is my new spouse liable for my premarital home in foreclosur

Hi redncgrl.

Welcome to the forum.

Is your new spouse on the mortgage? If not then he is not liable for the debt as you bought and refinanced the mortgage before the marriage.

I think you should try to avoid foreclosure. Talk with the lender ASAP and see if he can offer you any solution for you. Do you owe more than what you owe?

Best of luck,
Larry

Hi redncgirl,

I don't think the premarital home foreclosure can affect your spouse if he doesn't have his name on the loan or on the deed. But why aren't you trying to stop the foreclosure? there are so many ways to avoid it. Just have a look at some of the foreclosure prevention ways and ask your lender if it's possible for him to accept any of them. By the way, it's been quite some time since you were served with the loan papers. So, contact your lender quickly and see if he's willing to co-operate with you.

"should i do a DIL? or file bankruptcy? "
You can go for dil but only if you don't want to keep the home. Talk to your lender about a loan modification instead.

Regards,

Jessica.

your spouse should not be affected.

if you are unable to make payments, the first thing you ought to try to do is to sell the home. if you owe more than it is worth, you should seek a short sale, if that is possible. if you cannot sell it, then a deed-in-lieu might be the next best bet. foreclosure and bankruptcy will adversely affect your credit for years to come.

purchasing a home in the future might not be affected, as your husband would be able to be the sole borrower (perhaps).

thanks guys. i don't want to keep the home. i owe $89k and it's only worth about $65k. i wasn't seeking the loan when i got it, they called me up and offered me $45 k cash out and i told them i didnt make enough $ but they insisted that i qualified. it was ameriquest which i understand went out of business. it is now citiresidential that is foreclosing. how does the short sale work? thanks for all your help.

as for the short sale, strive to find a realtor who is up to speed on such things. between you and the realtor, you'll need to convince your mortgage lender that you'll be unable to meet the full debt upon sale.

they'll require some evidence that this is the case - comparable sales that support your assertion of value, for instance.

If you do not want to keep the home then a short sale will be your only option, because lenders do not like to do deed-in-lieu on properties that are upside-down.

In order to do a short sale the lender will require a short sale packet which includes the following: hardship letter, past two years tax returns, personal financial statement, pay stubs, sales contract, HUD 1 and pre-approval letter for your buyer.

I definitely agree with Jessica and George. There are many ways to avoid foreclosure so you should Jessica's link. In addition, if you decide to do a short sale you want to choose a realtor who has short sale expertise. In other words ask them how many they have done. If it is less than ten find another realtor.

Hope this helps. :D

My new husbands ex wife was given the hoome in the Divorce... She abandoned the home & he signed a quick claim deed. I have my home for 16yrs. I just recently found out after Marriage after receiving a letter served by the Sherriff Dept today to my husband and they wanted to know my name. Can his past Marriage and his ex allowing home to go into foreclosure affect my credit or my home, I have been living in for many years. PLease help with some answers. Can she be sued for allowing the home to go into foreclosure when my new Husband was sending her money to pay the house payments after they seperated prior to us ever meeting.

Hi j,

Your credit will not be affected due to the foreclosure of the home owned by your husband and his ex-wife. If your husband wishes, then he may take legal actions against his ex-wife.