Posted on: 13th Jul, 2010 12:36 pm
My husband and I bought a home in PA where he is on the mortgage note but not me. We are both on the mortgage deed. We recently divorced and in the agreement I am deeding the property over to him. I am not off the deed officially yet and now the bank is foreclosing. Am I responsible for the mortgage debt since I'm not on the loan? If I ignore the complaint and the house gets foreclosed on, can the bank report that to my credit? The divorce agreement is dated April 22, 2010 and the foreclosure started June 26, 2010.Cant afford an attorney, what should I do?
Hi mayogotnet,
As your name is not on the mortgage note, you are not personally liable for the loan payments. If the lender forecloses the property, then he would not come after you for the deficient balance resulting from the property sale. Also, your credit won't be affected due to this foreclosure.
Take care.
As your name is not on the mortgage note, you are not personally liable for the loan payments. If the lender forecloses the property, then he would not come after you for the deficient balance resulting from the property sale. Also, your credit won't be affected due to this foreclosure.
Take care.
We purchased a home in 2005 from Sunset mortgage sold to WAMU than to chase, original truth and lending statement states bank would provide through our monthly payments credit life and PMI...we had to provide home owners, now bank states only collected PMI and to bad on Credit Life do we have a case?
Hi Karen!
Welcome to forums!
You should show the all the required documents to your real estate attorney and take his opinion in this matter. He will be able to assist you better and you will be able to know whether or not you can file a case against your lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should show the all the required documents to your real estate attorney and take his opinion in this matter. He will be able to assist you better and you will be able to know whether or not you can file a case against your lender.
Feel free to ask if you've further queries.
Sussane