Posted on: 06th Apr, 2010 01:17 pm
My husband signed a mortgage with a friend years ago before we met. He doesn't live at this property and never has. His friend in now looking at forclosure due to not paying which is effecting my husbands credit. Can we put the house on the market without consent of his friend? We are in TX which is community property meaning the house is half mine too. I've had enough of the run around with his friend and am ready to get the property out of my husbands name. His friend has not been cooperative at all.
Hi andreaeheston,
I don't think your husband will be able to put the property in the market without the consent of his friend as both of them are the owners of the property. As the property was purchased before your marriage, this house won't be considered as a part of the community property.
Your husband and his friend can apply for a deed in lieu of foreclosure with the lender which will help them in getting rid of the property. However, this will lower your husband's score by 250 points but he won't be responsible for the deficient balance resulting from the sale of the property.
Thanks
I don't think your husband will be able to put the property in the market without the consent of his friend as both of them are the owners of the property. As the property was purchased before your marriage, this house won't be considered as a part of the community property.
Your husband and his friend can apply for a deed in lieu of foreclosure with the lender which will help them in getting rid of the property. However, this will lower your husband's score by 250 points but he won't be responsible for the deficient balance resulting from the sale of the property.
Thanks