Q: My house has been foreclosed and my husband is not on the mortgage but he is listed on the deed.
He is trying to get another mortgage in nj and I was wondering since it’s not hitting his credit will being on the deed effect him? And if so is there anything he can do like quitclaim after the fact? Any suggestions thank you
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A: When a foreclosure complaint is filed, any one who either owns a property, or who has a potential equitable interest in the property, will be listed on the foreclosure complaint. A quitclaim deed is not worth the paper it is printed on and will not change anything. What is on his credit report is of no legal significance. Any mortgage lender is going to run a title search and there is no way that he will qualify for a legitimate mortgage. In addition, in case you do not know it 10% of all N.J. houses are in foreclosure right now.
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