Posted on: 28th Oct, 2010 11:10 am
I am recently married. Previous to this I had lost my business and owe debts in upwards of $300K. My wife and I are building a new home, (wifes money) I will not be on the mortgage or the title although the bank is requiring that I sign paperwork because we are married. Is there any way that they could come after my house when I finally do file for bankruptcy? or put a lien etc...
First off, Dan, I'd want to be certain you know what it is that the lender is asking you to sign. None of it ought to put you in jeopardy as far as ownership of the home is concerned, as lenders have no business in asking borrowers (or non-borrowers) to sign such documents.
Next, you'll have to be utterly clear in recognizing that, under the circumstances, you don't want to be an owner. After all, ownership will entitle other creditors to whom you owe any payments to lien your property, as you asked about. Of course, bankruptcy will, we presume, take care of any such liens if they were filed.
Next, you'll have to be utterly clear in recognizing that, under the circumstances, you don't want to be an owner. After all, ownership will entitle other creditors to whom you owe any payments to lien your property, as you asked about. Of course, bankruptcy will, we presume, take care of any such liens if they were filed.
I am not on the loan, they told my wife because we are married that I must be aware of her signing for a mortgage. I am not on the actual loan though, and definitely not on title either.
Then I'd certainly think that your involvement with them is not going to impair you in any way.