On Deed of Trust but not on mortgage loan (note)

[xxintegraxx]

What is the name of your state (only U.S. law)? California

My wife and I are on the Deed of Trust on a property she bought in California 2005. I'm not on the mortgage loan, everything else was signed by my wife. We want to short sell or walk away. My wife filed Chapter 7 BK and was discharge with this mortgage debt on 2011.
Am I legally obligated in any way from this debt on this property? Can the lender legally come after me? What are the consequences for me as the husband who did not sign the original mortgage note but was on the Deed of Trust?

Tom
San Marcos,CA

 

[CalRehabber]

What is the name of your state (only U.S. law)? California

My wife and I are on the Deed of Trust on a property she bought in California 2005. I'm not on the mortgage loan, everything else was signed by my wife. We want to short sell or walk away. My wife filed Chapter 7 BK and was discharge with this mortgage debt on 2011.
Am I legally obligated in any way from this debt on this property? Can the lender legally come after me? What are the consequences for me as the husband who did not sign the original mortgage note but was on the Deed of Trust?

Tom
San Marcos,CA

I don't think you have anything to worry about as long as you are not on the loan.. Holding title should not have any implications on a loan default as far as I know..

 

[justalayman]

I don't think you have anything to worry about as long as you are not on the loan.. Holding title should not have any implications on a loan default as far as I know..

being on the deed of trust does not mean they were in title. It is basically done to prevent a spouse from claiming an interest in the property that the party in title defaulted on. Especially in community property states, since both parties hold an interest in the property unless efforts are made to keep it as separate property, it simply allows the lender to not have to deal with that other claim in interest.

xxintegraxx

We want to short sell or walk away.

the only concern I see and cannot answer because I am not familiar with how BK treats community property should one half of the couple file BK and not the other is; did the BK absolve you of the debt as a member of the community or is it still enforceable against you. I believe you are protected but just not sure. There are a couple folks around here that are familiar with BK. Hopefully one of them will add something here.

One question that I believe is critical though that you can answer:

was the home separate or community property?