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 myranda65802
Joined: 30 Jul 2008
Posts: 1
1.37 Dollars($)
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 Posted: Wed Jul 30, 2008 4:33 pm Post subject: Can the bank come after my husband if he is on the title but |
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| Can the bank come after my husband if he is on the title but not the loan? My name is on the loan to the house but my husband is on the title. If I would foreclose on my home would they come after my husband as well or just me? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Thu Jul 31, 2008 2:25 am Post subject: |
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Hi myranda.
Welcome to the forum.
Your husband is not on the mortgage. So his credit may affect to a certain extant but the lender will not come after him for the deficiency judgment? As you are on the loan you are liable to pay the deficiency judgment. BTW is the mortgage already foreclosed? Have you trued short sale or deed in lieu?
Best of luck,
Larry |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 372
Location: Houston, TX
66.19 Dollars($)
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| Posted: Thu Jul 31, 2008 8:18 am Post subject: |
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The bank can only come after someone who signed a loan contract.
_________________
This is not legal advice and I am not your lawyer. This information is provided for discussion purposes only in this forum. State and local laws may vary. Consult with a local attorney to see how your laws may apply to your specific situation. |
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Valdo
Guest
0.10 Dollars($)
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| Posted: Fri Aug 01, 2008 7:17 am Post subject: House is under mine name, but my son is paying |
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Last year Iwas trying to help my son to buy a house, I used my name for the loan, my son is paying but have many late payments that is affecting my credit. How do I put the loan on his name? or what alternative do I have?
Mario |
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cliff
Community Experts
Joined: 05 May 2008
Posts: 281
Location: Houston
63.40 Dollars($)
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| Posted: Fri Aug 01, 2008 9:55 am Post subject: |
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Hello Valdo,
Your son would have to refinance the mortgage loan in his name only, and you could quitclaim the property to him. If he cannot refinance in his name only, then you will still be "the responsible party" for the loan. And yes, if the payments are late and the loan defaulted on, than yes it will affect your credit.
Let us know if you have more questions.
Good luck.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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VALDO
Guest
0.10 Dollars($)
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| Posted: Fri Aug 01, 2008 10:04 am Post subject: follow-up from House is under mine name, but my son is payin |
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| Hi again, you mean refinance the mortgage loan with the same lender? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Sat Aug 02, 2008 4:18 am Post subject: |
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Hi VALDO.
Welcome back.
I agree with Cliff here that your son will have to refinance the mortgage on his name only. He can refinance the mortgage with the present lender and if the present lender cannot help you to refinance then you can also shop for other lenders to refinance the mortgage. But first you should contact with the present lender and find out whether he can help you to refinance.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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