Deficiency balance

by Karen
(Loveland, Ohio, US)

I had to sign the mortgage on a house my husband who was just killed let go into foreclosure, but I did not sign the promissory note. Am I now liable for his deficiency balance?

Comments for Deficiency balance

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Oct 28, 2010
 deficiency balance on home
by: Gerri

Karen,

I am sorry to hear of your loss.

My first reaction is that you are probably not responsible for the deficiency, but you really do need to consult an attorney to be sure. That way, if they do try to collect from you, you will be able to handle them knowing what your right are.

You can start with a free consultation with a bankruptcy attorney who should be able to answer this question for you. If s/he can't tell you, s/he will be able to refer you to someone who can.

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