Worriedlady, Other/Just Looking in Boston, MA

House is on short sale, my name is on deed not mortgage. My husbands name is on mortgage and not deed. Will this affect my credit anyhow?? Can banks?

Asked by Worriedlady, Boston, MA Fri Feb 19, 2010

go after me even if I'm not on mortgage?

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Short Sale M…, Other Pro, MA,
Fri Mar 5, 2010
Yes, you can be on the deed and your husband can be on the mortgage. I just bought a short sale property set up just that way. Basically, if it ends up foreclosing it's his credit that will tank.
I would get a good attorney to negotiate the short sale. You'll have stronger chance to walk away with zero deficiency (although I would caution the tax consequences) which I'm sure were all explained to you by whomever told you to do the short sale.
When I purchase a short sale, I always make sure the seller is provided with a free attorney that specifically negotiates the short sale for them. Lawyers can demand action from lenders, where the rest of us can only request a lender response.
Good luck.
1 vote
Debra Cahill, Agent, Plymouth, MA
Sat Mar 6, 2010
The mortgage is secured by the property. I recommend you speak to a Real Estate Attorney...If you need a recommendation I have a great one...
0 votes
Debra Cahill, Agent, Plymouth, MA
Wed Mar 3, 2010
Something is missing...He can't be on the mortgage and not on the deed...The mortgage deed is what secure's the property. I would recommend you have an attorney do a quick title search to establish actual ownership...
0 votes
Laura Stevens, Agent, East Longmeadow, MA
Tue Mar 2, 2010
Wow, this is a new one on me. I have been a Realtor for 23 years and have never heard of someone taking a mortgage on a home that they did not own. If he is not on the deed, then he does not own the house, so how could he pledge it for collateral on a note????

Furthermore, if you own a home that does not have a valid mortgage (you haven't mortgaged YOUR home) then how can you be in default???

Call a GOOD lawyer, if what you are stating is true, it sounds to me as though you may own a house free and clear... I am not a lawyer, and I don't play one on tv, but makes sense, nes pas?

I know of a great Realtor in the Boston area. very intelligent, he will help you. Call or email me and let me know how it works out... I am really curious about this one.

Laura Stevens
Operating Principal
Keller Williams Realty
Longmeadow, Agawam and Northampton, MA
0 votes
Heidi Zizza, Agent, Framingham, MA
Mon Feb 22, 2010
honestly I would think it would depend on how you file your taxes.
Web Reference:  http://www.mdmrealtyinc.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Feb 21, 2010
Protect yourself and consult with an attorney specializing in real estate.
0 votes
Ken Lambert, , Exeter, NH
Sun Feb 21, 2010
Hello- That's an interesting set-up. I would say you personally should be OK, other than having to vacate the house.
Obviously if you have any mutual bank accounts, the bank or other creditors can usually go after that (via a judgment), so you could be in some trouble there.
Like the others said, I'd highly recommend spending an hour talking with a RE attorney in the area. Most will give you a free initial consultation to help steer you in the right direction. Either in person or via the phone. If you'd like a recommendation, just let me know.
Good luck.

-Ken L.
0 votes
Joe Arnao, Agent, Sanwich, MA
Sat Feb 20, 2010
I heard a story where the situation was similar. The wife was actually able to qualify for a first time home buyer credit while the husband went bankrupt. Seek a legal opinion. Your options may be plentiful. If you need a real estate attorney in Boston area let me know.
0 votes
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