Posted on: 02nd Apr, 2009 10:17 pm
i have a motor home in my name only, it is going to be reop'd, will the bank come after my husband for payment??? we live in ga.
Hi mothersfinest,
If your husband is the co-borrower of the mortgage, then the lender can come after your husband for the deficient amount. Moreover, his credit will also get effected. However, if his name is not on the mortgage, then he would not be sued by the lender.
Take Care.
If your husband is the co-borrower of the mortgage, then the lender can come after your husband for the deficient amount. Moreover, his credit will also get effected. However, if his name is not on the mortgage, then he would not be sued by the lender.
Take Care.
Welcome mothersfinest,
Is your husbands name on the title?
I don't believe your husband has anything to worry about unless the two of you had plans to take out a loan together in the future. One thing you have to remember with a repo is that the bank will just try to sell it at auction for anything that they can get for it and then still come after you for the remaining balance.
Is there any way for you to make current with the payments to stop the repo and try to sell it yourself to pay off the loan?
Is your husbands name on the title?
I don't believe your husband has anything to worry about unless the two of you had plans to take out a loan together in the future. One thing you have to remember with a repo is that the bank will just try to sell it at auction for anything that they can get for it and then still come after you for the remaining balance.
Is there any way for you to make current with the payments to stop the repo and try to sell it yourself to pay off the loan?
