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What happens when you own a home with your partner who is in foreclosure on another home?
Wiki User
∙ 14y ago
Nothing happens to you..
It wont affect you anymore that it affects me... LOL
But your partner will have a foreclosure on their Credit Profile. You are responsible only for the payment history on any loan with your name on it. The Foreclosure that your partner suffered shows only on the foreclosed party's credit bureau. You probably won't want to use that person as a co-borrower for a while. No mater what the type of Lender you apply to, you will have a rate and or fee add-on; due to the partners previous foreclosure.
Trenton "Trent" Sims
California Broker
310.422.0435, 310.807.9230
Tsims@Green PlanetFunding.com
Wiki User
∙ 14y ago
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WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
What happens when your home is sold in foreclosure due to common charges?
The result is that you lose your home.
How soon can you buy another home after foreclosure?
3 years
What happens when you go into foreclosure in California?
When your home goes into foreclosure in California, the courts will give the homeowner a certain amount of time to move out. The homeowner can pay what is owed to keep the home.
What happens after foreclosure?
After Foreclosure, One should find a decent, affordable place to live and to start rebuilding credit.The best way to plan the next step, is to learn as much as he can about the rental and home buying options after foreclosure.
What happens after a foreclosure?
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts
Can you rent out your home while home is in foreclosure?
Yes you can, but in most states you have to tell the potential tenant about this foreclosure.
What happens to you when your landlord gets forclosed on?
This was the case for us during the early 1990's. Our rental home went into foreclosure. We stopped paying rent, stayed in the house for another 2 1/2 months, and then moved.
What happens if you don't pay the mortgage?
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
Can a second mortgage put your home in foreclosure?
Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.
In California what is the time limit for moving out of a foreclosure?
what is the time for foreclosure on a home in california?
If your renting a home in foreclosure when do you stop paying rent?
Not until there is a foreclosure sale.
