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You asked about "creditors" (plural). Did your wife co-sign any other debts besides the mortgage on the Atlanta home?
The wife Only co-signed the first mortgage on the property and is on the deed to the property. The wife has no other co-signed obligations with the daughter. the daughter however has plenty of creditors with a second mortgage, lines of credit and credit cards, all in her name only!
While i have you as a co signer on the deed can the wife force the sale of the property without the other person on the deed(the daughter) cooperation. Thanks, tom
If your daughter files a Bankruptcy, there will be no effect on your wife's obligation to pay the first mortgage - which she co-signed - or on any other debts that your daughter owes. In other words, your wife will still be obligated to pay the mortgage, and will still not be obligated to pay any of your daughter's other debts.
Yes - if your daughter does not want to sell the house, your wife can arrange to sell the house without her permission by first having an attorney file a "Partition" action in court. This is a fairly simple proceeding, so should not cost too much to file.
I think this is what you wanted to know. If not, please let me know.Thank you!
Your wife cannot be held liable in any way for the second mortgage.
Liens can be put on the house, but only the first mortgage company can come after your wife's other assets if the house is not sold, and the first mortgage is not paid. The other creditors cannot touch your wife's assets, even if they place liens on the house in question.
The look-back period for the transfer you described is back to the beginning of the mortgage - when she and your daughter first received the mortgage. The look-back period for any creditor goes back to the beginning of the financial obligation (not the payment default) to the creditor. The beginning of the financial obligation is basically when the contract creating the obligation was signed.
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