the balance amount.
Thanks
You need to check out whether or not your name has been mentioned in the mortgage docs. If your name is mot mentioned on the mortgage docs, then the foreclosure won't affect you. However, if your name is mentioned on the mortgage doc, then your credit will be lowered by 250 points and the lender may come after you in order to recover the balance amount.
Thanks