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Ohio foreclosure laws
Asked over 3 years ago - Englewood, OH
We sold a home 14 years ago. The owners had a VA loan. We did not allow them to assume our loan. They obtained their own loan. They have since defaulted on their loan and are in foreclosure. We recieved a summons today that we are being sued by their mortgage company for over $58,000.00 because there was an error on the mortgage deed when we sold the property. How are we liable for this debt?
Attorney answers (1)
I am not admitted to practice in Ohio, so please consult a local lawyer regarding this problem. Especially if you're being sued for $58,000, it's well worth the money to at least talk to someone near you who knows this area of the law.
With that out of the way, it's difficult to see how you could be truly liable for your buyers' loan. It's possible that, through an error in the paperwork, your name is on the loan when it should not be, and the lawyers who filed the suit relied on those papers when they filed. If you've been included solely due to error, it should be possible to get you out of the suit at an early stage.
It may be possible, though, that you signed something without realizing it, that makes you liable for their default, such as a guarantee of their loan. If so, you should be able to quickly figure this out as well... and to the extent that you might be liable, hopefully you can recover that when the property is sold.
With that out of the way, it's difficult to see how you could be truly liable for your buyers' loan. It's possible that, through an error in the paperwork, your name is on the loan when it should not be, and the lawyers who filed the suit relied on those papers when they filed. If you've been included solely due to error, it should be possible to get you out of the suit at an early stage.
It may be possible, though, that you signed something without realizing it, that makes you liable for their default, such as a guarantee of their loan. If so, you should be able to quickly figure this out as well... and to the extent that you might be liable, hopefully you can recover that when the property is sold.
