Posted on: 05th Dec, 2008 06:47 pm
I am in a tenancy in common situation with one person. Due to a loss of a job and the ability to come to an agreement with the property I may have to start down the foreclosure process. Can I do this even though there is another person involved?
Hi zzzzzz,
As far as I can understand, the lender will be foreclosing on the property. But you and another person are sharing the property as tenancy in common. In that case, the lender will start foreclosure procedure on the whole property. Once the property is sold and the debts are recovered, then the excess amount (if any) will be given to other person.
Thanks
As far as I can understand, the lender will be foreclosing on the property. But you and another person are sharing the property as tenancy in common. In that case, the lender will start foreclosure procedure on the whole property. Once the property is sold and the debts are recovered, then the excess amount (if any) will be given to other person.
Thanks