Posted on: 19th Sep, 2010 03:16 pm
My name is listed on the title of a home along with another married couple, but my name is not on the Mortgage...The couple has not made the mortgage payments and the home is now going into forclosure...Will I be liable for any of the debt because my name is on the Title?
Hi Skycap,
As your name is not mentioned on the mortgage docs, you're not liable for the mortgage payments. If the lender forecloses the property, they will come after the other couple to recover the dues.
Thanks
As your name is not mentioned on the mortgage docs, you're not liable for the mortgage payments. If the lender forecloses the property, they will come after the other couple to recover the dues.
Thanks
Skycap, what you may not realize is that you'll be named on any legal action because of your ownership. Therefore, the foreclosure - should it take place - will appear on your credit report. That still won't make you obligated to pay, but it will have an impact on your credit.
