Posted on: 08th Oct, 2009 10:28 pm
me and my wife own a home. I am not on the mortgage loan only my wife is. I am on the title. Me and my wife are now divorced. if she defaults on the mortage am i responsible for the loan. I say again I am not on the loan,just the title.
Hi waldonscotta,
As you are not on the loan, you are not legally responsible for it. The lender cannot come after you for the payments. But since the home is security for the mortgage, in case of a default on the loan the lender can foreclose on the property.
As you are not on the loan, you are not legally responsible for it. The lender cannot come after you for the payments. But since the home is security for the mortgage, in case of a default on the loan the lender can foreclose on the property.
Since your name is onlu on the property, you are not laible to pay anythign if your wife defaults
But if the house goes in to foreclosure, it will show up on your credit report, but may not affect your score
But if the house goes in to foreclosure, it will show up on your credit report, but may not affect your score