I had a house built in 2005 and it took almost a year to build the home. During that year my credit got messed up so my grandfather put the house in his name until I could get it put in my name. Well that did not happen instead I found a company on the internet who bought the house from us but it was listed on the deed that they are the trustee but it was still on my grandfathers credit. The people who took over the house in 2006 said they would rent the house out for a year and the sell it and it woiule be done for. Instead after a couple years they stopped making payments and now it is in foreclosure. My grandfathers primary home is paid for though and he has stocks, cd etc. Can they come after him for money. Or if a defiency judgement is placed and he dies and has assets what happens
There are two questions here:
1. Can your grandfather be held accountable for your home loan, and
2. Can the plaintiff go after your grandfather's assets if he is responsible for the loan?
First, if your grandfather signed on the loan as either a borrower or a guarantor, then he could be held responsible for any default or shortfall. His credit rating will surely suffer a hit from the non-payment and if the foreclosure auction does not generate enough money to cover the loan, the plaintiff could pursue a deficiency judgment against him.
Second, if the plaintiff obtains a deficiency judgment, they could attempt to use his non-exempt assets to satisfy the debt. This would include some investments like stocks - except those held in retirement accounts - and real estate other than his homestead. (Some exceptions may apply.) If he dies, they may file a claim against his estate.
In order to prevent a deficiency judgment against your grandfather, and to protect his assets, you'll want to talk to a foreclose defense lawyer.
If you want to learn more about how a foreclosure defense can protect you and your grandfather, you can download our free 30-page ebook that talks about Florida foreclosure defense.