Posted on: 01st Dec, 2008 06:46 pm
i'm not even sure if this makes sense! i'm going through a divorce and my name is on the deed to the house, but when i've called the bank about the loan, they continually tell me the loan is in my husbands name and i'm nowhere on the paperwork.
1. could this have happened if my name was on the note? (he's withholding these papers from me)
2. will it affect my credit if my name indeed is not on the loan?
3. what if he wants to short sell?
the property is in Florida by the way.
i'm utterly confusd and my lawyer isn't helping make things easy (which she should for being paid but that's another story!)
Does anyone have any advice for me?
thanks!
1. could this have happened if my name was on the note? (he's withholding these papers from me)
2. will it affect my credit if my name indeed is not on the loan?
3. what if he wants to short sell?
the property is in Florida by the way.
i'm utterly confusd and my lawyer isn't helping make things easy (which she should for being paid but that's another story!)
Does anyone have any advice for me?
thanks!
Hi guinness,
You have mentioned that your name is on the property deed whereas it is not on the loan. This means that you have ownership rights to the property but you are not responsible for the loan dues. As you have already spoken to the bank and when they have said that your name is not on the paperwork, then I don't think you need to worry about the loan.
No, your credit will not be affected if your name is not on the loan. In case of a short sale, your husband's credit score will be affected as he is responsible for paying the mortgage dues. Your credit credit score won't be affected. You can try consulting with another lawyer.
Thanks
You have mentioned that your name is on the property deed whereas it is not on the loan. This means that you have ownership rights to the property but you are not responsible for the loan dues. As you have already spoken to the bank and when they have said that your name is not on the paperwork, then I don't think you need to worry about the loan.
No, your credit will not be affected if your name is not on the loan. In case of a short sale, your husband's credit score will be affected as he is responsible for paying the mortgage dues. Your credit credit score won't be affected. You can try consulting with another lawyer.
Thanks