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help with forclosure

Posted by mike on December 06, 2001 at 6:45 PM

hello
My mother-in-law lives in a house whose loan is under my wife's name. In other words my wife bought the house in 1994, and after we got married her Mom lived there. Apperantly my mother-in-law has not been able to pay the morgage and the house was forclosed and sold. we just found out about it. the house was sold more than the actual loan (overbid), so I need to know 2 things:
1) how is this going to affect my wife's credit and is there anyway to protect her?
2) how does my mother-in-law go about getting the overbid money from the lending compony since there appears to be some money that is hers?
thank you


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