Posted on: 09th May, 2009 05:53 pm
I purchase a property 2 year ago in florida as a retirement property. My wife is not on the mortage and due to the down turn of the enconmy and several attempts for a loan modification , short sale and deed in lieu I might be going into forclosure. I live in san franciso and have a home with the same bank which i purchase before i was married. My question is , can the bank come after my wife for any deficecy since she was not on the loan or title.
2. If my wife owns any property here in CA. can the bank come after her if the deed is soley in her name.
2. If my wife owns any property here in CA. can the bank come after her if the deed is soley in her name.
No, they cannot come after your wife. What town in FL is the property located in?
Are the banks coming after borrowers for the deficeny of a forclosure or are they just writing it off and issuing a 1099 form for you to pay the goverment the taxes. Which is more benficial for the banks
Hi
It's completely up to the lender whether they'd like to forgive the deficient amount or would come after the borrwer to recover the amount. Considering the high number of foreclosures happening at present, it doesn't look possible for the lenders to forgive all of the deficiencies arising from so many foreclosures. They are now more keen on recovering the deficiencies than before.
It's completely up to the lender whether they'd like to forgive the deficient amount or would come after the borrwer to recover the amount. Considering the high number of foreclosures happening at present, it doesn't look possible for the lenders to forgive all of the deficiencies arising from so many foreclosures. They are now more keen on recovering the deficiencies than before.