off rights to the home. However, they are sending mail with both our names on it and naming him in the process. what does this mean? I purchased the house alone, why are they also naming him? Does this mean that he could possible have a foreclosure, too, even though none of his credit information was used to purchase the home. Please help...
2007-09-24 03:12:50 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
we live in Illinois; what does the Ilinois law state in reference to this?
2007-09-24 03:29:39 · update #1
what state do you live in? Every state has different real estate laws. If you live in Texas, your husband is required to be in the process because you're husband and wife and his name is supposed to be on the title/deed, but you will be the sole person whose credit will be affected if the foreclosure's happened.
2007-09-24 03:23:22 · answer #1 · answered by song bird 2 · 0⤊ 0⤋
Have you contacted your lender in order to avoid the foreclosure process? They would prefer to work out the situation rather than taking back your home. You have several options if your situation is short term.
Another alternative you have is to sell your home to an investor and avoid the foreclosure and damage to either of your credit reports. Call the people at HouseBuyerNetwork.com, I believe they have coverage in IL and may be able to help you.
Do everything you can to avoid the foreclosure and the damage it does to your credit.
Good Luck!
2007-09-24 03:59:49 · answer #2 · answered by Christiane 3 · 0⤊ 0⤋
Due process is very important in the US it could be two things:
1.) You live in a community property state and therefore your husband automatically owns a 50% undivided interest regardless of what the instruments of acquisition reflect. The only way to squash that interest would be to execute a sole and separate property agreement with a conveyance instrument or in a court of law.
2.) It's automatic just in case he wants to come back after the foreclosure and assert a claim based on him not getting proper due process to any interest he might feel he is entitled to.
2007-09-24 03:23:25 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 2⤋
a good style of the solutions on your concerns revolve around no count if or no longer you reside in a community assets state. they could't placed a lien on the recent abode, yet any fairness interior the recent abode could desire to steer away from him from filling financial ruin, in case you're in a community assets state. there is not any want for him to report financial ruin yet. IF the lender sues him or tries to assemble the unpaid stability on the loan, he could could desire to declare financial ruin if he can not locate the money for to pay it back. Its a hazard that the lender will by no ability touch him appropriate to the unpaid ingredient of the loan, or that they are going to easily "forgive" the unpaid debt. in the event that they forgive it, your husband could desire to wind up with an excellent tax bill even nonetheless it may nonetheless be below the debt itself.
2016-10-09 18:18:13 · answer #4 · answered by ? 3 · 0⤊ 0⤋
I believe that IL is a post-marriage common property state. If you bought the house after your marriage then he is included; but, if you owned the house before the marriage, then it is yours alone. There are procedures to 'sever' your assets, but I think it is too late for you to do this.
2007-09-24 03:37:33 · answer #5 · answered by Wundt 7 · 0⤊ 0⤋
It is unfortunate but it will affect your husband's credit too. All debts are the property of both the husband and the wife. He will still be liable for the debt. You may wish to check with a lawyer to know for sure.
2007-09-24 03:29:20 · answer #6 · answered by sewcrafty 2 · 0⤊ 1⤋
If your husband is not on the mortgage and did not sign the mortgage documents, his credit will not be affected by this foreclosure, only yours will be.
2007-09-24 13:49:33 · answer #7 · answered by iggy_68 2 · 0⤊ 0⤋
If you are in CA he owns half the house w/o his name on the mortgage simply because you are married. Community property extends to debts, not just assets in community property states.
2007-09-24 03:31:10 · answer #8 · answered by Landlord 7 · 1⤊ 0⤋
His name is probably on the title - possibly as a joint survivorship. If so, that's why.
2007-09-24 04:16:14 · answer #9 · answered by Roland'sMommy 6 · 0⤊ 0⤋