Foreclosure in 07071>Question Details

Celeste, Home Owner in New Jersey

mortgage in one name, deed in two names, home is now in foreclosure

Asked by Celeste, New Jersey Fri Apr 6, 2012

Is the second name (who is not on the mortgage) responsible for any foreclosure monies

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Answers

3
It is in your best interest to speak with an attorney. Although the other persons name is not on the mortgage you want to be 100% sure that there will be no reprocussions.
0 votes Thank Flag Link Sat Apr 7, 2012
You truly need to speak with an Attorney who specializes in this. These are all legal issues you are asking about. Definitely call an Attorney for help as they may have some other recourse for you before you just give up your home to the bank.

Good luck. My thoughts are with you.

Regards,
Carolynn Monaco
Prominent Properties Sotheby's International Realty
0 votes Thank Flag Link Fri Apr 6, 2012
The only person whose name is on the loan is responsible for that loan. The second person has no obligations (but has the benefits of ownership if this property isn't foreclosed).

If it's being foreclosed, then both the person on the loan, as well as the other one whose name is not on the loan lose the house.

If you are in a no recourse state, then the borrower may not be pursued during a deficiency judgement. However, that person's credit score will take a huge hit. Depending on the type of loan and the absence of extenuating circumstances, it may take approximately 7 years to fix the credit before that person can buy another property.

But a lot of things can happen during those 7 years, particularly since we have a huge number of foreclosures that reflect the current economic situation. There may be new rules and some adjustments to how credit will be viewed.
0 votes Thank Flag Link Fri Apr 6, 2012
Percise answer. Husband on loan, spouse on deed. Home is in the start of foreclosure. Husband moved out of marital home. Spouse still occupying with children.
Flag Mon Apr 9, 2012
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