deed vs mortgage and financial resposibility?

  • Thread starter Thread starter Living in Colorado
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Living in Colorado

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I'm on the deed...not the loan. My husband moved out, and I can't afford the house on my own. If he forecloses, am I financially responsible in any way? Should I quit claim the property to him?
 
Your question has been answered, but I want to add one thing.

He does not foreclose.

The bank or other lender forecloses. Foreclosing is what the person who is owed the money does, not what the person who owes the money does.
 
If your husband is sole borrower on the loan, then he is responsible to the lender. If the lender forecloses, his credit record will take the hit. You (as co-title holder) will of course lose all claim to the house.
 
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