Foreclosures can be poorly executed and are often convoluted as mortgage companies aim to rid themselves of bad investments as quickly as possible.  As a result, there is much room for error throughout the entirety of the process.  If your previous home was foreclosed but you did not execute a promissory note, you may be wondering whether the lender can legally hold you responsible for repayment.  The simple answer is no, you are not legally liable for the debt if you did not sign the promissory note.

Circumstances, however, may not always be so cut and dry—for example, you may be married to the primary borrower on the note.  In such a scenario, the lender may name you in the lawsuit because you have a marital interest in the property under the law.  Nevertheless, unless you made a promise to repay the debt in writing—that is, unless you signed a note—you are not liable for that debt.  Unfortunately, mistakes do happen often when it comes to mortgage lenders and foreclosures proceedings.

Though it is a pain and an undue burden to be hounded for money you do not owe, the best policy under these circumstances is to be proactive.  If you find yourself fending off a lender attempting to collect payment for a loan you are not legally accountable for, consult with a foreclosure attorney.  Key details are often overlooked by mortgage lenders and blunders can be made by both banks and borrowers alike, resulting in further headaches and even damage to your credit; an experienced attorney can guide you through the foreclosure muck and help clear up your name.

Stephen K. Hachey, a Florida real estate attorney can help your wade through this difficult process and determine a positive solution. Contact him at 813-549-0096.

The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.

This post was written by Stephen Hachey. Follow Stephen on Google, Facebook, Twitter & Linkedin.