Posted on: 12th May, 2009 03:16 pm
When I first married in 04 my new husband added my name to the deed, since then the mortgage was refinanced (due to many financial irresponsibilites from my husbance) and my husband alone is on the note/mortgage- I signed documents indicating I was a property owner only. My Husband has not paid over 6 months of payments and we were just served papers by an attorney firm representing the bank (mortgage holder) for a law suit. I am not a co-signer on the note. We are thinking to of puttng the home on the market to delay the foreclosure process and to stop the suit. The house is worth about 100K over the owed amount. Any advice on any of this.
Hi choco
As your name is not on the mortgage, your credit will not be effected by the foreclosure. However, it would badly effect your husband's credit. I would suggest you and your husband to speak to the lender and apply for a loan modification. This will help you in saving the property.
Thanks.
As your name is not on the mortgage, your credit will not be effected by the foreclosure. However, it would badly effect your husband's credit. I would suggest you and your husband to speak to the lender and apply for a loan modification. This will help you in saving the property.
Thanks.