Question: What happens when the house was used as security on a refinance loan?

(Posted by: warsbaby on 2008-02-08 06:04:42)

The wife did not sign on the loan but is on the warranty deed. The husband was added to the deed fifteen years after they married. They are now in the midst of a divorce. She lives in the house. The husband was more than willing to sell out but he was court ordered to pay the note. He has not done so for several months because he was expected to go back and pay notes that were past due before the court order. He was not paying because he believed if she lived in the house, she should have paid the note. They live in Mississippi which is not a community property state. Can the loan company foreclose on the home?

Posted by: ann on 2008-02-08, 06:09:16

If a note is secured by the house, the bank can take the house. What a prince.