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  1. #1
    Join Date
    Mar 2009
    Posts
    1

    Default Foreclosure Advice

    My question involves a foreclosure in the State of: MN

    My wife and I live in a home that she purchased in 2005 before we married. She has two seperate loans, one for about $220,000 and another for about $40,000. Both loans are with the same lender and are the orignial loans for the home. I am not on any of the paperwork for the mortgage. A 4/08 appraisal valued the home at $220,000, I dont even want to know how much it has gone down since. I am fairly certain they cannot hold me accountable for the loan and am considering buying another home only in my name. Can they obtain a deficiency judgement and come after her for the balance? Could they come after a house that I purchase now that we are married? Who should I seek out for professional advice? Do I see a bankruptcy lawyer or some other type of lawyer?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
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    98,846

    Default Re: Foreclosure Advice

    Is she on the title to the house you purchased?

  3. #3
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Foreclosure Advice

    Since you did not sign any of the mortgages they can not come after you for the deficiency.

    They can come after your wife, but since the new home will be under your name alone you are in the clear. Just because you are married now, your own property is still yours. If your wife is not on the deed, there is nothing they can do.

    Here is a link to the foreclosure law for MN;

    http://stopforeclosure.com/Minnesota...losure_Law.htm

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