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Defficiency Judjement

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Guest	Posted: Thu Jun 17, 2010 10:16 am    Post subject: Defficiency Judjement Like 0 Dislike 0 We live in a house in Florida that is way upside down, the house is in foreclosure. We tried to get a modification with Chase but yet to get an answer. Both my wife and I are on the mortgage, but I am the only one on the note (loan), if the Bank forecloses on the property, can they go after my wife's assets as well? She is not on the loan but she is on the mortgage. She has a rental property in her name alone, a paid off car, and has some money in her Bank account.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Jun 18, 2010 12:18 am    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! As far as I know, note and mortgage docs are all the same. You need to check out whether or not your wife's name is mentioned on the mortgage docs. If your wife is not a co-borrower of the loan, then she won't be liable for paying the mortgage dues. In that case, the lender won't be able to come after her or her assets to recover the dues. Feel free to ask if you've further queries. Sussane

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