Posted on: 17th Jul, 2010 01:56 pm
My wife obtained the mortgage in her name only. However, we are both listed as owners of the property being foreclosed. We were both presented with Summons indicating foreclosure has been filed. I am concerned with my liability to the mortgage. If I did not sign the promissory note, am I liable for any deficiencies by the Lender foreclosing once they receive a default judgement??
As your name is not mentioned on the mortgage docs, you won't be responsible for the loan once the property is foreclosed by the lender. He won't come after you for the deficient balance. Also, your credit won't be affected due to this foreclosure.