Can I be sued if I didnt sign the note

my dad had no will and there is no probate estate due to him not having anything once he quick claimed his portion of the house

Hi flipper,

If you are not the co-borrower of the loan, you won't have to worry about the foreclosure. The foreclosure will not affect your credit score. Moreover, the lender will not be able to sue you for the deficient amount resulting from the sale of the property. However, if you want to save the property, you can refinance the loan in your name.

Take care.

flipper, you do, indeed, need to concern yourself. you are being sued as an owner of this home. if you don't want to lose it, you'd need to do something about making payments on that loan before it's too late.

"Can I be sued if I did not sign the note"

Yes!! as currently you are owner as well as you are on mortgage also...

so take care....

well that is 3 different answers but the funniest thing about this entire thing is that when i tried to talk to them about refinancing it in my name they wouldnt even talk to me because it was not my account. i cant find anyone else willing to refinance it to me in my name because the amount of the loan is not what the house is worth so i am stuck

Hi flipper!

Welcome back to forums!

You won't be able to refinance the property as the mortgage on the property is more than the value of the property. Thus, you don't have equity in it. As the mortgage is not in your name, it would be better if you could sell off the property or let the lender foreclose it.

Sussane

flipper you got the answer from me in that fashion because even though you are not obligated on the mortgage loan, you are an owner. as an owner, you are required to be a party to any lawsuit that concerns that property. a foreclosure action is a lawsuit, and that means you get served. since foreclosures are public record, and public record regularly appears on a credit report, you'll suffer from such an action. if you don't feel obligated to make payments on that loan, then you don't have to - you're not obligated. if you want to save the house, i don't see that you have much choice but to make the payments. your other borrower is clearly not doing so.

thanks George but its not that the borrower is not paying it by choice. he passed away. i keep getting different answers as to wether this will effect my credit. i dont see how if i am not obligated to pay the loan then how can it be held against my credit. Thanks very much for you imput

i guess i didn't address credit here. what will happen to your credit record is that the foreclosure will show up as public record. you're an owner of the home, and that forces the lender to name you as a defendant on any lawsuit (foreclosure action) they bring.

it will affect your credit, because it will appear on your credit record. whether that's fair or not isn't really at issue - the lender cannot bring any action without naming you - you own the home.

you don't have to pay the debt - that is strictly your choice. the mortgage account itself is not (based on what you've said) appearing on your credit record, so delinquencies, etc. will not show up. but the foreclosure will show up no matter what.

your ability to borrow in the future will be encumbent upon you providing an explanation for that foreclosure. this is something that you'll be well able to do, so future lenders ought to be able to look past this episode and treat you like the worthy borrower that i'm sure you are.

i hope this helps some more with your understanding of the situation, flipper.

yes it does ....thank you very much for your time ... i really appreciate it

one more quick question...this wont show up until its gone thru the court process right and the final judgement comes thur

not so, flipper. as soon as an action is filed, it can begin to appear on credit reports.

greatttt ...can they come after me for taxes on the deficate for the difference of the loan and what the bank gets for the house at the forclosure even if the loan has pmi insurance on it

flipper27a

I do not think that bank will come after you specifically for taxes.

keep in touch.....
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bank wll not follow you for tax but take care about mortgage