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The one liable for the loan is the one who signed the loan note. Anyone else just looses rights to the home without regard to the loan.
Some states, such as California, are "non recourse" states and a lender cannot pursue you for losses if then home is foreclosed and sold for less than was owed. This does NOT apply to non-purchase second mortgages. Other states allow lenders to pursue borrowers for a deficiency balance, or amounts owed above what the home sold for to match what was owed.
What else can I help you with?
When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
How does someone get a home improvement loan?
A homeowner can get a home improvement loan from a financial institution such as a local or national bank. As in a home loan, similar documentation needs to be submitted along with ensuring good credit.
Where can one get a secured homeowner loan?
A secured homeowner loan basically lets you borrow against the equity you already have in your home. If you are in need of this type of product you should check with your mortgage company first.
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
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.
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.
When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
Will your husband be liable if the Home goes into default and the home is in the wife's name?
your husband will be liable only if his name appears on the loan or mortgage documents as a co-guarantor of the loan
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
Can you get a business loan for your incorporated LLC business if you have had a home foreclosed--is it best to get a silent partner?
If the home foreclosed on happened more then two years ago you should be in the clear. A silent partner is probably the way to go.
How does someone get a home improvement loan?
A homeowner can get a home improvement loan from a financial institution such as a local or national bank. As in a home loan, similar documentation needs to be submitted along with ensuring good credit.
Where can one get a secured homeowner loan?
A secured homeowner loan basically lets you borrow against the equity you already have in your home. If you are in need of this type of product you should check with your mortgage company first.
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
Where can one get credit as a homeowner?
It is not clear if one is looking to become a homeowner and is looking for credit or if one is a homeowner and is looking for credit. If one is a homeowner and requires credit one can apply for a home equity loan where money is lent based on the equity in one's home. If one is looking to purchase a home and requires a home buyer loan these are available from local lenders such as Royal Bank, Scotiabank or TD Canada Trust.
Your recently deceased husband cosigned a home equity loan for your son Are you liable for the loan?
No just return the moneies
What Are Foreclosed Homes?
One thing that certainly has gotten a lot of media attention in the past few years is the controversy surrounding the practice of foreclosing homes. However, despite all this media attention, many people may still not be sure what the term foreclosed home actually means.A home foreclosure is a very specific event that is determined by finance agreements. It occurs when a house and surrounding property are used to secure a debt in the form of a loan. If the debt is paid off according to the terms of the loan, nothing happens to the home. The homeowners are allowed to continue living in it.However, in certain cases, the person that borrowed the money from the lender may default on that loan. This occurs when the borrower does not make payments on the loan within the timespan allotted by the loan agreement. When this occurs, the lender can take possession of the home that was used to secure that debt. It can then sell the home in order to compensate itself for the money lost on the loan.Usually, this relationship exists between the homeowner and the bank. In most cases, the loan made is a mortgage that is used to pay for the purchase of the home. If a person does not make their mortgage payments, this can result in the home being foreclosed upon.When foreclosed homes are put up for sale, they are usually offered for much less than they would be under normal market conditions. The reason for this is simple. Homes offered at lower prices tend to sell a lot quicker. The lender does so to make sure it makes back its money from the loan as quickly as possible. Sometimes this price reduction can be as high as 50 percent.Laws that determine how a foreclosure can take place vary from state to state. The laws that regulate the purchase of a foreclosed home are also often different from the laws that regulate the purchase of a home that was not foreclosed upon. For example, in certain circumstances such as an auction for a foreclosed home, a person may not be allowed to inspect the home beforehand.
