I am on the deed to a property but not the loan. Can the lender sue me. Property is in foreclosure.?
Question:
Answer:
because you are on title, the lender is making you aware of the foreclosure proceeding. You are not obligated to pay the debt at all. What you need to do is to get an attorney. The attorney can best protect your interest in the property and resolve this issue.
Regards
Because your name is on the deed making you an owner of the property. This makes you financially responsible whether you are on the note or no. I know this because this is how my husband and I are listed on our house. Our attorney gave us all the facts and this is one I really remember.
I would think that this would be a state-specific question? Ordinarily I would say you would not have any responsibility, because you didn't sign on the mortgage and so they would only have recourse against the person who signed. But perhaps there is some liability because you were married to the person who did sign?
I would not think that being on the deed would give you any liability, as a matter of fact I would think you would be notified by the court because they want you to know what is going on...
They inform everyone that is listed as an owner of the impending foreclosure. That's the main reason that you received the notice to appear in court. If there are any other lienholders on the property, they will also be informed of the foreclosure.
In terms of being responsible for the mortgage, you may have some obligation as part of the marriage. It works similar to you having some stake in your ex-husband's income -- you can claim that he owes you alimony or maintenance even though you aren't technically working his job. Same kind of theory applies with the mortgage, as any marital property may count as half yours and half his. But consult with your divorce attorney on this aspect.
The bank may not be able to affect your credit, though, unless they have enough information about you. They can't report the foreclosure on your credit if they can't pull up your credit report through your birth date or social security number. They already know your name, since your listed on the deed, and your home address, but they may be missing one of the pieces in the puzzle to damage your credit. But they may be able to report it anyway, so you might want to check your credit to find out if the foreclosure is showing up.
Hope that explains a little. Good luck with the divorce and foreclosure situations.
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