Posted by JHyre in Ohio on July 09, 2002 at 08:26:31:
If she doen’t pay on the underlying loan, the company can foreclose (take the house and sell it). That could ruin her credit if she’s on the loan. If the sale proceeds to the bank are less than the loan amount, the bank can get a judgment for the remainder- that is a court order telling your mom to pay. The judgment can be used to forcibly collect the amount due (garnish wages, seize assets, etc.).
John Hyre
forclosure/judgments - Posted by Karyn Neighbors
Posted by Karyn Neighbors on July 08, 2002 at 21:16:20:
My father recently past away and had no life insurance. My mom is having a hard time selling the house and has to move because her job was done away with. What is a judgment or forclosure and what can happen to her?
Re: forclosure/judgments - Posted by mei122@ameritech.net
Posted by mei122@ameritech.net on July 09, 2002 at 18:29:36:
In what city and state is the property?