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My now ex-husband purchased property when we were married. The divorce was final 4 months after this sale. Because we were offically married at the time of the sale, I was forced to co-sign on the mortgage as co-borrower, but I did not sign the mortgage note. After the divorce was final, we submitted a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to take me off the property. Now, it is going into foreclosure, and because my name was listed on the original mortgage- I received a summons. How am I responsible? What should I do? Will this effect my credit?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex-boyfriend and I bought a house in Feb. 2006. We split in Jan. 2007. I signed the [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url] on Feb 26th 2007. I've had nothing to do with the ex or the property since. He lost the house and its on my credit report. Who is responsible for notifying me? And why was I never informed of the foreclosure? It was posted on my credit report in March of 2011...I just found out a few weeks ago when I went to apply for a mortgage of my own. I'm so upset, I wanna cry. I don't know what to do. Not contacting/notifying me has to be illegal, right?

Like | Dislike | Share | Posted: Tue, 05/22/2012 - 21:04 | Post subject:

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adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jamiemaries,

If your name is still mentioned on the mortgage docs, then you will be considered liable for the mortgage. It is your lender who is responsible to notify you about the foreclosure. The lender cannot foreclose the property without informing you.

Like | Dislike | Share | Posted: Wed, 05/23/2012 - 01:21 | Post subject:

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sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Allibee,

Welcome to the forums.

Being a cosigner and co-borrower are two different issues. If you have been a cosigner, it becomes your responsibility to pay off the loan when the mortgage is in default even if the primary borrower cannot carry on with the payments.

Now, if you are a co-borrower, it is quite obvious that the court will send you a summons in case the loan is not paid. This is because, as a co-borrower, you are responsible to make part of the payments. And, in case the lender calls for foreclosure, it this will definitely affect your credit even though you are not on the property anymore.

Take Care

Like | Dislike | Share | Posted: Wed, 02/06/2008 - 20:52 | Post subject:

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gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

allibee, i presume that you have some documentation to back up your claim concerning ownership and (coercion?) on your signing of the loan documents.

as long as you can document your situation, you can repair whatever damage (if any) to your credit; and, at the same time, likely prevent the lender from continuing action against you.

at the same time, i advise you to seek legal counsel, to ensure that all your rights are protected to the fullest.

Like | Dislike | Share | Posted: Thu, 02/07/2008 - 08:47 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was divorce from my ex-wife in 2000. I was required by our divorce decree to quit claim the martial home to her in which I was listed as the primary borrower and she was listed as the co-borrower. She was rsponsible making payments and was required to retitle the house in her name, which would have taken my name off of the mortgage as the in agreement to our divorce. She has since then failed to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] home and/or make payments and has filed for bankruptcy 13 on home.
What, if any options do I have of getting my name of the mortgage at this time. My credit is ruined because this home keeps showing up on my creit report.

Like | Dislike | Share | Posted: Wed, 03/26/2008 - 07:45 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i do not have an easy answer to your question, but i suggest you contact your divorce attorney to discuss this, assuming you haven't done so already.

the lender obviously has not recognized the stipulations in your divorce decree; you can certainly take steps to enter a personal statement on your credit file, and that may help you out a bit.

Like | Dislike | Share | Posted: Wed, 03/26/2008 - 09:56 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am going through a divorce and my husband kept the house. He is the only one on the mortgage but my name is on the deed. Is my credit affected if and when he goes into foreclosure? Do I need to remove my name from the deed?

Like | Dislike | Share | Posted: Wed, 04/01/2009 - 23:36 | Post subject:

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gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

julie, inasmuch as you are still an owner of the home (i don't know why that would be), any legal action involving the home will have to include you. so, foreclosure will be against all owners - including you. since foreclosures are public records, that information will get picked up by the various credit reporting agencies, and your credit report will reflect that public record. as a result, your credit will, indeed, be affected. i honestly don't have an answer as to what the overall consequences are.

Like | Dislike | Share | Posted: Thu, 04/02/2009 - 06:39 | Post subject:

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