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Am I liable in a foreclosure action when I did not sign the promissory note?

Am I liable in a foreclosure action when I did not sign the promissory note?

Q: Can a bank foreclose on a property if I am not on the mortgage?

Yes, a bank can foreclose on a property even if you are not on the mortgage, provided your name was on the deed at the time the mortgage was executed. If your name has been removed from the deed before the foreclosure action, you may have a defense. Consulting with a local attorney can help clarify your situation and options.

Full question:

My Ex wife is being foreclosed on her home. I was still on the deed so when she refinanced it I had to sign off on it but did not sign the promissory note. I have since been deeded off the property. Can they still find a judgement against me? (Florida)I have been listed in the complaint.

Category: Real Property
Subcategory: Foreclosure
Date: 04/07/2025
State: Florida

Answer:

If you did not sign the promissory note or take out the loan on the property, you are not liable for repayment of the loan.

However, if your name was on the title to the property (deed) at the time of the loan, when the bank placed a mortgage on the property to secure the promissory note, they obtained a right to foreclose on the property. It would not matter if there were other owners of the property other than the borrower.

If your name was not on the title to the property at the time the foreclosure action was started, you may have a defense to the claim.

It would be beneficial for you to carefully review all the documents involved and seek the input of a local real estate and/or foreclosure attorney.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens if I am listed in a foreclosure complaint in Florida?

If you are listed in a foreclosure complaint in Florida, it means the lender is seeking to foreclose on the property. Being named does not automatically make you liable for the debt, especially if you did not sign the promissory note. However, your rights regarding the property may be affected. It's advisable to respond to the complaint and consult with a real estate attorney to understand your options and potential defenses.

Can a bank foreclose on a property if I am not on the mortgage?

What is the difference between being on the deed and the mortgage?

Being on the deed means you have ownership rights to the property, while being on the mortgage means you are responsible for repaying the loan. If you are on the deed but not the mortgage, you may not owe money to the lender, but you could still be affected by foreclosure actions. It's important to understand both roles in property ownership.

Can I contest a foreclosure if my name is on the deed?

Yes, you can contest a foreclosure if your name is on the deed, but your ability to do so may depend on various factors, including whether you signed the mortgage or promissory note. If you have been deeded off the property prior to the foreclosure, you may have a stronger case. Consulting with a foreclosure attorney can help you navigate this process.

What should I do if I receive a foreclosure notice in Florida?

If you receive a foreclosure notice in Florida, it is crucial to act quickly. Review the notice carefully and determine if you are named as a party. You should consider consulting with a qualified attorney who specializes in foreclosure law to discuss your rights and options, including potential defenses or ways to negotiate with the lender.