Ask Experts Questions for FREE Help !
Ask
    sue220154's Avatar
    sue220154 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Oct 26, 2012, 04:46 AM
    If two owners on a mortgage, deed in one persons name and we foreclose who pays
    I am on the deed only, but 2 of us on the mortgage . If I give the house back to the bank, is my half satisfied on the shortfall of the mortgage e.g. $230k left on mortgage.. my house sells for $120K shortfall $90k am I still responsible for that amount?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #2

    Oct 26, 2012, 04:58 AM
    Yes, you are. And normally you are not only responsible for "your half"; you are responsible for all of it.

    I believe your calculations are off. If the amount owed is $230 K, and if the bank were to agree a short sale for $120 K, the amount you still would owe would be $110 K.
    sue220154's Avatar
    sue220154 Posts: 4, Reputation: 1
    New Member
    		  
    #3

    Oct 27, 2012, 04:22 AM
    I know the responsibility is on both of us , but what happens if the other person pays nothing, but I have given the house back that is solely mine, does that mean they have to pay nothing?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #4

    Oct 27, 2012, 06:45 AM
    If you have given a deed in lieu of foreclosure, yes. From what you have indicated, the other former owner is not obligated to pay you anything because that person did not share title ("on the deed") with you. But there may be details which you have not fully expressed. If so, see an attorney about possible legal action against the other former owner.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

If you foreclose a property can the mortgage company go after other assets? [ 1 Answers ]

If you have a property that is going to be foreclosed, can the mortgage company go after your other assets (if any) to cover the deficiency, in the state of Washington?

If you foreclose on your home in sarasota, fl What can the mortgage company do to us? [ 1 Answers ]

The value of our condo has decreased by $80,000.00 and our loan was for 100% of the value at the time of the mortgage, which was about 3 years ago. Can the mortgage place a lien on your wages or just reunion your credit.

My mortgage company is going to foreclose on my home, how do fix this? [ 3 Answers ]

My family is need right now. We are about to lose our home because we got behind on our payments. We have no way to catch up on it right now.

What happens to the 2nd mortgage loan in California after you foreclose? [ 1 Answers ]

I just received a letter in the mail from (Real Time Resolutions) and they are telling me that I owe my entire 2nd loan to them but they are willing to settle. It was my understanding in California that if your home was your primary residence, had a non-recourse loan on the 1st and 2nd and you...

View more questions Search