Tricky Setup Related To Foreclosure.
I wanted to run this by you guys and see what your opinion is on this:
I have a house with my mother. We are both on the title and there is a loan on it. The loan was taken by my mother. House is worth the same amount as the loan now. I also have another house bought by me only. That house just entered into foreclosure. Both houses are in different counties (same state New Jersey).
That is the setup. Here are my questions:
1. Once I foreclose (there is no financial point to keep this one) will the banks go after my other house I own with my mother?
2 How will they find out I own another house?
3. Can I simply "fix" this, by removing myself from the title now?
4. If removing myself from the title is possible how long will it take and how to go about it?
5. If I can not do anything, will it make sense for the bank to put a lien on a house that has 0 equity?
I made few mistakes at the beginning and I bought few things on my personal name as oppose to legal entities.
Thanks in advance for you answers.
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