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Are we both responsible for this mortgage?

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Anonymous
Not applicable

Are we both responsible for this mortgage?

My husband and I are both on the deed, however I am not on the mortgage loan or on the Home Equity.

I did have to sign giving him permission to do both loans, the primary mortgage and the 2nd.  I don't see either on my credit report.   Its a FL property.  Am I responsible for repayment of the mortgages?  Although current,  we will not be able to pay as always due to unemployment, cc debt and other housing responsibilities and we have depleted our savings.   We had to move.  Sorry not to sure this question belongs in the BK category.  Does anyone know the answer.  Tks

Message 1 of 9
8 REPLIES 8
ShanetheMortgageMan
Super Contributor

Re: Are we both responsible for this mortgage?

Since you aren't on the mortgage I don't believe you are responsible for making sure the mortgage is paid, however something you own is being used as collateral so if you don't want what you own (the home) to be taken away, I'd make sure the mortgage is paid on time and all.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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Message 2 of 9
Anonymous
Not applicable

Re: Are we both responsible for this mortgage?

Tks.  The problem is #1 - The home is in FL.  Would love to sell, can't sell for what we owe between primary mortgage and HELOC. $238k and $60K -  mo pys $1847 and $614 on the Heloc.  Husband is unemployed over a year.  We have finally depleted savings and also have used cash advance on credit card to pay bills. Still current on everything.  Would you believe credit scores 801 and my score is 724 due  to High debt to income. Right now its all just me,   My Net is $3200. 

Have moved from FL and I'm managing to pay $2099 on my new home plus utilities. No room for anything else.  One good thing no car payments.  I don't have $614 mo to pay the Heloc on that FL property anymore..

I'm worried August payment due shortly.  Any suggestions? Am I in over my head?

Message 3 of 9
Anonymous
Not applicable

Re: Are we both responsible for this mortgage?

Is your husband on the new loan, and if so, can they come after him for either the Fl mortgage or the FL HELOC.  If he is on the title or loan for the new property and they are able to come after them, they could possibly put a lien on it.  Would you be able to look for a loan modification to get the payment down an then get renters?  Do you know someone out there who could keep an eye on theplace for you for a small part of the rental income?  It would be better to figure out an arrangement like that that covered MOST of the payments and keep the house for awhile until you could sell it. then walk away.
Message 4 of 9
Anonymous
Not applicable

Re: Are we both responsible for this mortgage?

Tks, I added my husband to the deed of the new home. As for the mortgage it was just me.  He was not a cosignor or coapplicant.  The new home is in NC.  Can I take him off the deed?  I'm on the deed on the home in FL. however not on the primary mortgage.  Doesn't show up on my credit.  I did a home equity on the FL home 2 years ago.  That was dumb...  Not too sure on the legal aspects.  Seems like I need an attorney for FL and one for NC.  Will contact the bank for the FL house and try and get some sort of modification.   I would think my husband being employed is a good enough reason.  I thought you had to miss payments and be on the brink of foreclosure to get help from the bank.
Message 5 of 9
Anonymous
Not applicable

Re: Are we both responsible for this mortgage?

My concern would be what the local laws are on whether they can come after you for the balance after sale, and for the heloc balance.  If his name shows up in the title of the new home, and if the property is in a recourse state, then they could conceivably put a lien on the house for the balance of either or both depending upon local laws.  I am not sure if removing him (if he was once on the deed of the new house) would make a difference.  It would still show as him being on the deed at one point and depending upon local laws concerning marriage and communal property there might still be issues.  Yes, you need a lawyer either from both places, or one that is willing to follow up and get the right answer for both states.    The best scenario is to re-work the mortgage and rent the place for awhile until things recover.
Message 6 of 9
Anonymous
Not applicable

Re: Are we both responsible for this mortgage?

Yes, the best case scenario would be if we could rent the FL home and of course if my husband finds employment.  It would also be fantastic to rework the mortgage.  I will try first thing Monday morning .  I've read thru so many of the entries and some of the situations are far worse than mine.

However, I can't help but feel constant dread.  I'm even thinking of selling the new home and purchasing something $100,000 less, something more modest. It takes a while to sell a home.  It could be 6-12 months on the market. I would even consider renting.  You can rent a one bedroom out here for $600mo.  My husband thinks I'm crazy. He would not be on board with renting and downscaling everything.  If I were alone I would go that route.  We are not on the same page about our finances.

Message 7 of 9
DallasLoanGuy
Super Contributor

Re: Are we both responsible for this mortgage?

i would look into attorney before i did anything.

even if you were to arrange a short sale.... the bank might not be real happy about the new mortgage.

 

guidelines were changed because people were buying new house at lower price an turning back old house to bank.

tthis is not helping the banking mess we are in

Retired Lender
Message 8 of 9
Anonymous
Not applicable

Re: Are we both responsible for this mortgage?

Tks, we got ourselves into this mess.  Still and all I want to do the right thing. Our savings depleted, retirement plan went down with the market, husband unemployed, used cash advance recently to make July payments.  I did contact the bank today and they email a worksheet and request for assistance.  Actually thats for the $60,000 home equity on the FL home. Not to sure of what will happen "August.."  Its the first time we may not be able to pay our bills.  What happens when you turn in your house keys to the bank.  What if I just tell them to take the house back?
Message 9 of 9
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