Foreclosure on join ownership

leonjaz · #1 May 26, 2008, 12:55 PM

Hello,

My husband did the loan (only his name,) but of our name is on the title. My question is when the house is foreclosure, will my credit also be effect or just my husband.

If the answer is yes, can I take my name off the title (right of ownership) before the foreclosure will my credit also effect?

Thank you

Fastfun1 · May 27, 2008, 03:03 PM

No, you will not be held liable for the loss. Although you are on title, you are not a signer of the mortgage note and, therefore, not legally responsible for the debt. Others may disagree, but in all of my years as a lender/banker, I have never seen anything to negate "my opinion".



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