Foreclosure in 21403>Question Details

Nat, Other/Just Looking in 21403

if you share ownership on title but loose your half in forecloser due to a loan,can the other owner allow you to stay like resighning a lease agreeme

Asked by Nat, 21403 Sun Sep 12, 2010

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most Foreclosures include in the legal paper work that it is anyone who has anything to do with the title, including also those who have liens on the house VS the Bank with the Mortgage. meaning that once the judge orders in favor of the Bank, you have no longer any legal rights to the property
0 votes Thank Flag Link Mon Feb 14, 2011
Nat,

If a house goes to foreclosure, then all parties lose their interest in the property. I would suggest you contact a real estate attorney to help you sort through the reality of your situation. I fear that you may find that you are now living in the bank's home.

I personally wouldn't do anything until you are contacted by the foreclosing lender. They may offer you something called "cash for keys". In essence, they may offer to pay you a sum of money to help you move out.

But like I said, I think you should contact a R/E Attorney first to go over your situation and options.
0 votes Thank Flag Link Mon Feb 14, 2011
Hello Nat,

if the property is foreclosed upon all parties will lose interest, unless there something i am missing. you can consult a real estate attorney or visit the website below.
Web Reference: http://www.mdhope.org
0 votes Thank Flag Link Sat Feb 12, 2011
Nat -

If the house is in foreclosure, no matter how many owners there are, everyone loses their interest in the property. You can't foreclose on half a house. Please get a bit clearer and people here can help.

Best advice, find a real estate attorney.
0 votes Thank Flag Link Wed Sep 22, 2010
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