Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
1) Putting only one name on the mortgage (not necessary to do this with the deed) would be a good idea, except that this involves applying for a new mortgage, which will expensive, take a lot of time, and unlikely to be successful if you are facing unemployment.
2) If the house forecloses, you would remain responsible for the difference between what the house eventually sells for, and the balance on the mortgage.
3) Currently, the foreclosure process is taking years.
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