Scott Godzyk,
Agent, Manchester, NH
yes jack, both parties lose teh house becuase the house was security for that mortgage. Typically if there are 2 people on teh deed, bith would need to sign for the mortgage . if one person did not sign, you might have a good case for a lawyer to review. good luck working things out
Web Reference: http://www.ScottSellsNH.com
Ricardo Ramirez,
Broker, New York County, NY
Jack, common sense tells me, yes, both people on the deed to the property might lose the house if the one person deffaults on the mortgage. Check with a reputable real estate attorney, though. Cheers!
Ruth & Perry Mistry,
Agent, 95030
Hi Jack
Yes that is correct, both loose the house.
Once cannot stay and the other leave.
The bank loaned against the property. Hence, the property is the collateral
For the loan. When one does not pay the bank wants it's Money or Collateral back
To sell and collect the proceeds.
Good luck.
Perry
http://www.ruthandperry.com
Yes that is correct, both loose the house.
Once cannot stay and the other leave.
The bank loaned against the property. Hence, the property is the collateral
For the loan. When one does not pay the bank wants it's Money or Collateral back
To sell and collect the proceeds.
Good luck.
Perry
http://www.ruthandperry.com
Web Reference: http://Trulia.com/blog/Perry_mistry
