Liability for foreclosure

Question Details:

If my divorce papers state that my ex-wife is responsible for the house then files bankruptcy and lets the house be foreclosed on, am I liable for this?

Asked 10/22/2009 under Divorce, Marriage, Alimony | 299 View(s) | More Legal Topics

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Terri Brown / Terri L. Brown, Attorney Answered 2 years ago | Contributor with 0 answers This attorney is licensed in Georgia

Unfortunately, if you were on the original mortgage, you are probably still liable.  A Superior Court can make your ex "hold you harmless" but that doesn't mean you are removed from the obligation itself.  You should check with the mortgage company and see if your ex modified the loan removing you from it or if it is being foreclosed, will there be anything left over after it is sold.  That left over balance is called a deficiency and the mortgage company could come after you for that.  The other question you didn't ask, will the foreclosure affect your credit score - in most cases, yes. 

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