Posted on: 18th Feb, 2013 07:46 am
I know it stupid question, I am divorced since 2008 my lawyer was not much help at time. We agreed to for her to continue to make mortgage payments, if she would fall beside 2 months I would be informed and home would be sold. I was never told of her none payments and found out home was in foreclosure. Being name on deed and mortgage, I am 100% liable? My credit is ruined. If I only had better lawyer I would have given her home.
hi marlman!
welcome to forums!
as your name is on the property deed and the mortgage, you will be liable for the mortgage payments solely. you can pay off the delinquent dues and refinance the loan in your name. this will help you save your credit. if the property goes into foreclosure, this will have a severe negative impact on your credit situation.
feel free to ask if you've further queries.
sussane
welcome to forums!
as your name is on the property deed and the mortgage, you will be liable for the mortgage payments solely. you can pay off the delinquent dues and refinance the loan in your name. this will help you save your credit. if the property goes into foreclosure, this will have a severe negative impact on your credit situation.
feel free to ask if you've further queries.
sussane
You might make a deal with the bank to take over the mortgage. they would rather do that than foreclose. Ask the bank to change your credit history while you are at it.
