Legal Question in Real Estate Law in Maryland
My spouse and I have been separated for 18 months (I moved out of the residence). He purchased the home before we met. About 2 months after our wedding, he refinanced and had my name put on the deed for rights of survivorship. According to our separation agreement, I waived my interest in the home, and a quitclaim deed was to be prepared. Last week, I was served foreclosure paperwork. I have a few questions...1) Why would my name be listed as the first defendant on the foreclosure, when my name is not on the mortgage, just the deed? 2) If the foreclosure goes through, will it affect my ability to purchase a home in the future (will it show up on public record of judgment on my credit report) 3)now that the foreclosure has been filed, is it too late to file the quitclaim deed?
1 Answer from Attorneys
All great questions and it will likely help to consult with an attorney for specific legal advice about your particular situation.
Generally speaking a foreclosure will identify all owners of the property. It is prudent to double check the land records to see exactly who is listed as borrower. If a co-owner is not a borrower, they lose their rights in the property after foreclosure but shouldn't be "on the hook" for the mortgage itself. In other words, the mortgage company has a superior right to the property but cannot sue to collect money from people who never borrowed anything.
Although one can file a deed at any time it wouldn't automatically remove a former co-owner's name from an ongoing foreclosure case. While I hope this online post and general information helps, it doesn't take the place of getting specific legal advice.
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