Posted on: 01st Nov, 2010 03:48 pm
I just received a summons regarding foreclosure on house that my ex-fiancee bought when we were together five years ago. I am listed as a defendant. My name is on the Deed and on the Mortgage, but not on the Note; I did not sign the Note. I am now in the process of buying a house; just sent in the papers to my lender. Am I financially responsible in this foreclosure? Again, my ex-fiancee is the one who took out the loan and signed the Note, I had nothing to do with that. Thank you.
Hi Kat!
Welcome to forums!
If your name is mentioned on the mortgage docs, then you will be financially responsible for the foreclosure. It will be mentioned in your credit report and lower your score by 250 points. Moreover, you'll be liable for paying the balance amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is mentioned on the mortgage docs, then you will be financially responsible for the foreclosure. It will be mentioned in your credit report and lower your score by 250 points. Moreover, you'll be liable for paying the balance amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane