Posted on: 24th Oct, 2009 11:00 am
If you are on the deed but not the mortgage and someone files bankruptcy can they come after you for any part of the loan
If the loan is nto paid as commited, the lender will go after the person who took the loan
If that person is filign for bankruptcy, then they might work out a payment plan with them
If that person is filign for bankruptcy, then they might work out a payment plan with them
What about the person that was quitclaimed on the deed? They are not on the loan by the way
The Lender can't come after anybody that's not on the Note - and it gets messy for the Lienholder when somebody is on Title but not the Note. That's one of the reasons most Notes have a due-on-sale clause that says the Lender can call the Note due and payable if Title has been modified after the Note is signed.
