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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 30224
Experience:  30 years of real estate practice experience.
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My husband owns a home in Lowell Ma, and he is the only

Customer Question

My husband owns a home in Lowell Ma, and he is the only person on the mortgage loan. He bought it before we met. He may have to foreclose on the loan. Together we just bought a house in Florida, both of us are on the loan. I also own a home in NH and I am the only one on the loan. Can the banks come after me or my property, or the house in Florida we own together?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.

Good evening. I am Loren, a licensed attorney and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

Has your husband spoken to the bank about the possibility of negotiating a deed in lieu of foreclosure or a short sale?

Customer: replied 1 year ago.
No
Expert:  Loren replied 1 year ago.

Thank you for the additional information.

Expert:  Loren replied 1 year ago.

You individually owned property is not subject to attachment for your husband's debt. Additionally, Florida law is very creditor unfriendly. So, it is unlikely that property is at risk either.

Your husband should make contact with the lender if his position becomes untenable. If the bank will accept a deed in lieu he will be released from any further liability.

Expert:  Loren replied 1 year ago.

Are you online with me?

Expert:  Loren replied 1 year ago.

Did you have further questions? Have I answered your question?

Expert:  Loren replied 1 year ago.

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (Excellent or Good) so that I am credited for assisting you. A bonus is not required, but is always appreciated.

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