What can the bank take in a foreclosure?

UPDATED: Nov 19, 2011

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Nov 19, 2011Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What can the bank take in a foreclosure?

About 5 years ago my parents bought a house (purchased for 150k,142k left to pay) under my brother and sister’s name. Now my dad seems unwilling to pay for the house at times and Iwanted to know how it would affect my siblings’ personal belongings. My brother has a car (worth 30k, not paid off) and sister has a house (under her and husband’s name, not paid off); 2 cars (under her husband’s name, neither paid off); business (under husband’s name and his partner, paid off). My sister was not married to her husband when she purchased my parent’s house.

Asked on November 19, 2011 under Real Estate Law, North Carolina


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Whether or not your parents purchased a home five (5) years ago under the names of your brother and sister is not the issue. The issue is in whose name is the loan for the property (assuming there is one) in that there most likely is a mortgage securing the loan?

If the loan is in the names of your parents and not your brother and sister, then they have nothing to worry if the home that your parents bought goes into foreclosure. The reason is that your brother and sister are not obligated on the loan. Since they are not obligated on the loan, they would not have to worry about their credit being damaged or any possible deficiency judgment against them.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption