1 house 2 names on the deed but only 1 on mortgage if foreclosed what happens to the 1 not on the mortgage?

Marianne
I'm trying to understand the ramifications for both parties. My brother & wife had a house together but the mortgage is only in his name. This was the result of a refinancing that took place when my sister-in-law was out of work. She just walked out on him and got her own place leaving him with a mortgage payment he can't afford on his own. He's trying to see if he can rent it but if foreclosure happens, is he the only one whose credit will be damaged?

Pura
I'm not sure if it's different in community property states, but generally speaking, if there is only one name on the mortgage, only that person's credit will be affected. The deed just refers to who has title to the home. Options would be to rent it (which he's trying to do) or sell it before it goes into foreclosure. But if he sells the property, the wife will get some of the proceeds because she's on the deed. He should try to get her to sign off on the deed so it is under his name only.

Carmelia
it depends on the laws of your state. If it's a community property state, she not only owns half of everything, but she OWES half of everything. Where is it, by the way ... I'm looking for a home away from the gulf coast before the next hurricane season strikes :) (crickets1117@yahoo.com)