Foreclosure Process?

[laimis99]

I live in Florida and my primary residence in about to go to foreclosure. My wife is on the Deed, but not on the note. When I took the mortgage, she signed that she allow to take 2nd mortgage on our house, but never signed the mortgage. Will it affect her (credit or any other way)?

[I'm My Son's Mom]

when you are married - her credit is yours and your credit is hers....they will reflect upon each other....she will also be responsible for your debts and you hers.

good luck

[linkus86]

Your wife is free and clear from the bank foreclosure if she is not on the promissory note (part of the mortgage). By being listed on the mortgage and not on the promissory note she is simply acknowledging the lender as the first lien holder that super-cedes her own interest in the property.

[inforu]

She will not be affected if she's not on the note.

[MitigatorX]

Being on the Deed and not on the mortgage posts above are correct. Wife will have no negative impact on her credit but she will probably be served because anyone that has ownership interest in the property will be served (given notice)