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Girlfriend & I have a house together. We're splitting up. No kids. Only her name is on the mortgage but both names are on the deed. Could I be liable if she doesn't pay the mortgage & they foreclose? Will my credit be damaged? WE live in Pennsylvania

smithsussane · Posted: Thu Feb 17, 2011 1:15 am Post subject:

Hi Ken!

Welcome to forums!

As your name is not mentioned on the mortgage docs, then the lender won't be able to come after you in order to recover the mortgage dues. In case of a foreclosure, your credit won't get affected as you're not one of the borrowers of the loan.

Sussane

gmakerley · Posted: Thu Feb 17, 2011 1:37 pm Post subject:

Au contraire, Sussane.

Ken is an owner of the home. Any owner of a home that goes into foreclosure will be a party to the action; in other words, Ken will be sued if the lender needs to bring a foreclosure action. That doesn't make him liable for payments on the debt, but he will absolutely feel a credit hit when the agencies get wind of the public record (the foreclosure suit).

What Ken does at that point is strictly up to him, of course. He need not pay the debt at all, as he's not obligated; but the action would still appear on a credit report.

Ken, your best bet is to try to ease out of the situation, asking that your g/f find a lender willing to refinance the existing debt for her. You can transfer your interest in the property to her concurrent with the closing on any new loan that she's able to acquire.

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