Gaurantor of Loan in default

[TBui]

I am the gaurantor of a home loan that is 3 months in default. The lender has given notice of foreclosing on the home by the end of the month if the payments aren't brought current. The owners are making no effort to come up with the money. How will a foreclosure affect me as the gaurantor of the loan? If anyone has advice on what to do in this situation, I would greatly appreciate it.

TBui

[HHM]

You may want to pull your credit report to see if the mortgage company is reporting the default on your credit report.

If they foreclose the home, and it sells for less than what is owed, you could be liable for any deficiency.

In the end, its not good for you.