Thursday, November 26, 2015

I Signed the Deed over to my Spouse to Avoid Foreclosure, Lost the Home Ownership and Remained on the Mortgage

Question: My house was going into foreclosure and I signed the deed to the house in lieu of foreclosure over to my wife. My wife has not lived in the house for 8 years. She was told by the court to sell the house, but instead somehow refinanced it for 44 years without telling me about it. She would not take my name off the original mortgage. Do I have the right to sell the house or any other rights? I don’t have the money to fight this anymore, please help!

Response: When you signed the deed over to your wife, you gave ownership of the house to her. It did not change the mortgage obligation you originally had. That’s why a quit claim deed was a must for your wife to modify the loan without your signature. At this point, you have no rights to the ownership of the house and cannot sell the property. The only way she can take your name off the mortgage is by refinancing the loan but since people in foreclosure have poor credit history, no lender will give her a loan and that’s why modification becomes the only option. It is very likely that your wife wanted to remove you from the loan just as badly as you wanted it but that’s not an option. Your wife did nothing wrong and if I were you, I would not invest money into fighting this. As long as the mortgage will be getting paid now, you will not be affected.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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