Posted on: 14th Jan, 2009 07:20 am
I bought an investment property solely in my name, so note, mortgage etc. is in my name. My husband never signed anything. I was given a Lis Pendens last night and I wanted to know whether my husband will be held liable in any way for any money owed on the property in case it goes into foreclosure.
I understand that the lender can hold me responsible for the amount owed plus attorney fees etc. What does that mean for me? Will they garnish my wages? How about my husband's wages?
If a foreclosure does happen (trying to work on short sale), what does that mean in the long run? Do I have to repay all the money owed minus what lender is able to sell it for? This is why I wanted to know about wage garnishings, etc...
Thank you much for the responses. Very stressful...
I understand that the lender can hold me responsible for the amount owed plus attorney fees etc. What does that mean for me? Will they garnish my wages? How about my husband's wages?
If a foreclosure does happen (trying to work on short sale), what does that mean in the long run? Do I have to repay all the money owed minus what lender is able to sell it for? This is why I wanted to know about wage garnishings, etc...
Thank you much for the responses. Very stressful...
"Do I have to repay all the money owed minus what lender is able to sell it for? " This is called a "deficiency". Whether you must pay it depends on your state law. If your state has "anti-deficiency" laws, you do not have to.
Generally, a spouse is not liable for another spouse's debt. However, they may execute a judgment against your portion of community property, even if held in the spouse's name.
Generally, a spouse is not liable for another spouse's debt. However, they may execute a judgment against your portion of community property, even if held in the spouse's name.
