Posted on: 10th Jan, 2010 11:39 am
Am I liable for anything if I am merely on the title? My wife and I divorced and SHE is on the loan only. I was awarded the home in the divorce as long as i make the payments on time. She is still the only one on the loan and my fiancee and I want to move out and start fresh with our own place. My wx wife has agreed to let the home foreclose so she and I can be completely separate in every aspect. Can I be held liable for anything once the bank reclaims the home? I am in Minnesota. Thanks
Hi mipsyop,
If your name is not on the mortgage docs, then you won't be liable for the mortgage dues. Thus, if the lender forecloses the property, he'll not come after you for the dues. Moreover, your credit will not get affected due to this.
If your name is not on the mortgage docs, then you won't be liable for the mortgage dues. Thus, if the lender forecloses the property, he'll not come after you for the dues. Moreover, your credit will not get affected due to this.
Hi mipsyop,
You would not be held liable for anything once the bank reclaims the home as you are not on the mortgage deed. If your x-wife goes for foreclosure also it will not effect your credit score.
You would not be held liable for anything once the bank reclaims the home as you are not on the mortgage deed. If your x-wife goes for foreclosure also it will not effect your credit score.
Minnesota is not one of the nine communtiy property states.
If you are not on the mortgage you are not responsible to pay it.
It does not seem they can go after you for anything.
An answer from an attorney would be better than our answers as mortgage professionals.
If you are not on the mortgage you are not responsible to pay it.
It does not seem they can go after you for anything.
An answer from an attorney would be better than our answers as mortgage professionals.
