what happens?

[DesireeC]

What is the name of your state? NY
I found out about 8 months ago that my husband has a gambling problem.He started going to GA but in the meantime I found out our mortgage was very behind. I was working at that point and he stayed home with the kids since I made more money. He started working p/t for a mortgage company and told me we could refinance.

While at the lawyers office to refinance I was reading over the papers and realized there was a foreclosure company involved.They kept telling me that since I have been through refinances/homebuying I didn't have to read the papers since my husband took care of it. Being me I sat my butt there till I saw the "purchase of the property"... I realized that this forclosure company bought our home. The lawyer there told me that we have the right to sell it. We put it up for sale however with todays market it's not going anywhere.

I was smart enough when we bought this house NOT to put my name on the mortgage just the deed. I kept asking that day why do I have to sign anything if my name is not on the mortgage..the lawyer told me my name has NOTHING to do with it.Now the payment is through the roof ($3500) and I keep telling him we can not afford it nor have our children see us thrown out. What will happen if he walks away and lets them take the house? Is there a way to be sure my name is clear? I have been told by others to legally seperate from him so I don't get effected anymore with his old depts? Would this help also?
I am so scared. Thanks.

 

[seniorjudge]

What is the name of your state? NY
I found out about 8 months ago that my husband has a gambling problem.He started going to GA but in the meantime I found out our mortgage was very behind. I was working at that point and he stayed home with the kids since I made more money. He started working p/t for a mortgage company and told me we could refinance.

While at the lawyers office to refinance I was reading over the papers and realized there was a foreclosure company involved.They kept telling me that since I have been through refinances/homebuying I didn't have to read the papers since my husband took care of it. Being me I sat my butt there till I saw the "purchase of the property"... I realized that this forclosure company bought our home. The lawyer there told me that we have the right to sell it. We put it up for sale however with todays market it's not going anywhere.

I was smart enough when we bought this house NOT to put my name on the mortgage just the deed. I kept asking that day why do I have to sign anything if my name is not on the mortgage..the lawyer told me my name has NOTHING to do with it.Now the payment is through the roof ($3500) and I keep telling him we can not afford it nor have our children see us thrown out. What will happen if he walks away and lets them take the house? Is there a way to be sure my name is clear? I have been told by others to legally seperate from him so I don't get effected anymore with his old depts? Would this help also?
I am so scared. Thanks.

You are not responsible for the debt if you did not sign the promissory note.

 

[DesireeC]

Thanks for your reply! Since we are now considered renters could they do anything to my credit if I leave and he walks out on his "rent" obligation?Would it not make a difference if we legally seperated? I did sign papers that we were considered renters now..but they made him sign papers that he had to rewrite saying he was responsible. I'm affraid that since I signed also that they can go after my credit since i'm thinking of leaving NY. Thank you in advance.