Someone please help!

[netwarrior]

What is the name of your state? North Carolina

Here's my situation. A little over a year ago I bought a home in Currie, NC and my fiance at the time was a co-signer for the loan and also lived with me in the home. A few months later we got married. Now we are separated and she wanted to keep the home so I moved out. My question is this; even though my name is first on the loan for the home, if we sign separation papers that state that she is to take possession of the home and the bank forecloses on the loan, am I still responsible?

 

[I AM ALWAYS LIABLE]

What is the name of your state? North Carolina

Here's my situation. A little over a year ago I bought a home in Currie, NC and my fiance at the time was a co-signer for the loan and also lived with me in the home. A few months later we got married. Now we are separated and she wanted to keep the home so I moved out. My question is this; even though my name is first on the loan for the home, if we sign separation papers that state that she is to take possession of the home and the bank forecloses on the loan, am I still responsible?

My response:

Yes, you're still responsible. Your "separation papers" have no affect on the contract you and she signed with the mortgagor. The "papers" only effect the two of you.

The only way to get out of this mess is to refinance the mortgage in her name only, or to sell the home.

Other than that, if she is foreclosed, it's going to effect your credit right along with hers. And then comes the deficiency lawsuit from the mortgagor.

Time to get moving on a "fix."

IAAL