adding a name to your deed?

Question

i have a second home that i have agreed to have forclose (it's in my husbands name, and because we are married i was on the deed as well) however i own this home right out and dont want to lose it in the process of the other forclosure. my name is the only name on this houses deed, and my question is if i add my mom my dad and my brother's name to it will it be safe? or can they nail me because i have already started the forclosure process.

Answer 1

you know dear, this is the one you really need to make that TELEPHONE call to your attorney, one you really trust....
if you trust them really good, take your name off of it and put their names on it....sell it to them for a dollar which makes it legal, the only snag is you have already started the stuff in motion..but do it today, but also call your attorney and maybe several more int he book to just get their answers too.
so you are married....smile..

good luck

Answer 2

You definitely need an attorney here.

Some states consider a spouse to have an interest in any real estate owned at any time during the marriage. That means that even though your husband's name might not be on the deed, his creditors can attach his interest, and he has to sign the deed to your parents as well. In this case, you don't want to "add" their names, you would need to transfer it to them totally, otherwise your interest is still subject to the same risk that it already is, and they can still force a sale of the house to collect.

Even transferring it like that may not protect you. If they have a deficiency and seek to enforce it, they may try to convince the court that the conveyance to your parents was a sham to avoid the judgement, and on the facts you've given, they have a pretty strong case. The court would set the transfer aside as if it never happened.

Now, if you're settled on allowing the second property to be foreclosed, you are still potentially liable for a deficiency. It is possible that you could offer the lender a "deed in lieu of foreclosure", which saves them court time, and usually will get any deficiency forgiven. If you are just going to sit back and let them do all the work, be prepared for the possibility of a deficiency which they seek against you personally. Unless your husband is willing to participate in this, they're not going to release just you.

Answer 3

It all depends on they type of foreclosure your lender pursues. If they do a non-judicial foreclosure the only thing they are entitled to recover is the property they are foreclosing. If, however, they pursue a judicial foreclosure they will obtain a judgement that will lien any other property you may own and may choose to foreclose their judgment lien on that property as well.