MI-My moniker is on achievement of Mother's home, not on mortgage. Do I enjoy financial responsibility within forclosure?
Answers:
on the mortgage...no
but being planned on the deed can make you liable for the property taxes. But thats adjectives they can come after you for.
yes, because if you don't cure the default, the lender will still foreclose and take posession (after suing you for your portion of the interest). Many lenders write clauses into the mortgage that covers their butts - it's an "after acquire interest" clause, and what that basically means is that they can come after you too.
EDIT: Without seeing how the achievement and mortgage are written, it's hard to say. If you hold an undivided 1/2 interest in the property that is not encumbered by the mortgage, next the lender is only entitled to 1/2 of the property.
You probably will not have to re-pay the debt, but from a financial standpoint, I'm discussion about losing the property, and the monetary value of that.
My best guidance is to call an attorney to get their evaluation on the best course of action. Source(s): Title Examiner/Title Officer for over 15 years.
No. You'll lose the house, but you aren't liable for debt you didn't incur.
Being on the deed and not on the mortgage does not make you enjoy any financial responsibility to the mortgage company, even if the property is in foreclosure.
I hope this has be of some use to you, good luck.
"FIGHT ON"
A deed is a lawful instrument used to grant a right. A mortgage is the pledging of a property to a lender as a security for a mortgage loan. You own not financial responsibility to the lender because the mortgage is the instrument used to enforce all rights of the lender/lendee in insinuation to the loan. Source(s): Wikepedia
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