secured loan?
Saturday, April 10th, 2010 at
8:10 pm
My husband and I have a morgage and secured loan and getting divorce, I have moved out of the property and renting now. The problem is I want to removed my name on the property deed. My husband says that I still have to pay for the secured lone while I am not on the morgagae and dont live in the house. And if he goes bankrupt would I be affected.
Sell House Quick
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Tagged with: Divorce • Morgage Loan • Property Deed • secured loan
Filed under: secured loan
If you are a signator on the mortgage note and on the secured loan techincally you are responsible for the payments, well as responsible as your soon to be ex-husband.
As a condition of your divorce the court may assign the responsibility to your husband but that has no effect on the banks. A bank can go after any signator jointly or alone (severally) to collect a debt.
If your husband files bankruptcy and those debts are discharged the banks may not attempt to collect money from your husband but they can and most likely will come after you for repayment.
Since the mortgage note is secured by the house, if your husband requests a discharge of the debt the house will be sold as a part of the bankruptcy estate so the bank will be looking to you for any deficiency, that is any amounts owed to the bank that has not been paid from the sale proceeds.
The secured loan- depending on what secures the loan will have the conclusion.
K
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