Forclosure not in my name

[justalayman]

And now you know why you would be included in a foreclosure. The lender doesn’t want to attempt to interpret who was supposed to do what and who actually did or didn’t do what and be wrong leaving some party a right to make a claim against the property. They just include everybody so it’s clear.

Given the decree states it is your responsibility, that does legally make you liable for the loan; not to the lender directly but it means you must indemnify your ex and pay what he is bound to. I can see where a new lender may interpret that as you being liable to the lender but when it comes down to it, the foreclosure didn’t include you due to being signstory on the paper but due to your interest in the property.


So get a copy of the foreclosure file from the courts which should include the original mortgage and show these lenders you had no financial liability to the lender.





Btw: unless you could refinance the property in your name, he acted wisely by not executing a deed transferring title to you. It’s foolish for a person to relinquish ownership but retain financial liability for a property. Transfer of title should go hand in hand with a release of liability for the loan on the property.

 

[Cobrastanggt2007]

And now you know why you would be included in a foreclosure. The lender doesn’t want to attempt to interpret who was supposed to do what and who actually did or didn’t do what and be wrong leaving some party a right to make a claim against the property. They just include everybody so it’s clear.

Given the decree states it is your responsibility, that does legally make you liable for the loan; not to the lender directly but it means you must indemnify your ex and pay what he is bound to. I can see where a new lender may interpret that as you being liable to the lender but when it comes down to it, the foreclosure didn’t include you due to being signstory on the paper but due to your interest in the property.


So get a copy of the foreclosure file from the courts which should include the original mortgage and show these lenders you had no financial liability to the lender.





Btw: unless you could refinance the property in your name, he acted wisely by not executing a deed transferring title to you. It’s foolish for a person to relinquish ownership but retain financial liability for a property. Transfer of title should go hand in hand with a release of liability for the loan on the property.

Sadly iv done that with the forclosure stuff even gave them the original note. Even tried to provide a loop whole in thr scree as a work around , which didn't work either. Ugh so frustrating. 2 different lenders two different denials.

 

[justalayman]

I guess it’s just keep on trying. Bring this up very early in the process so you can explain it before they see it and wonder why you didn’t mention it.