My husband is on the mortgage to my home, but not on the note. I am going
My husband is on the mortgage to my home, but not on the note. I am going
My husband is on the mortgage to my home, but not on the note. I am going to be foreclosed on. Will this affect his credit? Will it show up as a public record that he was also foreclosed on?
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Yes it will. Any legal action taken on the property must be taken against anyone who is on title. Therefore, the lender would be filing the suit against both of you.
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Is he considered on title even if he is not on the warranty deed? He is not on the note either. The Titile insurance employee had him sign the mortgage, even though his credit or information was not used to obtain the loan in any way. My attorney had and Affidavit prepared for Suntrust to sign, stating that my husband is not responsible for the mortgage and was added in error. This was filed with the Register of Deeds. Given all that, must he be included in the foreclosure process if he is not on the deed, not on the note, and only on the mortgage in error -- with an filed Affidavit signed by the mortgage company ackknowleging so?
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Sorry for the typo -- meant "acknowledged". One other question -- what constitutes being on title? Does signing a mortgage (not the note) but not being on the deed make him on the title to the property?
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I keep reading that if somone is not on the note, a foreclosure will not affect their credit. But then I read that if they are just on the mortgage (not the note) that they will be part of the foreclosure and it will appear in the public records and that will affect their credit. So what is the real answer to this? If they are not on the note, how is it possible that they still take a hit on their credit when they are not the ones defaulting? Can anyone clarify this?