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carrie_shea · Joined: 17 Nov 2008 Posts: 1 1.34 Dollars($)

My soon-to-be-ex and I bought a house five years ago. My name was not on the mortgage, but is on the deed (per Florida law). If I leave he won't be able to afford the house by himself and it will probably be foreclosed on. There is actually a little bit of equity in the house but it seems impossible to sell right now. If it goes into foreclosure what are the long term consequences for each of us? What happens after foreclosure? Since I'm not on the loan will I be liable in some way? And can the bank go after STBX later for anything once they have the house? Thanking you in advance.

smithsussane · Posted: Mon Nov 17, 2008 8:06 pm Post subject:

Hi carrie_shea!

You have mentioned that your name is not on the mortgage but it is on the deed. In that case, you will not be responsible for the mortgage in any way. You can sign a quitclaim deed and give away the ownership interests to him. If the property goes into foreclosure, then your soon-to-be-ex's credit will be affected badly. The lender will not come after your assets. Yes, if you want to save the property you can pay the mortgage then.

There are various ways to avoid foreclosure and your soon-to-be-ex can try anyone of these. He can opt for a loan modification where the lender will give him an alternative payment plan through which the he can pay off the debts. Apart from this, you can check out further information for avoiding foreclosure here.

Feel free to ask if you have further queries.

Sussane

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