Posted on: 18th Jul, 2010 06:09 am
I bought a house for my son in Fl. since his credit was not good enough to be approved. He is responsible for all expenses associated with this house. He has been out of work, and has not made the last 2 mortgage payments. I own a house in NJ and also have a retirement fund. I still have a mortgage on my house and cannot help him pay, but everything reflects on me since his mortgage is entirely under my name. What can happen and what can the bank go after if he cannot continue paying?
Hi Acuar216
Now days almost every mortgage loan is a secured loan,So if your son fails to pay the mortgage,they will foreclose the property with due permission from you and if even after paying from sell of the property,some amount is deficient, lender will surely ask you to pay the money or else he can initiate legal action on your other property as well.
Now days almost every mortgage loan is a secured loan,So if your son fails to pay the mortgage,they will foreclose the property with due permission from you and if even after paying from sell of the property,some amount is deficient, lender will surely ask you to pay the money or else he can initiate legal action on your other property as well.