Property Q&A in 12188>Question Details

Pete, Home Owner in 12188

not on the promissory note and not on the deed (recently transferred my interest to my ex), but i'm still on the recorded mortgage. is this ok?

Asked by Pete, 12188 Wed Sep 14, 2011

should i force a new mortgage document to b filed. even though i'm not on the note or deed, will the bank come after me in a foreclosure? thx.

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6
following up............. any answers to my more detailed foreclosure question?
0 votes Thank Flag Link Fri Sep 23, 2011
from pete ..............i wasn't a party to the original loan application (10 years ago). however, i appear on the mortgage document and on the deed. did i sign them? they were recorded. because of a divorce, i deeded my interest to her. no one mentioned anything about a mortgage. i assumed since i wasn't on the promissory note, i wouldn't be liable in the event of a foreclosure (i don't anticipate one, but you never know). will the bank come after me in the event there's a foreclosure even though i'm not on the note? if so, how do i compel her or the bank to take my name off of the mortgage document. i'm not aware of any refinancing by her. i deeded my interest to her about a month ago. Help!!
0 votes Thank Flag Link Thu Sep 15, 2011
Hi Pete, Not okay. Ur liable of record for a mortgage and U do not have any security instrument as a deed. Have ex refi asap if possible or loan mod maybe list for short sale. Yes, the bank can put the foreclosure on your credit rpt. also. Call a local Realtor for help and call whomever Lauryn suggested to below.
Web Reference: http://www.coastal.biz
0 votes Thank Flag Link Wed Sep 14, 2011
Pete,

How long has it been since you have been removed from the note and deed? Sometimes it takes a while for the record office to update. You can also contact the bank and or the title office/attorney that oversaw the transfer and ask them to follow up. It could just be a matter of the paperwork being filed incorrectly or in the wrong jurisdiction.
0 votes Thank Flag Link Wed Sep 14, 2011
Consult with your attorney for any necessary legal advice; if you are on the recorded mortgage, you are still responsible for the debt/payment...
0 votes Thank Flag Link Wed Sep 14, 2011
It means that you are still legally responsible for the debt and could interfere with you buying in the future because you still have that existing loan outstanding.. I would have the ex get her own mortgage in just her name. The bank won't remove you. They always want more people to hold accountable. Hugh Brown
0 votes Thank Flag Link Wed Sep 14, 2011
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