Posted on: 07th Aug, 2008 02:44 am
I originally signed for our church to purchase a building because they didn't have any credit. I own my home and used it as collateral for the church but Quit Claim of the property was done that year. Now they might be dealing with foreclosure. Will I loose my home?
Welcome nga.
You will not loose your home but the mortgage company may come after you for the deficiency judgment if there is any and even they can put lien on your house. By the way if the church authority pays off the deficiency amount then you should not have problems.
You will not loose your home but the mortgage company may come after you for the deficiency judgment if there is any and even they can put lien on your house. By the way if the church authority pays off the deficiency amount then you should not have problems.
Yes. Since your house is the collateral for the loan, the lender can foreclose on your house.
