Foreclosure final...I'm not on the loan but on the deed. . .

[Amber Onyx]

What is the name of your state (only U.S. law)? New Jersey

We got a letter with the final foreclosure court order yesterday. The paperwork lists my husband, who is the only one who signed the loan papers, and me. All the other paperwork we were getting had my name on it and we figured it was because I was on the deed. This is the first time my name is on any court paperwork.

Will this go on my credit report? Can I be sued for residual monies not collected in the sheriff's sale?

 

[FlyingRon]

They are required to list all the people who have (or may have) an ownership interest in the foreclosure as your interest is what they are going to be going after (regardless of who owns the money). This gives you a chance to defend your interest. You can often contact the lender and release your claim on the property to get off the suit, otherwise you stay.

You can't be sued for your money, their recourse against you is limited to you losing your ownership interest in the property.
Of course, if they sue your husband, many joint assets may be subject to that judgement. However, if we're talking about a single first mortgage, it's unlikely they'll proceed against him.

 

[Ohiogal]

Is the townhouse bought for you by your deceased father-in-law and that you let go to foreclosure to screw over your sister in law?