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VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience:  Chapter 7 & 13
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Both my wife and my names are on the deed to our home. I am the only one wh

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re:Both my wife and my names are XXXXX XXXXX deed to our home. I am the only one who signed the note. The mortgage company told me that I am the only one who signed the note. But apparently, my wife did sign the mortgage when we refinanced the house last year. If I go bankrupt, and stop paying everything, will the Motgage company have any recourse against my wife? and, will she get sued for the money owed or just be asked to leave at the sheriffs sale?

She is concerned that when I go chapter 7, that they will go after her for the money, or the difference that they do not collect. I believe they can't, but quite honestly, I am just a dummy here, I admit!
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 5 years ago.

HelloCustomer

 

It is all going to depend on if her name is XXXXX XXXXX note or not. If her name is XXXXX XXXXX refinanced mortgage they will pursue her for the note, and will have the legal right to do so. They will sue her for the difference between what they get at the sale and what was owed on the note, its called a deficiency judgment.

 

The only way to avoid this if she is on the note, is to file a joint bankruptcy petition.

Customer: replied 5 years ago.
You appearently didn't read my question. The second sentance says,'My wife did not sign the note'. So, can you please re read my original question and re answer, and I do appreciate your help. Very stressed as you can imagine! Thanks. Mike
Expert:  VanDLaw replied 5 years ago.

Well you said she didn't sign the note, then you said she signed the refinance. If she signed the refinance, that is a new note, and makes her responsible for the note she signed. If she didn't sign the refiance note or the original note, then she has nothing to worry about. I know you must be quite stressed.........

 

Are there two mortgages? or did you just refinance the original mortgage.

Customer: replied 5 years ago.
Good Point, let me clarify. We refinced the mortgage last March, 2007. It is a first mortgage. I also have a second, done simultaneously with the first. She was present at closing, and signed the mortgage, but not the note on either. The bank has confirmed this. If my job goes south next month, I may have to go chapter 7. She is concerned they will go after her because she'signed something'. I think no, but that is my question. I really appreciate your help. Thanks, Mike
Expert:  VanDLaw replied 5 years ago.

If she is not on either note, you will be fine. I am actually not sure why they would have her sign mortgage papers and not the note, but if she did not agree to the note by signing, then she is not on the debt.

 

I would pull both of your credit reports from all three credit bureaus, you can do this once a year for free at www.annualcreditreport.com, and see if the mortgage is being reported on HER report. Reason is the bankruptcy, if done, may show up on her report because the mortgage was discharged. If the mortgage is being reported, dispute it now stating that this is not her mortgage, that way it will not show up as a bankruptcy down the road if you do end up filing.

Customer: replied 5 years ago.
Hello ,
Sorry for the delay, but I pulled both credit reports and discovered that Indymac Bank is NOT reporting it on her report. Only on mine. Therefore, it looks like she would not have a negative strike for the mortgage note, right?
I hope to sell the house to avoid BK on my part, but just in case wanted her to feel comfortable with all this
Thanks
Mike
Expert:  VanDLaw replied 5 years ago.
That is great news! Then the mortgage company does not consider her an owner of the mortgage, and any negative reporting would only be on your report. Your Wife should rest easy.
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience: Chapter 7 & 13
VanDLaw and 2 other Bankruptcy Law Specialists are ready to help you

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