Legal Question in Real Estate Law in New York

Foreclosure

A property I had assumed the mortgage on with a then girlfriend has been foreclosed on. Prior to the foreclosure I had a quit claim deed done as I was getting a mortgage for another property and they would not grant the mortgage w/out the quit claim. Am I still a responsible party on the assumed mortgage? Is there a way to get it off my credit report?


Asked on 12/02/05, 10:03 am

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Foreclosure

If you were on the original mortgage and were not released by the mortgage company when you gave the quit claim, you were still liable for the mortgage and responsible to see it was paid. The foreclosure stands against you.

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Answered on 12/02/05, 11:21 am
Bunji Fromartz Fromartz Law Offices

Re: Foreclosure

When you assumed the mortgage did you sign any documents as an assignee, additional applicant or guarantor? If so you still are responsible under the foreclosure.

A common problem with divorces is one party gives up their share of the property but the mortgage company refuses to release them from the mortgage. the result is they are still liable for the money but have no interest in the property.

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Answered on 12/07/05, 3:46 pm


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