If my husband and I are havng our home foreclosed on, how will this effect another house the I own with my grandmother?
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If my husband and I are havng our home foreclosed on, how will this effect another house the I own with my grandmother?
My husband and I have a mortgage on a home that we are currently foreclosing on. My name is only on the deed but not the mortgage. However, my grandmother has my name on the deed for her home in another state; I think as “general warranty”. Because I am only on the deed for the current home, can the bank take my grandma’s house? My hubby’s name is not on her deed. Also, do I need to claim my grandma’s house as an “asset” when foreclosing? She still lives there.
Asked on May 29, 2012 under Real Estate Law, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Depending on the type of loan that you have with respect to the home that is being foreclosed upon, you may or may not be subject to a deficiency judgment in the event of a foreclosure. If you are subject to a deficiency judgment, your ownership interest in the other home you have written about could be affected.
If the loan that is on the home that is being foreclosed upon is the original loan when the home was purchased (not a refinance or a line of credit loan), then you should not be concerned about a deficiency judgment since the loan is "purchase money".
I suggest that you consult with a real estate attorney for follow up questions and answers with respect to your matter that you have written about.
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