Posted on: 17th Jan, 2011 01:50 pm
I am in the process of getting a divorce. Only my husbands name is on the mortgage loan, while both our names are on the deed. If the house goes into foreclosure will I be responsable for loan and will my credit
be affected.
be affected.
Hi d conner!
Welcome to forums!
As your name is not mentioned on the mortgage docs, you're not responsible for the mortgage personally. In such a situation, if the lender forecloses the property, he won't be able to come after you in order to recover his dues. It won't affect your credit in any way.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your name is not mentioned on the mortgage docs, you're not responsible for the mortgage personally. In such a situation, if the lender forecloses the property, he won't be able to come after you in order to recover his dues. It won't affect your credit in any way.
Feel free to ask if you've further queries.
Sussane
Since your name doesn't appear in any of the mortgage loan documents, then you need not to worry. The name that only appears in the loan will only be the one liable. But if you decide to save the property so it won't be foreclosed then this can be possible too.
