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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Liability follows if you signed the mortgage. Posted by Ward-CA- on May 01, 2002 at 7:02 PM In Reply to: What is my liability toward second mortgage foreclosure posted by Rick on May 01, 2002 at 1:09 PM : I have been divorced for 9 years but still share the ownership of a house with my ex-wife. Last year she obtained a second mortgage which I consented to. However the loan was only in her name. Recently she vacated the house which is now in the beginning stages of foreclosure for both the 1st and 2nd mortgages. The amount left on the 1st mortgage is only a third of the appraised value of the house. However, can the 2nd mortgage company come after me if the house doesn't sell for enough to satisfy both mortgages? We live in NC. =•=•=•=•=•=•=•=•=•=•= Rick, if I understand your post, you consented to allowing a junior lien to be recorded against a property you jointly own, right? And yet you didn’t have to sign that 2nd mortgage? If you didn’t sign the mortgage then what consensual document did you sign? My gut feeling is that if you didn’t sign the 2nd then you’re not personally liable for its repayment. And I don’t think you have anything to worry about being liable for any possible deficiency on such a small 1st. Hope this helps. Follow Ups: Re: Liability follows if you signed the mortgage. Lee 12:19 AM, 01/12/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I have been divorced for 9 years but still share the ownership of a house with my ex-wife. Last year she obtained a second mortgage which I consented to. However the loan was only in her name. Recently she vacated the house which is now in the beginning stages of foreclosure for both the 1st and 2nd mortgages. The amount left on the 1st mortgage is only a third of the appraised value of the house. However, can the 2nd mortgage company come after me if the house doesn't sell for enough to satisfy both mortgages? We live in NC. : =•=•=•=•=•=•=•=•=•=•= : Rick, if I understand your post, you consented to allowing a junior lien to be recorded against a property you jointly own, right? And yet you didn’t have to sign that 2nd mortgage? If you didn’t sign the mortgage then what consensual document did you sign? : My gut feeling is that if you didn’t sign the 2nd then you’re not personally liable for its repayment. And I don’t think you have anything to worry about being liable for any possible deficiency on such a small 1st. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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