Posted on: 01st Oct, 2008 11:34 am
i purchased a home before i married which my husband has never lived in and is not financially responsible for. we are now separated (not divorced yet). he lives in another state. my mortgage bank has offered a deed in lieu of foreclosure and requests that my husband sign. what effects will this have on his credit rating and please explain why his signature is required. the property is in fl.
Hi gillianbentgraham!
Welcome to the Forums!
As you have mentioned that you have acquired the property before marriage, your husband will have no right over this property. I hope the title of the house is in your name. If it is so, then the mortgage bank should not ask your husband to sign. You may ask the bank why they are persisting on your husband's sign. If they are unable to give you a proper answer, you may take legal help.
If your husband signs in the deed in lieu foreclosure, it will definitely affect his credit score. This will also leave a negative impact on his credit report.
Feel free to ask if you have further queries.
Sussane
Welcome to the Forums!
As you have mentioned that you have acquired the property before marriage, your husband will have no right over this property. I hope the title of the house is in your name. If it is so, then the mortgage bank should not ask your husband to sign. You may ask the bank why they are persisting on your husband's sign. If they are unable to give you a proper answer, you may take legal help.
If your husband signs in the deed in lieu foreclosure, it will definitely affect his credit score. This will also leave a negative impact on his credit report.
Feel free to ask if you have further queries.
Sussane
Hi gillianbentgraham!
I do not know why the lenders are asking for your ex-husband's sign. As I can understand from your question, your ex is not in anyway responsible for property. That means his name is not on the deed of the property and not even on the mortgage deed. If his name is not there, then he does not need to sign. You should seek some legal help immediately.
Thanks,
Jerry
I do not know why the lenders are asking for your ex-husband's sign. As I can understand from your question, your ex is not in anyway responsible for property. That means his name is not on the deed of the property and not even on the mortgage deed. If his name is not there, then he does not need to sign. You should seek some legal help immediately.
Thanks,
Jerry
I did seek legal advice and my lawyer said that because of homesteading rights in the state of Florida he will have to sign. Now I don't have the best understanding of homesteading, except to say that I know it has something to do with a property tax break. I've never filed to have this property homesteaded and I'm just so confused now. Thank you Jerry and Susan for your prompt response.
The Florida Constitution protects any individuals homestead residence from forced sale. No judgment or execution can become a lien on homestead property. The homestead property is defined as ones principal place of residence up to one-half acre within a municipality and also up to 160 contiguous acres in any county of Florida. May be this is the reason why the lender wants him to sign.