Home Foreclosure lawsuit - I am a co signer on the mortgage, not on the Note
Home Foreclosure lawsuit - I am a co signer on the mortgage, not on the Note
I have a home in Hillsborough County florida that is subject to foreclosure. I am a co-signer and the primary had defaulted on the loan in january without my knowledge. I am being sued because the primary on the loan had defaulted on the loan payments in Jan 11.
I signed the mortgage agreement, however I did NOT sign the NOTE. My credit report does not show any loan for this home. I’ve since purchased another home.
How should I respond to the lawsuit? I do not want to be responsible for this. If I am forced to be responsible, what should I do? Will they take my current home? Effect my credit or be on my credit report?
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Hi kim!
Welcome to forums!
If your name is not mentioned on the mortgage docs, then you're not personally liable for the mortgage payments. In such a situation, the lender won't be able to come after you in order to recover the mortgage debt. But even if you're a secondary borrower of the mortgage, then the lender will be able to come after you in order to recover the debt.
Feel free to ask if you've further queries.
Sussane