Posted on: 20th Dec, 2009 05:28 pm
my husband lost his job about a year ago and is employed again but at about 1/2 of previous salary. Bank of america is not being too helpful as we are trying to modify our loan to a cheaper monthly and or put our back payments on the end of the loan. We just discovered that unlike our first loan that had both of our names, when we changed to BofA fo some reason they did not put my name even though I am on the deed. i am wondering if this gives us any type of leverage to get them to work with us? or if its just basically a type-o that means nothing. Just wondering how they would be able to kick someone out of a house that is listed on the deed and on paper has no relationship with them...
regardless of whether you're a borrower under the promissory note, you would have had to sign the mortgage deed that accompanied that note. as an owner, you'll be cited on any legal documents and/or notices that are issued concerning the property. that doesn't make you liable for payments, but it does mean that they are required to enter their suit against you as well as your husband.
i'm surprised they won't work with you a little more than they are, given the income loss you've sustained.
i'm surprised they won't work with you a little more than they are, given the income loss you've sustained.
Welcome mamachicago,
Though your name is not on the loan, the lender may still foreclose the property as it is used as a collateral against the loan. However, the lender will not be able to sue you for the balance amount and your credit will not be affected due to the foreclosure. It is your husband whose credit score would be lowered by 250 points and he will have to pay off the balance amount. As far as loan modification is concerned, your husband will have to negotiate with the lender.
Though your name is not on the loan, the lender may still foreclose the property as it is used as a collateral against the loan. However, the lender will not be able to sue you for the balance amount and your credit will not be affected due to the foreclosure. It is your husband whose credit score would be lowered by 250 points and he will have to pay off the balance amount. As far as loan modification is concerned, your husband will have to negotiate with the lender.
i think it's way to easy to say that someone who is an owner only will not have credit affected by a foreclosure. please remember that a foreclosure is a public record, and public records are made a part of our credit histories. consequently, a party who is a defendant in a foreclosure action will find that action listed on his or her credit report. i don't know the extent of negativity it will produce, but i have little doubt that it will hurt someone's credit score.
Can you have your name on the deed for property if your name is not on the loan in Kentucky?
My name is not on our mortgage loan but is on the Deed. My husaband recently passed away, I am making the payments and loan is current, always has been. Is it probable they will call the loan due or ask me to qualify for re-fi....I'm currently unemplyed but don't foresee any financial problems in keeping current loan payments current. Thank you.
Debbie, the odds are they don't know that your husband passed. Continue making the payments, and they may not ever recognize that anything has changed.
If it comes to that, you'd have to eventually refinance - maybe with a different lender, maybe with the current one; but keep the faith throughout.
If it comes to that, you'd have to eventually refinance - maybe with a different lender, maybe with the current one; but keep the faith throughout.