Hello All!
This is my first post
Here is my situation: I have a home that i purchased in 2005 for $271,000. i currently owe $262,000. the value of my home is about $215,000 now. At the time that i purchased it, my dad decided to do the loan in his name for reasons that are unimportant. The deed to the house has just my name on it and not his. I briefly spoke to an attorney and he did some digging and said that it looks like my name is written somewhere in the loan as well or at least partly responsible for it? At the time of the purchase, my credit score was not high enough to put the loan in my name so we used dad's credit. Well, dad decided to let his credit go to sh*t and is contemplating BK due to his credit card debt. With dad's approval, i haven't made a house payment in 5 to 6 months and the house is going into foreclosure. My question or questions is how will this effect me? Will I be responsible for the deficiency in the total amount that is owed and what it is auctioned off for since my name is on the deed? When I checked my credit report, there is no information for a loan from Countrywide on there for me. If my dad files for BK, will the bank come after me for the deficiency?? I do have some assets which are $40k in the bank, a boat that is paid for thats worth $20k and a truck paid for that worth about $3k. Also, I make about $5000 per month, thats what I report to the IRS. My bills are pretty minimal, with the exception of business expenses. I'm in Florida by the way. I'm just worried that the bank will come after me for the deficiency with the mortgage and seize my savings, boat and garnish my wages! I'm also getting married in May of this year and don't want my new bride to have to worry about judgments against me that could threaten our future security. Am i worrying for nothing?? Thanks in advance!
This is my first post
Here is my situation: I have a home that i purchased in 2005 for $271,000. i currently owe $262,000. the value of my home is about $215,000 now. At the time that i purchased it, my dad decided to do the loan in his name for reasons that are unimportant. The deed to the house has just my name on it and not his. I briefly spoke to an attorney and he did some digging and said that it looks like my name is written somewhere in the loan as well or at least partly responsible for it? At the time of the purchase, my credit score was not high enough to put the loan in my name so we used dad's credit. Well, dad decided to let his credit go to sh*t and is contemplating BK due to his credit card debt. With dad's approval, i haven't made a house payment in 5 to 6 months and the house is going into foreclosure. My question or questions is how will this effect me? Will I be responsible for the deficiency in the total amount that is owed and what it is auctioned off for since my name is on the deed? When I checked my credit report, there is no information for a loan from Countrywide on there for me. If my dad files for BK, will the bank come after me for the deficiency?? I do have some assets which are $40k in the bank, a boat that is paid for thats worth $20k and a truck paid for that worth about $3k. Also, I make about $5000 per month, thats what I report to the IRS. My bills are pretty minimal, with the exception of business expenses. I'm in Florida by the way. I'm just worried that the bank will come after me for the deficiency with the mortgage and seize my savings, boat and garnish my wages! I'm also getting married in May of this year and don't want my new bride to have to worry about judgments against me that could threaten our future security. Am i worrying for nothing?? Thanks in advance!
The attorney that I briefly spoke with last week checked some magic website and said that he sees my name on the mortgage, which I don't know how because my credit score was not so good. The bank is calling my dad, not me for the late payments. Even if my name is on the deed alone, does that mean I'm still in the clear?
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