Legal Question in Real Estate Law in Pennsylvania

my name on deed but not mortgage-foreclosure on property

I took out a mortgage with someone for approx. 2 years. We broke up and he refinanced on his own so I no longer have financial responsibility. Neither of us had the money to remove my name from the deed at the time (3years ago). Last year, foreclosure proceedings began and he did not make me aware of the situation. We were sued and the property sold at sherrif sale. Do I need to worry about any legal or credit problems when I decide to apply for a mortgage in the future?


Asked on 4/14/03, 12:51 pm

2 Answers from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: my name on deed but not mortgage-foreclosure on property

The circumstances you described are not clear. If you remained in title and signed the mortgage than the default will effect your credit in the future. If you were not in title to the property aaand did not sign the mortgage you have no legal responsiblity. If the mortgage exceeds the value of the property than other issues of concern must be addressed. I suggest you consult with any attorney to review the facts to give you an opinion. I would be happy to review your fact for a small minimum fee of $50 and provide you with an opinion. If you have any questions, please give me a call. Gerald Hershenson 215-579-9390

Read more
Answered on 4/14/03, 1:12 pm
Matthew Nahrgang Nahrgang & Associates, P.C.

Re: my name on deed but not mortgage-foreclosure on property

I agree with the other attorney, that the situation is unclear. It is extremely unlikely that he would have been able to refinance into his name without your signing a deed. The reason for that is the mortgage company will not provide a mortgage unless all the owners sign it.

Therefore, it seems to be one of two possibilities occurred. One is that you did sign a deed and he refinanced relieving you of all the benefits and burdens of the property and the prior mortgage. The other is that he never did refinance and you remained liable. In the latter event, the foreclosure will be noted on your credit along with the failure to make the payments.

I trust this has been helpful, but feel free to call or E-mail on a free initial basis.

Read more
Answered on 4/14/03, 3:05 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Pennsylvania