if there are 3 people on a deed and 1 person on the loan, does foreclosure affect all 3 or just the 1 on loan?

Answer 1

i believe the loan is ileagal as the surety isnt all that persons property and thats fraud against the loan co and the partners who have an interest theve been cheated of their equity and the person that secured finance should tell them and also the contract could be nullified by this action no bill for the loan but an angry mob at the door if the title wasnt clear the financiers were wrong to allow the deal to go through and it could only be for the amount of the persons interest in the property ask a free attorney they all have a free hour consult in the office

Answer 2

Credit wise only the loan holder. Property wise all of them. There would be a lien recorded for the bank on the property and this would mean that they all knew or should have known that the property was still subject to ownership by the bank if a default occured. This means the property can be sold by the bank to pay off the loan and then the remaining would be divided by listed owners. Doesn't seem quite fair but that is why when buying property one must research the title to ensure there is no lien holders.

Answer 3

If all of you owned the house, it couldnt foreclose, it is the loan company, they can only go for the loanholder.
Is it possible to save the house? I hate to see anyone loose out on profit of sales. What if all 3 pitch in on the loan, resell and all 3 make some money?
Now if it is for back taxes all are responsible.

Answer 4

If you're asking if it affects all 3 from a credit reporting standpoint, the answer is NO; only the person who borrowed the credit is affected. However, from any other standpoint...Yes, all 3 are affected because all 3 lose the home when it's sold at auction.

Answer 5

I believe the forclosure would affect just the one on the loan.

Answer 6

only one on the loan

Answer 7

Mortgage holder