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If you cosign on a home that is foreclosed what is your liability?
Wiki User
∙ 15y ago
You probably co-signed on the MORTGAGE LOAN that was used to buy the home. As co-signer, you are also entirely responsible for payment of the loan....and if the primary borrower defaults you can expect the lender to come to you for payment, or if they have to foreclose and sell the property, for any losses they incurr doing so. Thats what you co-signed for...saying you were responsible for the debt if the other borrowers didn't prove to be responsible.
Wiki User
∙ 15y ago
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Are you liable if your spouse has a foreclosure but your name is not on the loan or the final deed when it was signed back to the bank?
The liability in foreclosure comes from the responsibility for the mortgage debt. Regardless of your legal ownership or interest in the home, you do not have liability for the mortgage debt if you are not a party to the loan (did not sign). The home is the collateral for the loan and can be foreclosed and sold as recourse when the loan goes into default. While everyone who has an interest in the home loses their rights to the home when it is foreclosed, the liability for the loan and any negative actions associated with that (collections, lawsuits, negative credit reporting) belong solely to the signers on the loan.
What are some benefits of buying a foreclosed home?
There are a few benefits of buying a foreclosed home. Foreclosed homes are generally cheaper than non-foreclosed homes. One can also negotiated for a better deal with a foreclosed home because banks want to sell the home quickly.
In default 6000 on a home loan can it be foreclosed?
A home can be foreclosed on if the terms of the loan are violated. The amount does not matter.
What can you take from a foreclosed home?
You can take anything that was owned prior moving into the foreclosed home. Foreclose is a hard task and will not benefit anyone.
Is it bad to buy a foreclosed home?
yes
What items can you take out of your foreclosed home?
toilet
Should one buy foreclosed homes for sale?
There is nothing wrong with buying foreclosed homes. A professional should be hired to inspect the home and find out what kind of repairs will be needed. There are pros and cons with purchasing a foreclosed home.
How can you protect your attached home when your neighbor is foreclosed on?
Protect your home from what? What do you mean by attached home?
Is an Escrow Analysis conducted when a home to to be foreclosed?
yes
Who satisfies liens on foreclosed property?
The person responsible for the liens must satisfy the liens. When a home is foreclosed on, the liens are removed before the next buyer purchases the home.
How can anyone get into buying foreclosed homes?
When foreclosed homes are put up for auction that are usually held publicly by the banks. If you are able to meet all the requirements than you can purchase a foreclosed home.
What happens when a home is foreclosed?
You basically get kicked out onto the streets...
