If my home was foreclosed on and there was a home improvement loan for new windows attached to the home, am I still responsible for that loan?
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If my home was foreclosed on and there was a home improvement loan for new windows attached to the home, am I still responsible for that loan?
I had about $10,000 due for a home improvement loan and my home was foreclosed due to we could not sell it where it was and we had to move for work reason or suffer loosing income and the home. The home went into foreclosure and the 3rd party is still trying to collect from us.
I thought any loans attached to the house was responsible for the buyers of a foreclosed home during the purchase and the agent was to disclose that to the buyers or am I not correct?
This loan was for lifetime windows and the company went out of business a couple years after the sale.
Asked on February 13, 2018 under Real Estate Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, you are still responsible for the loan. The person who took out a loan (agreed to it) is *always* responsible for it, and foreclosure does NOT cut off your responsibility. The lender has a right to be paid by the party who agreed (you) to pay the loan, regardless of what happens to the property.)
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