Posted on: 23rd Sep, 2008 07:39 am
In court, Judge asked X if both were on loan - he said yes. He (X) had taken the equity out however proved that he had put the equity in. Judge could not give me any equity so he gave me house with mortgage. Judge said he felt i could sell the house and get $. Judge ordered X to sign quit clain deed.
Well, it's been 6 months and I cannot continue with payments. I'm behind one payment now and another is due end of this month. I've listed the house for sale. In gthering all the papers, etc. and talkig with the mortgage company (at first they wouldn't talk to me - X gave them permission) I now find that my name is NOT on the loan.
My X took care of all the finances - I worked everyday and had my check automatic deposited in joint account. I trusted him.... MY MISTAKE.
Questions:
If foreclose - will they come to me - what will happen?
If I sell - can I just pay off loan?
I am clueless about all of this and very depressed over all of it.
Well, it's been 6 months and I cannot continue with payments. I'm behind one payment now and another is due end of this month. I've listed the house for sale. In gthering all the papers, etc. and talkig with the mortgage company (at first they wouldn't talk to me - X gave them permission) I now find that my name is NOT on the loan.
My X took care of all the finances - I worked everyday and had my check automatic deposited in joint account. I trusted him.... MY MISTAKE.
Questions:
If foreclose - will they come to me - what will happen?
If I sell - can I just pay off loan?
I am clueless about all of this and very depressed over all of it.
inasmuch as you are an owner of the property, a foreclosure will affect you. you are not legally obligated to make payments on the loan - except by the court decision - but the mortgage lender does not consider that to be the case.
your second question - if you sell, can you pay the loan off? absolutely, yes.
i suggest you obtain legal counsel to help you navigate through this. doing so will take you out of your clueless state and help you overcome the depression that occurs as well.
your second question - if you sell, can you pay the loan off? absolutely, yes.
i suggest you obtain legal counsel to help you navigate through this. doing so will take you out of your clueless state and help you overcome the depression that occurs as well.
Thank you gmakerley for answering. I am in a financial bind, yet have contacted a 'real estate attorney' that a friend referred.
