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?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

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 10 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption