Foreclosure in Boston>Question Details

Lisa, Home Buyer in New York

my name is on the deed but not the mortgage. What is my responsibility as far as the note and what effect would it have on me if the house forclosed?

Asked by Lisa, New York Sat Aug 21, 2010

My parner of 6 years and i bought a house. I put 20K down and she got the note. She wants out. Am I responsible for note and if house sells will I owe what i didnt pay in the end. We put about 60K into the house but with the market the way it is now we wouldnt make up for that.

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7
Louis Wolfson’s answer
YOu are not responsible for the note. Foreclosure wont effect you other than If you don't want to loose your equity than you should continue to pay on it, till you sell the home. You will need your partners signitures to sell the home.
0 votes Thank Flag Link Sat Oct 9, 2010
call Carolyn Atinizian. she is great
http://www.atinizianlaw.com/

(P.S: I do not get paid for this just a friendly referal)
0 votes Thank Flag Link Mon Aug 23, 2010
Massachusetts law is what you need to be concerned with. Hire an attorney and get your house on the market as soon as possible to stop any further loss. You may have to buy it off of the other person and rent it, whatever. Your name is on the deed so yes, there is an effect. I'm sorry to hear that your relationship has come to an end, but you need to put aside your feelings when it comes to fixing the financial situation and sit down and plan out what can and needs to be done.

Warm regards,
0 votes Thank Flag Link Sun Aug 22, 2010
Hi Lisa,

Sorry to hear you find yourself in this situation. It goes beyond real estate--you need someone to advise you on the relationship status--most likely an attorney. I currently have a client in the same situation--she is the one on the mortgage and as a result he walks away with his credit intact when the property is foreclosed on--even though he is on the deed. In this case the relationship had no baring (they are not married) on the situation.

You may want to start working on a short sale-see the link below.

Best Of Luck,
Judi
0 votes Thank Flag Link Sat Aug 21, 2010
Agree with Scott. Get a real estate attorney in the area where you own the home. It will be worth the expense.
0 votes Thank Flag Link Sat Aug 21, 2010
Lisa,

This is a good one. I'm with Scott. You do need to speak with an attorney. But a good educated guess is that you didn't guarantee the note; your partner did.

At any rate, you guys may want to consider a short sale. They are getting easier these day.

Good luck,

Jessie Cuddy, Realtor
Broker/Owner
Boston Bayside Properties
2253a Dorchester Avenue
Dorchester, MA 02124
http://www.jessiecuddy.com
0 votes Thank Flag Link Sat Aug 21, 2010
You really need to speak with a qualified attorney to review your deed, mortgage and relationship status to properly advise you as to your risks & responsibilities for the property. Making the wrong choices can have severe consequences.

Hope that helps,
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Sat Aug 21, 2010
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