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My husband purchased a house before we met each other. I moved in with him and years later he lost his job and ended up behind on the mortgage. He obtained a new job but at a lower paygrade and unfortunately the payments became too much for him. The bank refused to remodify the loan and currently they are in the process of starting foreclosure. My question is even though I had nothing to do with the purchase of the house and I am not on the deed/mortgage can the bank come after me or my credit because we are married? I was told NJ is a marital state meaning if he does a shortsale or deed-in-lieu I would need to sign for it? This again confuses me because I am not legally on the mortgage nor did I ever make a mortgage payment. Before we got married we also drew up a prenup signed stating I had no claim over the house in the event of a divorce.
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Yes - you might still be involved, but only to the extent that you acknowledge that you have no right or interest in the property. It happens because you are married, and because you live in the home as your marital residence. try working with the bank to take back the deed in lieu of foreclosure. Let them know that you are not on the deed, but are willing to sign off your marital rights to the property. Good Luck.
Answered on Apr 11th, 2013 at 3:21 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship