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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12954
Experience:  B.A.; M.B.A.; J.D.
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At the time I purchased my home. I was the wage earner with

Resolved Question:

At the time I purchased my home. I was the wage earner with the credit. My wife was a stay at home mom with no income. I want to know what the liabilities are for my wife in the event of foreclosure or a separate personal bankruptcy by myself not including my spouse. (this has already taken place). Will she receive a 1099 for a deficiency judgement or be liable in any way? Can this be removed from her credit report?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 3 years ago.
Is she on the mortgage?
Customer: replied 3 years ago.
yes she is on the mortgage
Expert:  Phillips Esq. replied 3 years ago.

 

Thank you for the information.

 

Now back to your initial post:

 

At the time I purchased my home. I was the wage earner with the credit. My wife was a stay at home mom with no income. I want to know what the liabilities are for my wife in the event of foreclosure or a separate personal bankruptcy by myself not including my spouse. (this has already taken place). Will she receive a 1099 for a deficiency judgement or be liable in any way?

 

Response 1: She may receive a 1099-C if the lender decides to forgive the deficiency after foreclosure. Otherwise, she would not receive the 1099-C and she would still be liable for the debt since she has not sought bankruptcy protection.

 

Can this be removed from her credit report?

 

Response 2: No, it cannot be removed since her name is XXXXX XXXXX mortgage and she is liable for the mortgage and the foreclosure would thus be properly reported on her credit records. You cannot remove something that has been properly reported..

 

Why is she not filing for bankruptcy protection?

 

Customer: replied 3 years ago.
All of the debts were in my name. She was just an authorized user. On the mortgage, I put her on with the thought of anything were to happen to me that the her name would be on the deed. She was a stay at home mom and had no income to qualify for any credit. Thus I was the only one who filed bankruptcy.
Expert:  Phillips Esq. replied 3 years ago.
Thank you for your explanation. My previous response stands. She is liable for the mortgage since her name is XXXXX XXXXX and since she is not filing for bankruptcy protection.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12954
Experience: B.A.; M.B.A.; J.D.
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