The simplest answer for this is an absolute YES! That is precisely the reason why many are encouraging people to go with a short sale instead of allowing one's property to go into foreclosure. With a short sale the deficiency would be forgiven and perhaps they may even pay you a small sum of a few thousand dollars to leave the property.
If you require any further clarification on this I have some documentation I can send you that points out the pros/cons of each.
Please let me know if I can be of further assistance.
Your modification was not denied you just don't like the results. You have heard incorrectly they do not have to give you the "MHA" you have to qualify for it. Chase ran your numbers and based on your income and debt determined you didn't qualify for it but you qualify for their internal modification showing they are willing to work with you. It is your choice to take what they are offering. Do not waste your money on a loan modification company to tell you that you qualify for MHA just because that is what you want to hear they just want your money. You can usually re-apply if your financial situation changes.... more
Diamond, for starters, to get the answer on whether your name is on the deed or not, you can contact the Plymouth County Registry of Deeds or perhaps look online yourself at http://plymouthdeeds.org/search-records-2.html
The online interface for the Plymouth County Registry of Deeds is not particularly friendly, but if you know approximately the date that the property was bought and the full name of your kids' father (as the grantee) you should be able to find the deed online and see if your name is on it too.
I don't know how close you are to foreclosure. When did payments start getting missed? When was the first notice received? You can look at http://www.hud.gov/foreclosure/index.cfm for some help in this area as well as housing assistance for you and your children. Get some people on your case as soon as possible!!