Posted on: 08th Jan, 2011 07:12 am
ohio
my wife and i bought a house in 2000, while married, in her name...i was just on the deed. ive since filed a quit claim deed so im off the deed.
i want to buy a new home in my name only...if we cant sell or rent the other home it will be foreclosed on if we cant afford both payments...
since im off the first home can the bank come after me or my property?
would my wife have dower rights to the new property?
my wife and i bought a house in 2000, while married, in her name...i was just on the deed. ive since filed a quit claim deed so im off the deed.
i want to buy a new home in my name only...if we cant sell or rent the other home it will be foreclosed on if we cant afford both payments...
since im off the first home can the bank come after me or my property?
would my wife have dower rights to the new property?
Hi shredz,
If your name is not on the first home, then the lender will not be able to come after you in order to recover the dues. As Ohio is a "dower right" state, your wife will have rights to your property.
Thanks
If your name is not on the first home, then the lender will not be able to come after you in order to recover the dues. As Ohio is a "dower right" state, your wife will have rights to your property.
Thanks
thanks for replying...
since she would have rights to the 2nd home...doesnt that give the bank a pathway to the new house?
wouldnt that be included in her assets?
since she would have rights to the 2nd home...doesnt that give the bank a pathway to the new house?
wouldnt that be included in her assets?
Welcome shredz,
As far as I know, dower rights will come into affect in case of death of the spouse. So, her creditors won't be able to come after the new property.
As far as I know, dower rights will come into affect in case of death of the spouse. So, her creditors won't be able to come after the new property.
so the 1st house will go into foreclosure...most likely bank will try to sue my wife, then of course she can choose payment or bankruptcy, is that correct?
if loan is forgiven, wont she get some sort of 1099 that has to be figured in taxes?
if loan is forgiven, wont she get some sort of 1099 that has to be figured in taxes?
Hi shredz!
Welcome to forums!
You are correct with the options. However, if the loan is forgiven, then your wife will receive a 1099c form which she will have to submit at the time of taxes. The forgiven mortgage dues will be considered as your wife's income.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You are correct with the options. However, if the loan is forgiven, then your wife will receive a 1099c form which she will have to submit at the time of taxes. The forgiven mortgage dues will be considered as your wife's income.
Feel free to ask if you've further queries.
Sussane