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can we be obligated to repay the loan if we are not on the note

My husband and I are not on the Mortage note but my husband is on the Deed. His late grandfather name is on the mortgage. We are probably going to let the house go since the lender will not let us assume the loan and do the modification at the same time. Can we still be held liable for the foreclosure. My cousin went through the same thing 1 1/2 yrs ago and still hasn't had any reprocussions? Please help

thanks
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July 31 2009 - Fort Lauderdale
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Profile picture for Modification Secrets
Hi,
The Note implies obligation and the Deed implies ownership.  Since you have not signed the note, you can't be held responsible for the payments or consequences of the impending foreclosure. Just confirm with a Realtor that their is no equity in the house or you could also be walking away from some money if it can be sold (as you are on the deed)
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August 02 2009
Seek legal advice to be sure.
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January 12 2010
Profile picture for MagicalHouse
Does anyone look at the date of the original post?  Come on!!!!
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January 11 2010
You cannot be held financially responsible at all since you are not on the note.  You may be held responsible for say taxes from the county since you are on the deed but I am not sure?
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January 11 2010
Hi Carley,

No one can be held liable for a contact to which they are not a party.  However, before you walk away from the property have a realtor doa CMA for you.  If the property is worth more than the note, then it would be to you advantage to pay it off and remove the lien.  Do throw away free money.

Good luck, Mark
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January 10 2010
I would check with a real estate attorney as i assume the trust has oversight.
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January 10 2010
I also own an accounting firm (I am not an attorney but have in the past been involved in this with an attorney for a client) who is the executor of the trust? I dont think the lender cannot take the house if the trust continues to pay on time and does not activate any accelleration clauses, late payment, no insurance, ect.

How is the title held?  

Tenancy in common inheritance goes to heirs, the mortgage I believe continues in estate. 

Consult a Real Estate Attorney, you could lose in this deal when you dont have to and be able to sell and get something for your worry, time and effort. 

Hope this helps:)
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January 08 2010
You will want to talk to a real estate attorney about the property.  Your husband will still be part of the foreclosure action because he is on the deed.  It may still show up on your credit as a public record foreclosure and this could impact you buying a house in the future.  So be careful about what you do.
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August 01 2009
If you did not sign the note, you are not liable for any repayment.  You know that you will not benefit from the foreclosure but there is no liability to you.
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July 31 2009
 
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