my friends roommate moved out of the house to another state, left the roommate high and dry, with the mortgage, (the title and loan are in both names), how is the person left behind protected?
2007-10-20 09:53:28 · 4 answers · asked by itchintoknow 1 in Business & Finance ➔ Renting & Real Estate
They are not protected. Each person is 100% reasonable for the loan. The loan company doesn't care which one pays it. The foreclosure will effect each of them equally.
2007-10-20 10:03:32 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋
Your friend needs to have the ex-roommate sign legal papers that they have no longer have an interest in the house.
Think of it as a marriage; in a divorce agreement, one or the other takes the house & all the responsiblities.
Your friend can make all the payments & everything else for years which allows them the house, but without an agreement from the other party, 5-10 years down the road, your friend stands a chance of losing half because it was left in both of their names.
Spend money now for a lawyer or take a chance on court actions later.
2007-10-20 10:12:46 · answer #2 · answered by Sandie B 5 · 0⤊ 1⤋
You don't want advice from us. Your friend needs the services of a real live attorney. Step one would be contacting the attorney who handled the real estate transaction listing both their names.
I'm not a lawyer, but I'm guessing that the mortgage company will be coming to your friend for full payment and that he'll lose the house if he can't make it. He, in turn, can sue the distant friend for his half.
A better solution might be to sell the house now, before the mortgage payments are in arrears.
2007-10-20 10:00:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They are Not , the lender protects the lender by holding Each person fully liable for the loan taken out .
They will go after each of them to satisfy the loan .
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2007-10-20 09:59:23 · answer #4 · answered by kate 7 · 0⤊ 0⤋