The foreclosure will affect your credit record. You are fully responsible for paying the loan.
Nothing happens. You still get the money in your account. They just want the house, not your money.
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
If it is not specified in the contract then it is likely at the descretion of the lender.
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
Debtors can go after the assets of the estate. These assets will have to be liquidated to settle the debts.
Yes you can
Nothing happens. You still get the money in your account. They just want the house, not your money.
Check the laws in your state, but NO, they cannot. Your old house secures the mortgage on THAT house. Nothing else.
When the bank foreclosed on the house, they took it back. Now it's time to move out.
I would think so. Though the bank should be using all means possible to get that cash from you to pay for your currently foreclosed house. Even if they don't, paying in full with cash for anything will always be accepted.
No, I can't
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
If it is not specified in the contract then it is likely at the descretion of the lender.
If both names are still on the loan, it effects both people.
The bank does not care who holds the mortgage. If the loan is not being paid, it can be foreclosed on.
If you go to jail, your house will still be yours unless you are unable to pay the mortgage or property taxes. In that case, the house may be foreclosed upon or sold to cover the debts.
You can contact the lender or lien holder who foreclosed on the property and make your offer to them.