My wife bought a house with her ex. The house is now going to foreclosure. We are afraid the mortgage company might decide to go after us. Would they have the right to ask me to also pay for the house?
No. Only the persons obligated on the Note will be sued to pay for the mortgage. You were not part of the original loan transaction so no worries there. Your wife and her ex will be the correct parties to the suit. However, if a foreclosure takes place and the lender files an eviction lawsuit, they will list your name - only because you live there. They normally will list all the names of known persons living there but again, this does not mean you owe any money.
Nothing in this response should be construed as legal advice. This is for educational purposes only. If you need advice that is specific to your situation, please contact a lawyer for a consultation. Thank you.
You are safe from a law suit. You never sign on the house so they cannot come after you. She is another issue. She is jointly and severably liable on the mortgage and any debt.
This response is only a basic answer to your question and is not intended to be legal advise. It is your job to hire an attorney and to discuss the specifics of this question with him or her. I am not giving you specific legal advise and there is no attorney-client relationship created by my answer to your question. The choice of an attorney is an important decision that you must make and that choice should not be made upon adverting alone.
A mortgage has two parts: a promissory Note and a mortgage to secure the Note by granting the lender an interest in the house. Whoever signed the Note is responsible for the debt. When a
mortgage is foreclosed, the house is sold to pay the debt. If the debt is more than the house, the
lender can obtain a "deficiency judgment" for the difference and collect that personally from the
debtor. So, if your wife signed the Note, she is liable for the full amount of the Note, plus penalties
and interest and fees, less the amount for which the house sells. If she did not sign the Note, she
has no liability at all, and the foreclosure should not affect her credit.
The foreclosing entity will name your wife (and maybe you) as defendants. But, if she did not sign
the Note, that will not affect her credit or your credit. It is just to make sure you both were notified.
Watch the foreclosure to see whether the foreclosing entity obtains a deficiency judgment against
your wife. If it does, she should consider bankruptcy to discharge it.
I agree with the other answers. In addition, if the lender requests a deficiency judgment and comes after your wife for the amount owed on the note, the lender may try to attach the judgment to other real property in her name (for example, a marital home you may own together). If they are asking for a deficiency judgment, you should speak with an attorney who deals with foreclosure and bankruptcy in your area.
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