Home worth $350,000 Mortgages total $ 450,000. Couple getting Divorced . He is on Title. If this goes to Foreclosure or short sale or Sheriffs sale, Is SHE responsible for entire 2nd Mtg or is it 50/50 because he is on title?
Also, If there is a deficiancy, how will the lender approach this and what can they do?
He can't be responsible for a mortgage he did not sign.
Deficency balance will be her issue. They will continue to try and collect as with any debit; but there will be no property underpinning the debit to use as a foreclosure threat. |
