Re: What happens when someone files BK on a mortgage I consigned on?
08-25-2012 02:05 PM
Think as for the info.
They would definitallyy file 13 due to their income.Unfortunately, I cannot get them to sell. I have tried. So I doubt the property would get forecloseded their less the mortgage company could foreclose on it through me despite it being part of a BK.
Any idea how it would show on my CR? I. If in a 13 BK,I will the payment reports get later and later even after in the BK?And will the BK bementioned on my report?
If the borrower files BK, the BK notation will show on their report, not on your report - unless you file too.
If the borrower surrenders the house in his/her Ch 13, then the bank will move to foreclose if the payments are not being made on the mortgage.
The BK only gives a temporary automatic stay to foreclosure. The very first thing the bank will do is move to have the stay lifted if the borrower(s) are not making payments. That is SOP and easily granted.