The women have been the worst victims of the foreclosure – thus it is essential that they should be aware of the protection available. If the name of the woman is not on the promissory note along with that of the husband then when the loan closes or refinancing is done there is the potential risk of the financial security of the wife being jeopardized; no defense will be there against future possibility of a foreclosure.

Jason Biro has written Saving Your American Dream and has founded a non-profit body also named – Saving Your American Dream. Biro explained that the person whose name is mentioned on the note is the sole person who is obliged legally to return the loan.

This factor takes on great importance during the case of a foreclosure. If a divorce takes place or the relationship between husband and wife becomes bitter the woman who does not have the name on the mortgage note will have difficulty in repaying the loan or negotiating.

The same problem will arise if the husband is working overseas – maybe on military duty or if he is not able to manage the household finances for various reasons. Thus without the name of the wife on the promissory note there is greater danger of her facing foreclosure – the lenders will find her an easy target.

As a protection Biro offers certain tips. The name of the wife should be there on the mortgage contract as well as the promissory note. But if the woman has attached to her name an overload of debt or if her income is insufficient then her name might not be accepted by the lender on the promissory note.

Thus it is best to contact the servicer of the loan and obtain a copy of the papers to find out if the name has been included in the promissory note. This will require persistence apart from paying a modest fee. It should be done in the beginning incase the marriage gets rocked or the husband’s health gets awry.

If however the name of the wife is not on the note then the only alternative is to refinance the loan. It could be costly but its importance is great. Right now the rates are historically low and so the matter should not be delayed. If the woman’s credit score is not satisfactory it is best to contact the broker so that errors are rectified and the marks improved.

Original Post Giving Protection to Women from the Foreclosure Crisis on ForeclosureRepos.com.