Posted on: 25th Nov, 2008 08:08 am
hello, I'm on the mortgage and my girlfriend is on the deed at the time i purchase the condo. if my condo forecloses will she be held responsible for the loan? my mortgage includes PMI how does this affect in foreclosure? my girlfriend just recently became my wife, how will this affect the loan, deed, foreclosure?
Hi DEED!
Welcome to forums!
As your name is on the mortgage, you will be held responsible for paying the mortgage dues. If the condo forecloses, its your credit that will be affected and not your girlfriend's. I don't think your girlfriend becoming your wife will in anyway affect the loan, deed, foreclosure.
As far as the PMI is concerned, after foreclosure the lender will file a claim with the mortgage insurer. The claim is paid and as the loan is no longer in force, the insurance policy stands null and void. Thus, no further claims can be made. As the insurance policy is no longer in force there are no premiums to be paid. The insurance company will not come after you unless they discover that you obtained the mortgage by illegal means.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As your name is on the mortgage, you will be held responsible for paying the mortgage dues. If the condo forecloses, its your credit that will be affected and not your girlfriend's. I don't think your girlfriend becoming your wife will in anyway affect the loan, deed, foreclosure.
As far as the PMI is concerned, after foreclosure the lender will file a claim with the mortgage insurer. The claim is paid and as the loan is no longer in force, the insurance policy stands null and void. Thus, no further claims can be made. As the insurance policy is no longer in force there are no premiums to be paid. The insurance company will not come after you unless they discover that you obtained the mortgage by illegal means.
Feel free to ask if you have further queries.
Sussane