If my home was foreclosed on and there was a home improvement loan for new windows attached to the home, am I still responsible for that loan?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my home was foreclosed on and there was a home improvement loan for new windows attached to the home, am I still responsible for that loan?

I had about $10,000 due for a home improvement loan and my home was foreclosed due to we could not sell it where it was and we had to move for work reason or suffer loosing income and the home. The home went into foreclosure and the 3rd party is still trying to collect from us.

I thought any loans attached to the house was responsible for the buyers of a foreclosed home during the purchase and the agent was to disclose that to the buyers or am I not correct?

This loan was for lifetime windows and the company went out of business a couple years after the sale.

Asked on February 13, 2018 under Real Estate Law, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes, you are still responsible for the loan. The person who took out a loan (agreed to it) is *always* responsible for it, and foreclosure does NOT cut off your responsibility. The lender has a right to be paid by the party who agreed (you) to pay the loan, regardless of what happens to the property.)


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption