I am not on any loan documents however I am listed in the foreclosure preceedings. Is this legal?
2007-02-02 06:15:06 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes; as a resident of the home and as his spouse you need to be listed, and notified. No you are not responsible for the debt unless you are signed on the deed or on the loan/note
2007-02-02 06:18:52 · answer #1 · answered by wizjp 7 · 3⤊ 0⤋
Getting a lawyer to look over the documents and to remove your name off it would be the smart thing to do. If the deed had your name on it but the mortgage note only had your husband, that might be the reason why your name is on there.
On credit reports, according to the book source below (highly recommended buy), sometimes they take those court records and put it on your credit report as a negative mark. That is dangerous!
2007-02-04 23:07:37 · answer #2 · answered by John Rosa 3 · 0⤊ 0⤋
If your state has is a common law state you would have an interest in the home, which is why they notified you, but no actual obligation for the debt. Or, it is also possible for you to be on title of the home without being on the mortgage. If you can try and sell your home before it forecloses; however, there are a lot of investors who will buy your home, but it is usually deeply discounted. See the articles below.
2007-02-02 14:49:40 · answer #3 · answered by RN 2 · 1⤊ 0⤋
No it isn't and you need a lawyer, FAST. You did not sign for the money, you are not and cannot be held responsible. Get a lawyer NOW!
2007-02-02 15:21:52 · answer #4 · answered by cliff_dweller 2 · 0⤊ 1⤋
You are listed as co-owner of the property although the bank's recours is with the borrower not you....
2007-02-02 14:36:37 · answer #5 · answered by boston857 5 · 0⤊ 1⤋
no u r fine
2007-02-02 14:44:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋