Foreclosure on a home with a wrap around mortgage...

[onyxenchanted]

who does it effect and how? I own a home and engaged in a wrap around mortgage with a friend. He is now sick and can't afford the mortgage, neither can I. If this house goes into foreclosure, who does it effect? The house is entirely in his name, the loan is entirely in mine. (no lessons or lectures, I was always aware of the risks and decided it was the best thing anyway)
I understand I now have a foreclosure on my record, just as if it were my own home. What I'm really wondering about is how it effects him. Does it still show up on some record of his as a foreclosure, or does he get away clean?

[Patriotic Mom]

If you understood it from the beginning, you understand that you both are liable. I would talk with an attorney experienced in real estate law and see if he or she can do anything to protect you. Good luck!

[MarJoe]

He doesn't have to lose the house it's his. and guess what you got. So much for your credit, he can go get it refied, He will have it all and you still have the loan and the taxes that go with it. people don't think about taxes that go with forcloser.

[Chris E]

Where do you live and this is what I do but unfortunetly there are individuels out there doing this and it's definetly a rich mans game. I work for c and n investments and these guys have lots of monies. To answer you question it depends on what state you live in but, most likley you are the one responsible.