Do I Need to Sign Foreclosure papers Because I'm Owed Back Child Support by the Owner?
Full Question:
My ex and father of my 2 children is going through foreclosure proceedings. I took him to court for child support about 6 months ago and recently they garnished his income tax and paycheck. His mortgage bank has contacted me and said that they will be coming to my house to give me some paper and will ask me to sign?? I told them i have nothing to do with his rental property and didn't even know his situation. They stated that they have to send everyone a letter that he owes money to. I find it strange that they have to hire an outside company just to issue me this paper.. please advise I am in NJ
06/19/2010 |
Category: Contracts ยป Releases |
State: New Jersey |
#22429
Answer:
If your name isn't on the loan, either as a debtor, cosignor, or guarator, then you are not responsible to repay it. We are unable to determine the nature of the notice and what document they want you to sign without seeing them, but they may want you to sign a release of some sort waiving your right to collect what you're owed from the proceeds of any foreclosure sale. It is important to understand the rights you are agreeing to forfeit if a waiver or release is signed. We suggest you consult a local attorney who can review all of the facts and documents involved. If they push you to sign before you understand the consequences of signing, you may respond that you need to have time to have it reviewed before signing.
