Posted on: 08th Nov, 2010 11:31 am
Our primary residence has 4 people on title; Myself. my wife, mom and dad. Our second property that is 100% in my wifes name is possibly going into forclosure. How does this effect our primary residence with four people on the deed? We are in the state of California.
Hi kburg,
Welcome to Forum...
The lender will come after your primary residence, if he/she fails to recover the due amount after selling, forclosed property.
So, if you wish to save the primary residence then ask your wife to quitclaim the share in primary residency to any other family member.
Samese
Welcome to Forum...
The lender will come after your primary residence, if he/she fails to recover the due amount after selling, forclosed property.
So, if you wish to save the primary residence then ask your wife to quitclaim the share in primary residency to any other family member.
Samese