Foreclosure

questions & answers

Question: We just got married 6 mo ago& are ready to split, due to having two homes both upsidedown. We can not afford the home that is in his name only. We live in the the one that is in my name only. Will foreclosure on his home hurt me since we are now married? Would a legal seperation help the situation for him/us? His home is an 80/20 ARM loan.

Answer:

Provided you did not sign or assume the loan secured by the house which is in your husband's name, and assuming that your husband owned the property prior to your marriage, a foreclosure of that loan should not affect your credit, even if you don't do a legal separation. A legal separation will only help to insulate you from future debts incurred by your husband-not existing marital debts incurred during the marriage.

This answer is provided for informational purposes only. If you are looking for legal advice, please see the article titled "where to find an attorney for specific legal advice" as it will give you phone numbers for locations where you can find an attorney.

Comments:

QUESTIONS

  • We just got married 6 mo ago& are ready to split, due to having two homes both upsidedown. We can not afford the home that is in his name only. We live in the the one that is in my name only. Will foreclosure on his home hurt me since we are now married? Would a legal seperation help the situation for him/us? His home is an 80/20 ARM loan.

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