Posted on: 30th Mar, 2010 12:08 am
Hi,
My partner and I bought a property in Florida. The mortgage is completely under his name while the deed is recorded under both our names. We're deep under water now so we would like to walk away. My question is, when the bank forecloses this property, will they go after deficiency judgement? If so, will they just go after my partner only since he's the sole borrower in this loan?
Thanks.
-Kent
My partner and I bought a property in Florida. The mortgage is completely under his name while the deed is recorded under both our names. We're deep under water now so we would like to walk away. My question is, when the bank forecloses this property, will they go after deficiency judgement? If so, will they just go after my partner only since he's the sole borrower in this loan?
Thanks.
-Kent
If the lender forecloses the property, he will have the rights to come after you for the deficient balance. As your partner is the sole owner of the property, the lender will come after him for the deficient balance. Rather than walking away from the property, you should contact your lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, your husband won't have to pay the deficient balance.