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[C.Ann]

Thanks!

 

[figment52]

Used to work in banking. Yes the bank can foreclose and sell your property and you are still responsible for any deficiency balance (difference between loan value and what they sold it for). Make sure your freind does NOT get herself onthe title or on any loan that her daughter is on NO MATTER WHAT. She would then become liable for the debt.

Look for consumer credit counseling services - the yellow pages usually has a listing. If they are working with a service the bank often will not foreclose.

Good luck

 

[AllyandJack]

She should check her mortgage papers. The Lender will usually reserve the right to call the note and/or foreclose. So, they might not have the exclusive remedy of foreclosure.

 

[C.Ann]

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