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My name is on the deed of a home my ex-husband and I lived in together. I am not on the promissory note but I am on the deed. In our divorce over a year ago, the house was left to him to decide to either sell the house or refinance his note. Within the past couple of months I have found out that the house is deep into foreclosure, but not yet final, and I'm sure it's my own fault for not taking my name off the deed sooner. I am listed in my old married name as a defendant in the case (I am legally back to my maiden name). I do not live in the home and have no interest in it. Is it too late to do a quit claim deed, do I have another option, and what are the repercussions for myself if the foreclosure goes through and I am still on the deed? Thanks so much! -Little Miss Moved On
Sorry, the house is in a rural suburbia in Maine. Small town. We weren't part of any community rules or jurisdiction that I am aware of. I hope that helps. When I called the bank to discuss my name being on the deed of the house the loan was affiliated with, they said I was not authorized to discuss the note because my ex-husband did not add me to his loan. I'm hoping that's a good sign. Thanks for anwering these so quickly!!
You don't say where the house is located. It makes a difference, because laws vary by jurisdiction. You are probably not liable for anything. However, the foreclosure may affect your credit. The critical document is the note, not the deed. The note is the document that says "I hereby promise to pay" the lender. If you didn't promise to pay the lender, you are not liable to the lender. You are named in the foreclosure action because the lender will be eliminating your interest in the house -- all record owners must be named in a foreclosure action. However, if you didn't sign the note, you should be ok. Two qualifications here: If you live in a community property jurisdiction, you might theoretically be liable, because both members of a marital community may be liable for each other's debts. Also, many jurisdictions have anti-deficiency laws that severely restrict a lender's ability to obtain a deficiency judgment after a foreclosure. If you live in one of those jurisdictions, you may have additional protections. Even though you are not liable to the lender, your credit may be affected by the foreclosure. Credit reporting agencies pick up information from the foreclosure action. If your name is listed, the credit reporting agency will show that you were foreclosed on -- a very bad fact for a credit score. I don't know if a quitclaim at this late stage will solve the problem, but you might give it a try. Response to Additional Details: The fact that the lender won't discuss the foreclosure with you is a very good sign. Generally, that means that they don't regard you as the borrower.
Doubtful the splendid courtroom may even handle the undertaking and in the event that they have been to, it is not for years because of fact a case might might desire to flow by using each and all the courtroom levels to attain them. the sole credit bureau/credit report legislations i will see is legislations that could cut back utilising credit comments for employment judgements. In all honesty, i do no longer see something unconstitutional approximately reporting foreclosure so actual doubtful the minnesota will do something. the reality that lots of persons have been foreclosed is beside the point to the minnesota as long as each and every little thing Consitutional.
It's about the way you explained it, The bank will remove you name from the deed with repossession so to speak, however your not on the note, so your credit is not effected. It's as if it was your gift but not a purchase or liability.