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Oh No...Can a mortgage company do this?


HOOT
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Hi all,

My DH currently has our home mortgaged with Countrywide. He is the only one on the note, but due to Florida Law I have to be on the deed as well. Unfortunately, we are not able to pay due to a major increase over the last couple of years in payments and reduced income. We do currently have it up for short sale. My dilema is our realtor is saying this will go on my credit as well if it were to be foreclosed on and possibly even if short sold. It is not as of yet on there, but I am devastated as I have worked so hard to get my credit back to good. If they do put this on my credit can I get it removed since I am not responsible for this debt? I know they look at as me having a interest. Thank you!

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If I understand you, you DID NOT sign the note to repay the loan.

However, you signed the mortgage because your spouse got the loan in his name.

This is normal here in Fl when one spouse has the loan and both are on the deed and mortgage.

Because you are not on the note, the bank can't report on your credit report that you failed to repay the loan. You are not the one that is on the loan, according to your post. The best way to verify is to speak to an attorney - but you can check the paperwork from the closing. The parties that are responsible for repayment are the parties that signed the note! :mrgreen:

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This could get tricky. Even though you are not liable on the note, when you signed the acknowledgment papers on the mtg. and was aware of the lein, if they forclose, you will be listed as a defendent. Possibly resulting as a negative on CR through public record. If that happens, I would contest it. You may have to prove you were not on the note.

I actually held the second mtg. on a home a long time ago. When the owners were forclosed on, I was listed with them as defendent along with everyone else who had any interest in the property. Through public record, it came up as a forclosure in my name, but was pretty easy to clear up.

In other words, it shouldn't go against your credit if you didn't sign the note, but that doesn't mean that it want accidently get placed there.

Fight it if it does. Just my opinion.

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Thank you all,

Yes I checked the papers last night and I signed the mortgage, but not the actual loan papers. Unfortunately, we were served papers from CW last week with me listed as a defendant. I do plan on fighting this if it ends up on my credit and already have an attorney lined up to see in the next couple of weeks.

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If it makes you feel any better, you would have been named as a defendent anyway on the suit.

In order to foreclose properly, the suit has to list all the parties in the residence (husband/wife), Tenant 1, Tenant 2 (even if there are no tenants).

The attorney's do this to make sure they have adaquately covered their bases for foreclosure.

I don't know that it will affect your credit report. It really should not show on your report at all because you did not sign the note. BUT, we all know that things show up even when they aren't supposed to.:roll:

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