Posted on: 11th Mar, 2011 04:24 pm
Hi, I was the co-borrower for my ex-boyfriends mortgage. Now, 5 years later he left the US to leave abroad and decided not to pay the mortgage and condo dues and go either for short-sale or foreclosure. Will this affect my credit please? If the lender forecloses on his property, can they come after my assets for the difference? I am so worried. I don't know what to do? No attorney I contacted can help me out... :(
hi zverik,
as your name is on the mortgage, it will have a negative affect on your credit score if the property is short sold or foreclosed. if the lender forecloses the property, then he will come after you in order to recover the deficient balance resulting from the sale. you and your co-borrower can apply for a deed in lieu of foreclosure. though it will have a negative affect on your credit report, you won't be liable for paying any deficient balance to the lender.
as your name is on the mortgage, it will have a negative affect on your credit score if the property is short sold or foreclosed. if the lender forecloses the property, then he will come after you in order to recover the deficient balance resulting from the sale. you and your co-borrower can apply for a deed in lieu of foreclosure. though it will have a negative affect on your credit report, you won't be liable for paying any deficient balance to the lender.