What will happen if we took out a loan and are unable to pay?

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What will happen if we took out a loan and are unable to pay?

They have claimed that they can come after our home if we do not continue to pay. Can they do that even though the loan was only signed by 2 out of 4 of the people who are on the loan as equal mortgage holders?

Asked on September 20, 2012 under Bankruptcy Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you and others took a loan out on a home and the loan is secured by the home, the lender can foreclose upon the security (home) if the debt load cannot be made as called for. If the home is foreclosed upon, then the owners of the home lose title to it and could possibly be subject to a deficiency judgment. I suggest that you and the other owners consult with a real estate attorney to assist you in the matter you have written about.


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