Foreclosure

questions & answers

Question: Can a bank foreclose on a house if multiple people are on the deed, but only one person is on the mortgage

Answer: Regardless of how many people are on the deed or on the mortgage, if the mortgage is not being paid in full each month, the bank can foreclose on the house. It is important to contact your lender as soon as you are having a problem; banks usually have a ten day grace period for monthly mortgage payments however some can be more lenient than others. Lenders want to help borrowers keep their homes. Foreclosure is expensive for lenders, mortgage insurers and investors. Foreclosure on an estate can negatively affect everyone’s credit on the deed, not just the one paying the mortgage, so it may be very important to talk to an attorney to find out how the law applies to your specific situation. When searching for mortgage relief, beware of predatory lending schemes as there are many trying to take advantage. Whenever there is an issue regarding title and mortgage issues, or concerns regarding foreclosure, it is highly advised to consult with an attorney directly.