What can I do if my name is still on a mortgage and the property is in foreclosure?

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What can I do if my name is still on a mortgage and the property is in foreclosure?

I bought a home several years ago. I had a falling out with my ex fiance and she wanted me to sign over our home to her. In a court of law I signed everything over to her. Come to find out my name never came off the mortgage with the bank. I just found out that the house which she still lives in is in foreclosure. I have not resided in this house over 3-4 years. She has been attending court hearings. What do I do I am very concerned as this is on my credit report?

Asked on November 21, 2011 under Real Estate Law, Connecticut

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The problem that you have is even though you gave up legal title to the property that you once had with your wife, you are still obligated on its mortgage since the loan was taken out in your name and your former wife's.

The problem is that your credit report most likely will have a negative mark as the result of the foreclosure. The only way you might be able to resolve the situation is to cure the default on your own in exchange for title being given back to the property where you continue to keep the loan current and you rent out the property, or your former wife tries to sell the property on a short sale basis.

I suggest that you consult with a real estate attorney about your situation as how to resolve.


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