Posted by kelly on April 07, 2010 at 08:02:12:
Thank you. The others are not being foreclosed on as it
is a property in another county. It is my current
residence that may be foreclosed on, where I am the
sole person on the loan and deed. The other property is
one that I have 1/4 ownership on according to the deed.
This whole scenario is in Florida.
foreclosure consequences - Posted by kelly
Posted by kelly on April 06, 2010 at 08:29:01:
If my primary residence is foreclosed on, can the mortgagee
take possession of a property that i co-own with my wife and
parents?
Check your foreclosure statutes - Posted by John Merchant
Posted by John Merchant on April 06, 2010 at 08:59:11:
Every state has foreclosure law set out in its statutes, including rights of foreclosing “beneficiary” to take possession of the property, when it can, rights of occupants, when they have to vacate, etc.
If ALL of title owners are debtors being foreclosed upon, then you’ll all have to vacate at same time…normally 60 or more days following foreclosure auction.
But if your “co-owners” are NOT being foreclosed upon, their rights may differ from those of the owners being foreclosed upon.
I had a co-ownership property where my co-owner was being foreclosed upon but I was not (she’d mortgaged her 1/2 undivided interest but I had not)so we had different rights. My half interest allowed me to occupy and rent the property w/o interference from the bank foreclosing and I had my tenant in there for a number of months after my co-owner was foreclosed out.