Foreclosure in San Bruno>Question Details

Sk, Other/Just Looking in San Bruno, CA

If I am on title on a house but not on the loan, and the house is forclosed, how does the forclosure effect me?

Asked by Sk, San Bruno, CA Sun Mar 14, 2010

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Lee Ginsburg’s answer
You will have no financial liability.
You did not mention if you are living in the home. I f you are you can stay there through the eviction process which will happen after the forcloses. It is possible the bank will offer keys for cash. Meaning you leave the home in a reasonable amount of time in decent condition they will give you maybe $5000. Once again if you are not on the loan you have no financial or credit concerns.
Lee Ginsburg
0 votes Thank Flag Link Sun Jul 18, 2010
my sense is that since you are not on loan, your credit will not be effected.
my sense is that foreclosure will be reported on the other person's credit.
since you had nothing to do with loan, i doubt lender has your social security number.
if the loan was used to purchased the problem and the property is owner occupied: In CA no defeciency judgement meaning lender can not come after any of borrower's other assets. so if that is the case, then neither of you have any further concerns.
as always, you should consult with an attorney...
my sense is to do nothing with attroney until you hear from lender...
my sense is that you won't....
what's done is done, nothing can change that now....
meaning if lender is going to "come after" you now, nothing you can do to stop the lender from doing so.
if lender does, then get an attorney and follow his advice...
0 votes Thank Flag Link Mon Mar 15, 2010
Hi S,

If the property is located in California and the lender forecloses by the Deed of Trust then the lender will not have legal liability to pursue you for the debt on the mortgage. There are two instruments there is a mortgage and there is the trust deed. In a non-judicial foreclosure the lender wants the trust deed back.

Good luck!

Hannah Fliegel
The Credit Repair Expert
0 votes Thank Flag Link Mon Mar 15, 2010
You will have no liability with regard to the loan, but you will lose the home to the bank.
0 votes Thank Flag Link Mon Mar 15, 2010
You have lost your interests in the home. You might want to check with a real estate attorney just to make sure the lender cannot come after you later. If you need a referral to a good attorney, please let me know.

Cashin Company
0 votes Thank Flag Link Sun Mar 14, 2010
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