Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question If a morgage defaults in MD what happens to the other people on the title of the property? I am on a title to a property but not the loan itself. I am in no relation to the person on the mortgage loan. They are about to go into default and possible foreclosure. What will happen to me since on the title? Will I have an option to buy out? Thanks! By Angel A Posted on 04/02/08 Total Answers 3 Answers- Nothing will happen to you. You can attempt to finance it in your name, but everyone on the title needs to agree to that. If it is foreclosed the new title will have the banks name on it and you will no longer have any claim at all. Answer by : Landlord On Date 2008-04-02 09:00:07 If you let the person use your property as collateral then you will no longer be the owner after it is foreclosed. If it gets to that point. There is going to be a period in MD after the sale for 30 days to raise objections to the court after it is sold. This is when you can go in and say the house is mine. If you didn't actually put anything up for it or make any investment to own it and your name is just on there because then probably the court won't care. I wouldn't count on them caring anyway. If the house brings in more at the auction than is owed then that amount should be paid to the legal owners which would include you. If there is a lot of equity in it that is as risk of not being bid up then you should get to the auction and bid it up yourself if you can to make sure you get what its worth. You will need to be able to buy it of course so this may not be an option. This method you will have a lot of extra fees though that come out of the equity that the court adds on so this would not be the best choice. The best bet is to take care of it preforeclosure. You did not describe your situation other than to say you weren't related so I can't even imagine how you got into this mess. Basically if you did not put any money in or risk anything or do some work for free (invest time), then you should probably just let it go because you shouldn't be on the title. If you did something and actually own half the house but let him use the whole thing for collateral then you might just have a hard lesson learned. If you want to keep it the best thing to do is call a real estate investor that does pre-foreclosure and talk with them to find out about the process. You could go to a local real estate investors club meeting and ask the person in charge if you could take a few moments of their time to tell you your options, that would be the easiest way to get free advice specific for your area. Good Luck Answer by : brian-the-brain On Date 2008-04-02 09:10:06 If you are on title how did you avoid being named in the mortgage. Something strange there some where. In any case, if the property is foreclosed upon your interest will be wiped out. You could avoid foreclosure by bringing the payments current and then putting the property up for sale. If the other people on title would not agree to a sale you would have to have an attorney file a partition action which would force the sale. I learned this at www.InvestingWebinars.com Answer by : SuperCactus On Date 2008-04-02 09:13:10   Go Back To Search Results