Posted on: 17th Mar, 2010 05:53 pm
My husband was pressured into purchasing an investment apartment several years ago when the market was up. We were not married when he did this. His mom wanted to get an apartment for investment but she did not have any credit to get a mortgage. So my husband's name is only on the mortgage. She has renters in the apartment, but she is still short on the mortgage payments each month. I'm worried it will go into foreclosure and ruin us. Can the bank come after me even though my name is not on the mortgage and it was signed before we were married? We have no financial hardship to show so we are unable to get a loan modification or do a short sale. What do you think we should do?
Hi Rochelle,
As your name is not mentioned in the property deed or on the mortgage, the lender will not be able to sue you for the loan if the property goes into foreclosure. However, as your husband's name is mentioned on the mortgage documents, his credit will be badly ruined.
Thanks
As your name is not mentioned in the property deed or on the mortgage, the lender will not be able to sue you for the loan if the property goes into foreclosure. However, as your husband's name is mentioned on the mortgage documents, his credit will be badly ruined.
Thanks
Thank you for your input. My husband and I have joint bank accounts? Do you know how that works? Thank you.
Hi Rochelle!
Welcome to forums!
If your husband does not pay the deficient amount, the lender has the rights to garnish his wages or his savings account. As far as I can understand, the lender may be able to garnish a joint account. However, it would be a better option to contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your husband does not pay the deficient amount, the lender has the rights to garnish his wages or his savings account. As far as I can understand, the lender may be able to garnish a joint account. However, it would be a better option to contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane