Re: Foreclosure

Posted by steele in minnesota on September 09, 2005 at 11:22:08:

In Reply to: Foreclosure posted by Kathy on September 09, 2005 at 09:11:11:

: I am getting married and my fiance has a house that is being sold in a sherriffs sale (foreclosure). Can I loose my home or will they make me responsible for any payments? Also - will he ever be able to buy a house or car on his own?
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I am going to presume that you did not co-sign on his mortgage for the house in foreclosure.

That being the case, no, they can't come after you.

As to his ability to buy on his own...yes, his credit will be beat up for a while, but not forever. If you have house or car purchases in the near future the loans will probably best be in your name. And with all the deals on cars these days that may not be that as big a deal either. See alot of places that offer car financing as long as you have a job and a certain downpayment.

But he probably won't be buying any houses in the near future on his own. At least with an interest rate that isn't horrific.

Steele V. Propp
Foreclosure/Bank Owned Specialist
Minneapolis, MN
steelep@aol.com

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Comments:
: : I am getting married and my fiance has a house that is being sold in a sherriffs sale (foreclosure). Can I loose my home or will they make me responsible for any payments? Also - will he ever be able to buy a house or car on his own?
: *************************

: I am going to presume that you did not co-sign on his mortgage for the house in foreclosure.  

: That being the case, no, they can't come after you.

: As to his ability to buy on his own...yes, his credit will be beat up for a while, but not forever.  If you have house or car purchases in the near future the loans will probably best be in your name.  And with all the deals on cars these days that may not be that as big a deal either.  See alot of places that offer car financing as long as you have a job and a certain downpayment. 

: But he probably won't be buying any houses in the near future on his own.  At least with an interest rate that isn't horrific.

: Steele V. Propp
: Foreclosure/Bank Owned Specialist
: Minneapolis, MN
: steelep@aol.com


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