Foreclosure in Naples>Question Details

Laura, Other/Just Looking in Naples, FL

In a 'tenants in common' situation if one person is on the deed, but not the note what would there

Asked by Laura, Naples, FL Tue Mar 11, 2008

responsiblities be if the property was forclosed upon? Would that person be financially responsible? Would that person have a forclosure on their credit?

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2
Laura, I have to agree with Brian and Diana. The lender can only hold responsible, the person who qualified for and signed the mortgage note.
0 votes Thank Flag Link Wed Mar 12, 2008
Hi Laura
I am not an attorney but it is my understanding that the only person that would be responsible for the note would be the one who signed for it . I would think you were added onto to the deed after the mortgage was taken out. The property secured the note and they are seizing it to satisfy the debt. I am sure there are some legal types that could be more precise
0 votes Thank Flag Link Tue Mar 11, 2008
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