Ifmy house was foreclosed on, can the mortgage company come after me for the money owed on it?
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Ifmy house was foreclosed on, can the mortgage company come after me for the money owed on it?
House was vacated during a divorce; payments stopped; no information received from mortgage company; county records show “Dismiss Without Prejudice Original 02/16/11”.
Asked on June 15, 2011 under Real Estate Law, Illinois
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If both you and your ex remained on the mortgage, then yes you are both responsible for any "deficiency" owed to the lender. A deficiency is the difference between what the property is sold for and what remained on the mortgage, plus fees/court costs (in IL a deficiency is only allowed only on foreclosed homes sold at public sale). You remain liable because regardless of what your divorce settlement may have provided, the mortgage lender was not a party to your divorce. Therefore if your ex was awarded the house, as far as the mortgage lender is concerned, unless your ex refinanced you are still liable for any default of the mortgage. However, if in fact your ex was responsible for making all mortgage payments and failed to do so, your ex is responsible for reimbursing you any money that you may be out-of-pocket as a result.
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