Posted on: 23rd Jun, 2009 04:35 pm
i am listed on my wife's mortgage but not the note. if she goes into foreclosure am i responsible the payments?
jrd529,
Even if you are not listed on the deed and your name is on mortgage then you are responsible for the payment towards lender but not towards the taxes of states.(property)
keep in touch...
Even if you are not listed on the deed and your name is on mortgage then you are responsible for the payment towards lender but not towards the taxes of states.(property)
keep in touch...
Hi jrd,
If you are listed on your wife's mortgage, but not on the note, you do not have the responsibility of making the mortgage payments. You are not liable to pay off the loan. In case of a foreclosure, your wife's credit will get affected. But your credit should remain safe. The lender will not be able to come after you for the mortgage payments or any deficiency due to the foreclosure.
If you are listed on your wife's mortgage, but not on the note, you do not have the responsibility of making the mortgage payments. You are not liable to pay off the loan. In case of a foreclosure, your wife's credit will get affected. But your credit should remain safe. The lender will not be able to come after you for the mortgage payments or any deficiency due to the foreclosure.
since your name is not on note, you are not answerable for payment of loan.