Legal Question in Real Estate Law in Pennsylvania

Re: Foreclosure question

Your friend is not liable for the mortgage. Suggest you get him to sign property over to you. Rent out part of the home if you have to or sell it. But get his name off the title.

Gerald Hershenson Esq.

Re: Foreclosure question

Your partner may be listed on the foreclosure complaint as a registered owner and/or an occupant of the premises. However, in the event you are not able to afford the house, you might want to consider bankruptcy or a more advantageous alternative would be a deed in lieu of foreclosure. I am more than happy to be of assistance to you, I am out of the office, please call my cell phone at 856 296 3160.

Thank you.

Brad J. Sadek, Esquire

Re: Foreclosure question

When you bought the property you signed lots of documents but the two of interest are the Promissory Note and the Mortgage.

The promissory note obligates you personally to pay back the amount lent to you with interest to the lender. If you don't they can come after you. The mortgage obligates the property. It makes it collateral.

The effect in foreclosure they take ownership of the property and sell it. If it brings enough money to pay what's owed, Principal and interest earned to date of sale. If the bank gets more than what is owed. Then the debt is gone and you get back the excess. If the property sell for less than what is owed then the promissory note makes you liable for the short fall.

So you are personally liable only if a foreclosure sale fails to bring in enough to pay the mortgage. Your partner loses to as his interest in the property will be extinguished when the bank takes title.

I can't believe the bank didn't make him sign the mortgage.

Have you considered just trying to sell the house with an asking price that will cover the amount owed and some extra to cover your moving expenses?

{John}

Re: Foreclosure question

Your situation may be complicated, and you have not given all necessary facts. If you wish, contact me by e-mail, and I will try to help you find a lawyer in your area. Peter Dolinger [email protected]