Posted on: 13th Aug, 2010 01:48 pm
My husband has a investment property that he has been unable to make payments on for 4 months now. It has been on the market for 5 1/2 months now, and he previously tried to sell it 1 1/2 ago with no luck as well. It is now worth almost 20 grand less than what we paid for it, due to the economy. In order to do a deed and lieu, the bank is wanting bank statements, W2’s,Tax return, pay stubs, ect. Does anyone know how that works if he is the only one on the investment property, but we have a joint account, and file our taxes together?? They can't take my own money into consideration right, cause I'm not even on the loan. Does anyone have an idea on how they separate what's his from mine when deciding if a deed and lieu can be approve?? Or does anyone have any suggestions if a foreclosure or bankruptcy would be the better route. Any help would be great. Thanks
Hi lorial,
You're absolutely correct as your name is not mentioned on the mortgage, the lender will not be able to come after you or your assets/monies to recover his dues. The lender can, however, go after your husband's assets or monies to recover the dues. But again, it would be difficult for me to let you know how the lender would separate your husband's money from yours in case of a joint account. I don't think foreclosure or bankruptcy would be a good option. Rather, you can visit an attorney and he may guide you further in case of deed in lieu of foreclosure and joint accounts.
Thanks
You're absolutely correct as your name is not mentioned on the mortgage, the lender will not be able to come after you or your assets/monies to recover his dues. The lender can, however, go after your husband's assets or monies to recover the dues. But again, it would be difficult for me to let you know how the lender would separate your husband's money from yours in case of a joint account. I don't think foreclosure or bankruptcy would be a good option. Rather, you can visit an attorney and he may guide you further in case of deed in lieu of foreclosure and joint accounts.
Thanks