My ex-husband and my house went through foreclosure, my name is not on the loan, only the title.....,?

Question

am I financially reponsible to pay back the money still owed?

Answer 1

Legally no, unless the mortgage company has your social security number. If they do, they may "accidently" put it on your credit. Keep close tabs on your credit report and make sure they dont. If they do, you can file an online dispute at www.annualcreditreport.com (The 3 bureau's joint website for disputes) and have it taken off.

Answer 2

Well here is how it works
When you borrow money, you create a promissory note for the debt showing the amounts, terms, payments etc. In addition to the note you as the borrower must give the lender collateral in case you can not pay the promissory note. This is done by the borrower giving complete assurances that the property to be used as collateral is owned by the borrower and if not solely by them that the individuals holding additional interest in the title sign the instrument providing the lender with the collateral. This collateral instrument is called a mortgage. The mortgage is nothing more than the title holder providing the lender with a right to take the borrower to court and take their property as payment for the note.This type of transaction is usually known as a note and mortgage but it is two separate instruments.
So, if your ex got foreclosed and you were not on the promissory note creating the debt or you did not sign your interest over to the lender on the mortgage, but you were on the title you had to have had notice of the foreclosure and your interest had to be litigated, or you are a 50% partner in interest of the property title with the lender, even though you had no privity to the promissory note.
I'd check those papers again.
Buena Suerte

Additional Details
Oh yeah I forgot; if you were married at the time of the foreclosure and you lived in any of the following states and you had acquired the property foreclosed during marriage and the issue of ownership was not determined in the divorce property settlement agreement, you're in trouble
Arizona, California, Idaho, New Mexico, Louisiana, Washington, Nevada, Texas, Wisconsin and Alaska.
Legal begals are hereby recommended
Free legal aid search for all states: http://www.lawhelp.org/

Answer 3

First, it is VERY unusual for a lending company to make a loan for one person if BOTH people have their names on the title. Since your name is not on the loan, you have no responsibility to pay the money.

However, you should check the legality of them forcing YOU to sell your home as they are taking your half of the house and you did not borrow the money. I believe at the very least, half of any money made off the sale is yours PRIOR to the lending company getting their money.

For example, if your ex-husband bought the house for $100,000 and he put $20,000 down, he took out a loan for $80,000. Assume the house went up in value to $120,000 then there is a gross profit of $20,000 on the house. Assuming the cost of the sale (realtor) was 5%, there was a net profit of $19,000. Half of that profit is yours as co-owner of the home. The bank will take the remainder on the Loan (probably slightly less than $80,000) and the cost of the repossession (could be up to $5000) and return what is left of the deposit to your ex-husband and HIS half of the profit.

Be warned however, all the bank cares about it getting their money. So they may just sell it for the amount they need and could care less about the deposit or profit.

MY RECOMMENDATION: Send a letter to the bank explaining your ownership issue with the home. Tell them you would be willing to release the bank of all liability for selling YOUR home if they ensure the foreclosure does not impact your credit rating and half of any profit be sent to you after the sale. You could come out of this with a few thousand to help you buy another home.

Answer 4

once you additionally are between the party against the Finance on abode loan, and as consistent with your asserting, the two certainly one of you completed on record pertaining to to DIVORCE, and it become mentioned there that abode would be for fifty% each, THEN, without your consent how he can refinance and take your call off from the identify. Legally that's impossible, in-valid and incorrect in eyes of regulation if it happend. As consistent with me your ex-husband can not take your call off of your abode loan and deed without your consent.

Answer 5

No