Posted on: 20th Apr, 2010 01:18 pm
My husband and i refinanced our property in 2004. The broker told me that I don't qualify for the loan and only my husband will be on the loan. I signed the deed but not the note, and i am not on the mortgage but am on title. Due to bank chnaging terms on us without our knowledge we cant pay the amount they are asking. We are in foclousre now. If they sell the property I guess I am not liable, but shouldn't i get half of the profit than? since I am not liable for the loan according to the deed of trust? This is in california, sorry I am confused as were to post...lol please remove wrong posting
Hi Dalia,
As your name is not on the mortgage, you won't be responsible for the deficient amount resulting from the sale of the property. However, though you're one of the owners of the property, the lender holds the property as a collateral against the loan. Thus, he will first recover his dues.
Thanks
As your name is not on the mortgage, you won't be responsible for the deficient amount resulting from the sale of the property. However, though you're one of the owners of the property, the lender holds the property as a collateral against the loan. Thus, he will first recover his dues.
Thanks