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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27181
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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My ex added my name to s fathers mortgage when they

Customer Question

My ex added my name to his fathers mortgage when they refinanced, long story short his parents have both passed away and now the building is in foreclosure, what are my rights
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. Did you signed the mortgage? You shared that he added it and this would make you financially responsible, but did you actually sign and if so, why were you needed on it? Also, are you on title?

Customer: replied 1 year ago.
My name was added because at the time my ex-in-laws didn't enough income to refinance and I had income/good credit.
Customer: replied 1 year ago.
I don't believe my name is ***** ***** title. Not sure even how that happened, I thought if a person's name is ***** ***** mortgage they are also on the title?
Customer: replied 1 year ago.
What are my options? Now I am stuck with this huge debt and I don't even have any rights to the place???
Expert:  RealEstateAnswer replied 1 year ago.

Thank you for the additional information. No, that is not always the case. Being on the loan, is a financial obligation to pay. It does not give you a legal right or interest in the property. For that to happen, you need to be on the title/deed. As far as your rights, that depends on if you are on title. If you are, you can agree and try and get your Ex to sell the property/buildings, to avoid foreclosure. If he will not agree or the property is underwater, then the options are limited. I say this because you would either need to get the bank to agree to modify the loan or to allow a short sale, depending on how you want to proceed. To know what options you have, you must first find out if you are on title. If so, then you need to work with him, if he is on title as well and determine if you want to try and save the property or walk away and limit your financial exposure.

Customer: replied 1 year ago.
I am not on the title, He and his siblings don't want to save the property (they don't care, since it's not their name/credit on the line) I spoke with the bank lawyer and told them I am no longer involved with this family, I simply tried to help them. Now I am in trouble, I can only assume my credit will be ruined (not sure for how long) - I've tried calling my Ex and his family and no one will return my calls.
Expert:  RealEstateAnswer replied 1 year ago.

I am sorry to say but that is what will happen. Typically, a foreclosure will appear for roughly 7 years and your credit will be hurt and lowered. Seeing how you are only on the loan and not title, you can not force them to do anything. I know it is not what you were hoping to hear but I just want to be upfront and honest with you.

Customer: replied 1 year ago.
If I wanted to save the building from foreclosure, could I? But only if I could take it over from them?
Expert:  RealEstateAnswer replied 1 year ago.

For that to happen, the past due amount would need to be paid off and the loan reinstated or the lender would have to agree to modify the loan. However, if that does happen, you need to also get them to quit claim their legal interest to you, so you are the sole owner and can save the building and do what you want with it.

Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!