Posted on: 10th Apr, 2009 02:11 pm
Hello, My wife is currently oging through a forecloser on her home. She is trying to use her 401k to pay off the amount past due and get a loan modification, so hopefully this question will be for no reason, but just for peace of mnd. My wife bought her home on her own 2 years before we were married. Now because of economy and less money coming in it has started the forecloser process. We recieved to packages via certified mail from or county courts here in ohio. One that has a complaint against Kristen and "John Doe, real name unknown, the unknown spouse" Which is myself. I am not on the loan, title or anything -- if it is forclosed on can countrywide or the courts sue me? I don't quite understand how this could happen? Thanks for taking the time to respond.
Hi kbtyger,
As your name is not on the title or on the loan, the lender will not be able to sue you if the property is foreclosed upon. Your wife will be sued by the lender for the deficient amount. Moreover, her credit score will get effected and she will have the foreclosure as a negative item on her credit report for 7 years.
Thanks
As your name is not on the title or on the loan, the lender will not be able to sue you if the property is foreclosed upon. Your wife will be sued by the lender for the deficient amount. Moreover, her credit score will get effected and she will have the foreclosure as a negative item on her credit report for 7 years.
Thanks