My home is foreclosing soon. My brother and I are both on Title of the home, but only I’m on the mortgage. Would the foreclosure effect my brothers credit?
If I am on title of the home, but not on the loan, and the home files into foreclosure, will my credit be affected?
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Answer: (1)
When a bank seeks to recover debt through foreclosure, it will look to the person(s) who are on the actual mortgage. The individual on the property’s title will not be held responsible for the debt. Thus, even though your brother’s name is on the title, his credit should not be adversely affected by the foreclosure.
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Posted by Jeff Rickman on 04 Mar 2010