Posted on: 10th Jun, 2011 12:13 pm
My ex-huband purchased a property before marriage. Refinanced during marriage, and so my signature was required - only becasue we were married. We divorced in 2008. Now I was served foreclosure papers along with him. How do ger myself out of this, I'm not on the mortgage?
fab723, you noted that your signature was required, yet your name is not on the mortgage.
Sorry to say, but if you signed the promissory note, you promised to pay the mortgage loan; when the loan goes into default, any party liable for payments will be a party to the lawsuit.
Sorry to say, but if you signed the promissory note, you promised to pay the mortgage loan; when the loan goes into default, any party liable for payments will be a party to the lawsuit.
Hi fab!
Welcome to forums!
If your name is mentioned on the mortgage docs, then you're equally liable for the debts as your husband. Though you are divorced now, you still owe the debt. As the property is being foreclosed for the non-payment of the debts, you will be served with the foreclosure papers and it will have a negative impact on your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is mentioned on the mortgage docs, then you're equally liable for the debts as your husband. Though you are divorced now, you still owe the debt. As the property is being foreclosed for the non-payment of the debts, you will be served with the foreclosure papers and it will have a negative impact on your credit report.
Feel free to ask if you've further queries.
Sussane
Thanks for the helpful information
My guess is the above answers are incorrect. Highly likely you are being named solely to clear dower rights. This varies by state but if you did not sign the mortgage note you are not liable; mortgage deed secures the property. You may wish to call the mortgage servicer to clarify. If you're not on the note, they won't give you too many details but should be able to explain why you are a named defendant.
I noted that you didn't claim to have signed the promissory note...my mistake in my answer. However, if you were a signee to the mortgage (the deed), then you're being sued as a result of that. You didn't tell us where you reside, but the laws of your state would rule as far as what the lender must do in order to protect its interest.