Foreclosure

questions & answers

Question: The bank is foreclosing on a home that I am on the loan, however in our divorce decree there is a deed stating that I am not to get any profits and or be held responsible for the debts of the home, if he files bankruptcy will I have to do the same to keep the bank from coming after me?

Answer: There are a couple of questions intermingled here. First, you are correct in assuming that your divorce decree is not binding on the lender on the house. They can still pursue you, and you can pursue your ex for anything you are required to pay. That being said, if the house is in Arizona, is used as a single-family residence (not necessarily by you anymore), is on 2.5 acres or less, and the debt on the house was incurred to purchase it, you may both have protection under Arizona's anti-deficiency statutes found at A.R.S. § 33-801 and A.R.S. § 33-721. Only a competent attorney can give you legal advice you can rely on, but don't jump into bankruptcy until you know. Best of luck.

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QUESTIONS

  • The bank is foreclosing on a home that I am on the loan, however in our divorce decree there is a deed stating that I am not to get any profits and or be held responsible for the debts of the home, if he files bankruptcy will I have to do the same to keep the bank from coming after me?

STORIES

  • I just helped my mother, age 89, deal with her Medicare HMO. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • I just helped my mother, age 89, deal with her Medicare HMO. . .

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