Q: If my name is on the deed, but not the mortgage, what is my legal obligation?
I may be getting a divorce. What are the implications to my obligation and credit if the house goes into forclosure?
A: If your name is not on the mortgage documents (including the promissory note), then a foreclosure would not affect your credit.
It would, naturally, affect your ability to continue living in the house.
Note that if the mortgage was taken out after you obtained your interest in the house, then your interest may not be foreclosed upon. Your spouse cannot mortgage more property than s/he owned.
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