Posted on: 20th Apr, 2013 04:25 pm
My brother and I lived with our parents in their home until they passed away. Out parents were trying to modify their mortgage but they were unsuccessful. Since their death we have not paid the mortgage. We recently received a civil summons from a lawyers office representing the bank. What should we do now?
Do we have time to relocate. Please help me. Thank you. :cry:
Do we have time to relocate. Please help me. Thank you. :cry:
Welcome M&m,
You will have to give a reply to the summon. If your name is not mentioned on the mortgage, then you can mention it in your reply and leave the property. The lender won't be able to come after you in order to recover the debts.
You will have to give a reply to the summon. If your name is not mentioned on the mortgage, then you can mention it in your reply and leave the property. The lender won't be able to come after you in order to recover the debts.
Hi M&m!
Welcome to the forums!
In order to recover the mortgage, the lender will foreclose the property. If your name is not on the mortgage, then the foreclosure won't have any negative impact on your credit.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
In order to recover the mortgage, the lender will foreclose the property. If your name is not on the mortgage, then the foreclosure won't have any negative impact on your credit.
Feel free to ask if you've further queries.
Sussane