Posted on: 04th May, 2010 07:33 pm
help please, i cannot seem to understand this at all.......
hubby was put on quit claim deed as rights of survivorship there wasnt a mortgage on the house at that time, his mother who is on the title as well is deceased and is the only one that signed the note paperwork but when a public record search was done for me (his wife) according to my loan officer he is on record with a mortgage, i explained he did not sign the note and have verified with chase who will not talk to us becasue we are not on the note, only the mortgage stating that he has interest in the home, ie insurance and taxes and whatever else.... can that stop me from getting a mortgage or make it hard for me since he is on record with the macomb county michigan register or deeds, i too and now on the deed since feb 2010 and we are going to let the house be foreclosed on, as the taxes are behind we just found out after putting our name on the deed, and also would this go through the normal foreclosure process since she is deceased? please help cant sleep trying to figure this all out
hubby was put on quit claim deed as rights of survivorship there wasnt a mortgage on the house at that time, his mother who is on the title as well is deceased and is the only one that signed the note paperwork but when a public record search was done for me (his wife) according to my loan officer he is on record with a mortgage, i explained he did not sign the note and have verified with chase who will not talk to us becasue we are not on the note, only the mortgage stating that he has interest in the home, ie insurance and taxes and whatever else.... can that stop me from getting a mortgage or make it hard for me since he is on record with the macomb county michigan register or deeds, i too and now on the deed since feb 2010 and we are going to let the house be foreclosed on, as the taxes are behind we just found out after putting our name on the deed, and also would this go through the normal foreclosure process since she is deceased? please help cant sleep trying to figure this all out
Hi klowe,
If your husband's name is mentioned on the mortgage, then the property will go through a normal foreclosure if he is unable to pay the mortgage dues. If your husband's name is not mentioned on the mortgage note, then he won't be liable for the deficient balance resulting from the sale. Also, his credit will not get affected due to the foreclosure.
Thanks
If your husband's name is mentioned on the mortgage, then the property will go through a normal foreclosure if he is unable to pay the mortgage dues. If your husband's name is not mentioned on the mortgage note, then he won't be liable for the deficient balance resulting from the sale. Also, his credit will not get affected due to the foreclosure.
Thanks
Hi klowe,
You mentioned that your husband's name is not on the mortgage deed, so, in that case he is not responsible for the mortgage loan. If the house goes for foreclosure, then also after the sale of the property, if there is any deficient balance, your husband is not liable to pay that and his credit will also not hamper. Now, if you are applying for a mortgage with your husband also it will not be a problem if both of you have a good credit score and source of income. Search for a good lender and also consult with a good real estate attorney before applying for a mortgage loan.
You mentioned that your husband's name is not on the mortgage deed, so, in that case he is not responsible for the mortgage loan. If the house goes for foreclosure, then also after the sale of the property, if there is any deficient balance, your husband is not liable to pay that and his credit will also not hamper. Now, if you are applying for a mortgage with your husband also it will not be a problem if both of you have a good credit score and source of income. Search for a good lender and also consult with a good real estate attorney before applying for a mortgage loan.