Does having the deed and the mortgage note in two different names delay the foreclosure process?

Question: What happens in foreclosure when the deed and the note are in the names of two different people? Quitclaim deed was done, the loan was never refinanced and the lender was never notified. The person owing the debt on the mortgage had since passed away. Will this delay the foreclosure process and for how long? What should the person on the deed do?       Unfortunately, I cannot keep the home due to financial hardship.

Response: If you are on the deed but you are not the one who took out the loan by signing the note, you have no financial obligation, nor do you have any rights as far as loan modification is concerned or any other type of negotiations with the lender. If you are behind on the mortgage, then you would have to assume the loan (if you qualify), which would then create the right for you to negotiate with the bank. If the mortgage is still current, then you can continue to make payments to avoid foreclosure.  However, there is no way around       avoiding foreclosure if you do not make payments and you do not assume the loan…it’s only a matter of time.  As far as the foreclosure process is concerned, it could be quite lengthy as the bank must follow proper legal procedural steps in order to effectuate a foreclosure sale, which could last anywhere from a few months to a few years, depending on the county in which the property is located.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information. Copyright © 2013 Law Office of Svetlana Kaplun, P.C.

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