Forclosure Calif

[carrds]

Four years ago I sold my home. The buyer assumed my loan(dummy me). From the start the buyer has been late on payments causing my credit to tank. Now the buyer is so far behind he is going into forclosure. Am I liable for any money owed to the bank/mortgage company when the forclosure takes place?

 

[HomeGuru]

It it was a total mortgage loan assumption, you should have been released as a loan signor and guarantor. If it was a conditional assumption with just an added new Buyer, you is screwed and are liable as if you never sold the property.

 

[carrds]

Thanks HomeGuru I thought those realtors feed me a bunch of crap. Hopefully since the property has increased greatly in value I may not get screwed but thats not a given.

 

[HomeGuru]

Keep us posted please.