Posted on: 09th Oct, 2009 10:10 am
I HAVE A HOME THAT MAY GO TO FORECLOSURE ONLY IN MY NAME. I HAVE RE-MARRIED AND WIFE HAS HOUSE AND ASSETS. SHE HAS QUIT CLAIMED HER HOUSE INTO BOTH OF OUR NAMES. SHE HAS ADDED MY NAME ON HER ASSET ACCOUNTS. CAN THE GO AFTER ANY OF THIS IF MY MORTGAGE IS IN ONLY MY NAME AND WAS CONSUMATED BEFORE OUR MARRIAGE AND WE HAVE A PRE-NUPTUAL AGREEMENT OF WHATS HERS IS HERS AND WHAT WAS MINE IS MINE?
If she has added your name on her property and your nameis also on the asset account then they cna absoutley go after that assest and money
As logn as yoru name is on it, then she is also at risk
As logn as yoru name is on it, then she is also at risk
To CORVET,
The lenders cannot go after your wife's separate assets, but they can surely go after the assets owned by both of you. Your wife has added you to the house title and to her asset accounts. It means you are now a joint owner of those assets and your creditors can come after them to recover their debts. However, they will not be able to foreclose on your present house. They can place a lien on it so their debts are paid off when the property is sold.
The lenders cannot go after your wife's separate assets, but they can surely go after the assets owned by both of you. Your wife has added you to the house title and to her asset accounts. It means you are now a joint owner of those assets and your creditors can come after them to recover their debts. However, they will not be able to foreclose on your present house. They can place a lien on it so their debts are paid off when the property is sold.
ok thanks for that info. can she take me back off of the assets and prove they were hers before we got married and then things go to foreclosure without my name on them is there any legal issues with that
To CORVETTESRME,
You can transfer the property to your wife and give up your property interest. But such a transfer is unlikely to be considered as valid. It will be seen as an attempt to avoid your creditors and the transfer can be deemed as invalid. The creditors can then reverse the transfer and put liens on the assets. However, I'd suggest you to consult a foreclosure attorney to check out if there are anti-deficiency laws in your state and if they could applied in your situation to avoid a deficiency judgment.
You can transfer the property to your wife and give up your property interest. But such a transfer is unlikely to be considered as valid. It will be seen as an attempt to avoid your creditors and the transfer can be deemed as invalid. The creditors can then reverse the transfer and put liens on the assets. However, I'd suggest you to consult a foreclosure attorney to check out if there are anti-deficiency laws in your state and if they could applied in your situation to avoid a deficiency judgment.