I was named on the Rider to Mortgage, am I liable if mortgage goes into foreclosure? Can the bank come after me for the money?

Asked almost 2 years ago - Oradell, NJ

After the death of my father , in order to pay the inheritance tax . My siblings took a mortgage against the house . in 2007 . S The mortgage went into default and now the bank is in the process to foreclose . There has been offers but the bank wont accept a short sale .

Attorney answers (3)

  1. Michael S Schwartzberg

    Contributor Level 8


    Lawyers agree

    Answered . Your liability depends on whether you signed the note, not the rider to a mortgage. You should obtain copies of the loan documents to check that.

  2. Robert H Johnson


    Contributor Level 9


    Lawyer agrees

    Answered . The other attorney's answer is correct.




    That is why it is imperative to see if you signed the note.

  3. Michael T Millar


    Contributor Level 19

    Answered . A note is a loan obtained from the lender.

    A mortgage is lien obtained by the lender against the property to secure the money that was loaned in the note.

    If your name is on a mortgage, you will be named in a foreclosure action.

    However, you cannot be sued for the money owed under the note, unless your name appears on the note or some ancillary document in which you assumed liability for the note.


Related Topics

Property foreclosure


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