[Veronica]

Actually it's my brother's house.he did a thing that probably wasn't the smartest but he signed a loan for his cousin. i mean his cuzin couldnt get a loan to buy a house so my brother acted like he was buying the house and getting the loan and my cousin was making the payments. it was all ok. until one day my cousin just decides not to keep making the payments. (we never got anything in writing) my cousin has a good well paying job and my brother doesnt. there is no way my brother can make the payments on that house. so we think that the next step is going to be foreclosure.i want to know once the foreclosure proceedings start what happens. i know hes credit is going to suck for the next decade. but besides that what happens. are they going to still try to after him for the mortgage money. or what?

[Iowagirl]

I don't have any experience with this but have you tried talking with the bank? or talking with a lawyer before it forecloses? There are a couple options before foreclosure, have you tried doing a short sale on the home? I would recommend calling the bank and telling them the issue and then finding a good lawyer.