Question: My husband and I are being
sued for
foreclosure. My husband is not on the loan. He is on
the deed because he went with me to the closing and
signed some papers. The complaint states that "The secure payment of the Note, [my name] and [my
husband’s name] executed a mortgage in favor of Mortgage
Electronic Registration Systems, Inc...." Why is my
husband being sued if he did not sign on any loan notes?
If I don't answer it, will there be a judgement against
me as well as my husband by default?
Response: Usually, the person who
signs the deed signs the mortgage. What your husband did
not sign is the note, which is the contract where the
bank lent you money. You are solely responsible for that
money. Mortgage is the security instrument that allows
the bank to take away the property if you default on
your payments under the note. The reason both you and
your husband are being sued is because your husband has
an interest in the property as the record owner and the
bank must cut his interest off by suing him, as well.
You should most definitely answer the complaint and you
are far away from the deficiency judgment to have to
worry about it now. Many banks waive deficiency
lawsuits. There are no default judgments in
foreclosure cases in New York. By not answering the
complaint, the bank can proceed with
foreclosure more expeditiously so I would definitely
recommend avoiding that and you want to preserve your
foreclosure defenses. Your husband should not be
pursued for deficiency, if there is one, since he did
not sign the note (in accordance with the New York
laws).
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.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.
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