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Old 04-13-2009, 04:54 PM
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Default my mom helped my brother buy a home, loan is in

her name, now close to foreclosure. Can she lose her own home? My mom is concerned that if the home my brother lives in forecloses she will lose her own home. The bank sees it as a investment property.she has tried to sell the home, and tried to make the payments herself, she couldn't keep up, the home is worth alot less then what the loan is for. her credit is a mess now.
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Old 04-13-2009, 06:13 PM
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Hey chaps if you want some additional pennies consider enrolling with SMC, their website is in the box below, it costs zero to sign up, plus it could be the best task you ever did! I've been with them for eighteen months, they've been in existence for ages, they're very well admired plus they're sponsored by Tom Boswell (Howard Cunningham of Happy Days).
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Old 04-19-2009, 01:07 PM
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No unless it's a second mortgage home. If she put that house up for the other house. Most times the down payment and the foreclosed house value is all they take.
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Old 04-19-2009, 03:17 PM
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Well the short answer to your question is YES.Since the loan on your brother's house is actually on your mothers name, she technically owens that house. My advice to her would be SELL the house if she can, before the foreclosure. If she refuses to do anything and wants to wait and see, she might lose her own house in the process. How is she going to lose her house?If your brother's house is worth much less than what the total amount owed to the mortgage company, the mortgage company will try to get the difference from her.
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