My question is. My name is on a Deed for a house and property. But I was not on the loan. The bank foreclosed on the property. Do I by chance have any ownership rights being on the deed and owing no money?

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My question is. My name is on a Deed for a house and property. But I was not on the loan. The bank foreclosed on the property. Do I by chance have any ownership rights being on the deed and owing no money?

The house was foreclosed on

Asked on January 13, 2019 under Real Estate Law, North Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

No, you do not. When the home is foreclosed, it cuts off ALL ownership interests in the property: that is, all persons on the deed cease to own the home, and the bank takes it, to sell it to pay off the defaulted loan. If there there is any money left after the home is sold at a foreclosure sale and the mortgage paid (that is, the home is sold for more than the balance on the mortgage), you will get your share of the remaining money, but that's all you are entitled to.


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