Posted on: 03rd Apr, 2010 10:44 pm
My husband has the mortgage for the home in his name only, but the deed to the property is in both of our names. Unfortunately my husband lost his job & there is no way on my salary I can afford the mortgage. If my husband files bankruptcy, but I do not, am I responsible then for the balance of the loan?
Welcome Guest,
As the mortgage is solely in your husband's name, you won't be responsible for the mortgage payments though he files bankruptcy. The trustee will sell off the property in order to recover the dues and pay off the lender/creditors.
As the mortgage is solely in your husband's name, you won't be responsible for the mortgage payments though he files bankruptcy. The trustee will sell off the property in order to recover the dues and pay off the lender/creditors.