Legal Question in Real Estate Law in New Jersey
property Title is not in my name they want to foreclose.
This is very complicated. My mom & I refi in 1996 w/Fairbanks. When we refi they we paid extra to put my name on the deed.I refi again in 2003 no doc from Bank of America. I suffered a heart attack in
2005. After that my health got worse& became disable. I was paying my mortgage till recently. I 'm about 5 months behind my mortgage. Anyway come to find out my name is not on the mortgage & Bank of America intent to foreclose on the property. Can they do that. Looking forward to hear from you.
2 Answers from Attorneys
Re: property Title is not in my name they want to foreclose.
The situation that you describe may actually be good for you. If you are named on the deed but not on the mortgage, then a foreclosure does not affect your interest in the realty. That is, your interest can only be foreclosed to the extent that you gave a mortgage. So, there is the possiblity that the mortgage company's screwup may operate to your benefit. Check with a lawyer who can look over all the papers.
See also: http://info.corbettlaw.net/lawguru.htm
Re: property Title is not in my name they want to foreclose.
It is important that an attorney examine the loan documents. If you received a notice of intent to foreclose, you should act quickly to consult with someone before the lender files a foreclosure complaint. If you are/were served with a foreclosure complaint, you should also act quickly to have an attorney review. In short, you may have a defense to a foreclosure. You also have options to prevent or stop a foreclosure and keep the property. You should consult with an attorney right away.
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