Foreclosure

Posted on: 30th Sep, 2010 09:37 am

i'm currently in default, received a ch 7 and did not reaffirm on a va loan with citi as current lender. at the beginning of default, i was divorced and my ex-wife was on the deed (state law) but not on the bank note. several months after i was in default, we submitted a quit claim deed to the court taking her off the deed. i live in a judicial foreclosure state. since my ex-wife is not on the bank loan and deed, when the bank initiates foreclosure, will they attempt to serve her and try to collect? i was advised if the bank did that a no money judgement would occur.

Total Reply : 6

Hi kj,

As your wife's name is not mentioned on the property deed, the bank will not go after her if they decide to foreclose the property. Moreover, the foreclosure won't affect her credit report.

Thanks

jameshogg

Posted on: 01st Oct, 2010 01:00 am

Thanks for the quick reply. If my ex was not on the bank note but on the deed, would she be responsible for missed payments? I was in default for 8 months before I had her sign the quit claim deed. The bank has yet to initiated a judicial foreclosure.

Anonymous

Posted on: 06th Oct, 2010 09:19 am

Hi Guest!

Welcome to forums!

You need to check out whether or not your ex's name is mentioned on the mortgage docs. If your ex's name is not mentioned on the mortgage docs, then she won't be liable for paying the mortgage.

Feel free to ask if you've further queries.

Sussane

smith.sussane

Posted on: 07th Oct, 2010 02:48 am

Sussane- thanks. Her signature is on the security instrument (when we refinanced) to place her on the deed as required by state law as being married. She did not sign the promissary note. Her name is not on the loan.

Anonymous

Posted on: 08th Oct, 2010 06:20 pm

Hi Guest,

As Sussane has stated, if her name is not on the loan, she won't be liable for paying the mortgage.

adonis

Posted on: 09th Oct, 2010 03:35 am

thanks adonis. kj

Anonymous

Posted on: 09th Oct, 2010 08:12 pm