What are my options if I just found out that I am still a co-owner of the house my ex-husband lives in and the bank is foreclosing on it?
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What are my options if I just found out that I am still a co-owner of the house my ex-husband lives in and the bank is foreclosing on it?
He was awarded the home in the divorce decree but failed to remove my name off of the deed; the mortgage is just in his name.
Asked on December 20, 2011 under Real Estate Law, Indiana
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the bank is foreclosing on a home that you are on title to but are not on the loan that is being foreclosed upon, you will not suffer a credit hit. The issue is whether or not your title is senior to the loan that is being foreclosed upon (most likely it is junior) and whether there is any equity in the property worth saving from the foreclosure.
If there is equity in the home and you want it, you could either cure the default in exchange for your former husband giving you title to the property or bid on the property at the foreclosure sale.
From what you have written, I do not see anything harmful about the foreclosure of property that you are on title to that you gave up in the divorce. To be safe, I would consult with a real estate attorney further about your situation.
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