Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Foreclosure but not on the mortgage...my parents bought a house. They listed me as an owner, so that if something happened to them, the house would be mine without doubt. Well, now due to extreme financial hardship...

they've had to give it up. The mtg co is foreclosing, my parents are filing for bankruptcy. My question is, can the mtg co actually put the foreclosure on me? If so, I have no debt, but would I be able to file bankruptcy using the mtg, even though I'm not on it? I'm freaking out here. Has anyone ever had to deal with this?

Answer Question
 
Anonymous

Asked by Anonymous at 9:18 AM on Feb. 9, 2010 in Money & Work

Answers (10)
  • Yes I think they can put it on you as a co-owner. I know you need a certain amount of debt to file bankruptcy. Not sure how much your parents owe on the house. Best thing to do is contact a lawyer dealing with bankruptcy. Most will give a free consultation.

    SalemWitchChild

    Answer by SalemWitchChild at 9:22 AM on Feb. 9, 2010

  • Hmm Well if the house is not paid off you are not an owner(neither are they but they borrowed the money/If your name is not on the loan documents I am not sure they can come after you for the balance. If the house goes back you will not be entitled to it anyway. I'd call a realtor and pose that question to them. Not sure if it is legal but I wouldn't be surprised if they tried it anyway.
    itsmesteph11

    Answer by itsmesteph11 at 9:25 AM on Feb. 9, 2010

  • YUPPER, you are the legal owner not your folks, you are th eone legally responsible. YIKES.
    sati769leigh

    Answer by sati769leigh at 9:26 AM on Feb. 9, 2010

  • Yes. You are the one who will be foreclosed on. Sorry.
    Anonymous

    Answer by Anonymous at 9:30 AM on Feb. 9, 2010

  • If your name is NOT on the mortgage then you are not financially responsible. However, your name on the deed does not protect it against being repossessed by the bank.
    motherofhope98

    Answer by motherofhope98 at 9:33 AM on Feb. 9, 2010

  • Sorry, I should have clarified...I'm listed as a co-owner with the two of them. But I am NOT listed on the mortgage. I don't care about it going back. We all know that has to happen. I'm just afraid that when they file bankruptcy the mtg co is going to come after me, and I can't afford to pay it, and if it goes on my credit, then I'm totally screwed, because I can't buy a house then, and around here, you can't even rent without a credit check.

    motherofhope98, when they repossess, does that go on my credit? Or does it only go on the credit of the people listed on the mortgage?
    Anonymous

    Answer by Anonymous at 9:47 AM on Feb. 9, 2010

  • Anonymous

    Answer by Anonymous at 12:07 PM on Feb. 9, 2010

  • As long as you did not sign any mortgage loan papers on the house then you have NO FINANCIAL OBLIGATION. Your parents filing bankruptcy has no effect on you.

    My friend just went through a divorce. She was on the deed but not the mortgage. Therefore she has no financial responsibilty for the home. The mortgage does not show on her credit report.
    motherofhope98

    Answer by motherofhope98 at 12:21 PM on Feb. 9, 2010

  • No, only the people whose names are on the actual mortgage are the ones responsible for paying and will take the hit. That's not to say that some collection person won't try to scare you into making some payments, but you are NOT responsible if your name isn't on the actual mortgage.
    slw123

    Answer by slw123 at 3:25 PM on Feb. 9, 2010

  • Thank God some of you ladies no what you are talking about.

    Like Slw and motherofhope98 said, if you're NOT on the mortgage, they can't come after you. They'll take the house... but that's pretty much all they can do for you. As soon as possible start getting your furniture moved out. I watched my in-laws (renting a home) have their home foreclosed on and they didn't have time to grab their stuff. They had to have police there every time they went in to get something and they could only be there for an hour a week or something crazy like that.

    Anyway keep in touch with your parents and the bank so that you know when it is coming up.
    I'm sorry this is happening to you and your parents.
    Anonymous

    Answer by Anonymous at 7:11 PM on Feb. 9, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN