Posted by Leah on March 04, 2002 at 12:00:21:
I have a house I bought a while back and now it’s about to go into foreclosure. The loan is in my name only. Can the lender go after my husband’s assets (our current residence in his name) if only my name is on the loan? What am I looking at as far as credit rating damage and what can the lender sue me for? I don’t think the lender can list it and get market price for it right now, the current market is horrible. Will they sue me for the difference they can get?
Is it possible to quit claim deed the house back to the lender? Housing prices are dropping and I have no equity.
But could this be negotiable to save the lender from the foreclosure process and save my credit?