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we live in NJ and only my husban name in the mortgage, both are on the deed but our house is in process of short sale.

does the lender go after me for the defiency money.

chrisgummerson · Posted: Mon Jun 13, 2011 9:06 am Post subject:

I dont know your state and the laws of real estate in NJ. You can check on your loan documents. If you have a deed of trust with a power of sale clause, generally the only recourse for the lender is the property in collateral. A deed of trust usually implies a non-judicial foreclosure state, meaning that it is in your note, that if you default, a trustee will step in and record a notice of default and start foreclosure action. If you live in a judicial state, the lender uses a "mortgage" and to start foreclosure, lender needs to get a court order. Most states that are judicial foreclosure states allow for deficiency judgements. You should be able to contact your lender, or a title company in your area to make sure the type of recourse your lender has. Good luck

adonis · Posted: Mon Jun 13, 2011 8:52 pm Post subject:

Welcome mhsalib,

As your husband's name is mentioned on the mortgage docs, you won't be liable for the mortgage payments. Thus, the short sale won't affect you in any way and the lender won't come after you in order to recover the deficient balance.

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