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Bought with Her Brother |
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My Brother and I bought a home in 2003. I borrowed some money as an home equity loan and my husband( who is not on the title of the loan) co-signed. We are now living in our new home and my brother retained the house. I am still on the title and have a balance on the home equity loan. My brother is going into foreclosure, how would this affect me and my husband? the collateral for the home equity is the house, would the bank come after us to payoff the home equity loan? Please I desperately need your advice. |
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It's not clear just which loans you're talking about, but I can tell you a few things -- first of all, a home equity loan is really just another mortgage and the same rules apply as they would with a first mortgage. If your husband co-signed for a loan, he's responsible for it just as an original borrower is.
And in most cases, the lender can come after any or all borrowers for the shortfall if a foreclosure sale doesn't bring enough to cover the debt, though they don't always do it.
I think what you desperately need at this point is a talk with a real estate lawyer who can look over all the documents and tell you where you stand and whether you have any options. |
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Edith
Originally published on April 8, 2008 |
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