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Jack R.
Jack R., Family Law Attorney
Category: Family Law
Satisfied Customers: 6147
Experience:  OH/TX Mediator and Attorney dealing with Family, Child, and Divorce Law
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we are the owners of a property (in name only). The tennants

Customer Question

we are the owners of a property (in name only). The tennants (original owners of the property) have defaulted on their payments for over 2 months. If the property goes into foreclosure, (because we certainly cannot afford to make the payments), can the bank come after US for missed payments? How do we protect ourselves? Claim bankruptcy?
Submitted: 7 years ago.
Category: Family Law
Expert:  Jack R. replied 7 years ago.

The lender will go after whomever has the loan. The fact your name is XXXXX XXXXX title is not sufficient to create an obligation to the lender. The lender can take the property but may only collect a deficiency from the borrower.


If you are the borrower the bank in some states can get a deficieny judgment. Declaring bankruptcy may be a way t ptrotect yourself, but you may lose the assets anyway depending on how you file. You should try to negotiate the payments with the lender or sell the property.



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