If I signed a home-equity line that is now in the process of having a foreclosure on it, but I am not on the deed of the house, will there be an eviction on me as well? Also, will the bank take all of its debt (lawyer fees included) from the sale of the house considering the house is estimated from the bank to be worth much more than the value of the loan/fees?
Thanks!
Howdy Dolphin:
I do not know how you got a home equity line without being the owner unless you sold the house. The foreclosure will be against you and all owners in the chain of title without their being noticed even. The recording of the debt is prior to theit deed. They will probably evict in your name too. The constable will need to serve the person and if they determine that you do not live there, they will find out who does and evict them all all occupants.
I have seen banks try to evict the owner from a tenant occupied property. Usually when tenants get wind of foreclosure they stop paying rent and will move out. Some are smarter and try to stay free as long as possible. The owner will not evict for non payment and banks are usually slow in taking possession and doing evictions. This is just a general observation over the years especially during RTC times. The wheels may be faster with a particular bank etc.
Hope this helps a bit