Posted by John Merchant on August 30, 2004 at 13:40:42:
Depends on a lot of things, such as whether the property of you or your W is in a community property state, etc.
But since you already have a lawyer working the problem, he’s the one to consult since he’s very aware of the applicable law for your property, while the rest of us would have quite a catch-up period to even get up to speed on this.
Effect of husband’s liability on spouse’s property - Posted by John
Posted by John on August 30, 2004 at 12:32:43:
My wife owned a home prior to our marriage. I owned an investment property that due to what is most likely fraud, is worth less than the mortgage balance on it. I have an attorney who is trying to get this resolved. I have not been officially put on the deed or the mortgage to the property that my wife already owned. We do not plan on doing this until my legal problem is straightened out. Although I do not anticipate it, if for some reason the mortgage company foreclosed on my investment property and I received a deficiency judgment against me, would my wife be in jeopardy of losing the home that is in her name? Also, would the fact that she kept her maiden name until the situation was resolved affect this at all?
Thank you in advance for any answers.