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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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1) Should my wife or I become the sole person on the loan/deed

Resolved Question:

1) Should my wife or I become the sole person on the loan/deed so that only one of us will have to absorb a bankruptcy if it comes to that?
2) If the house goes into foreclosure what can we be liable for? Is it the difference of whatever the house sells when it does sell or are we liable for the entire amount left on the loan?
3) We are current on our payments but I am going to be unemployed beginning next week and we are not going to be able to make payments after this - I believe it takes missing three payments before foreclosure begins and then it could take a while with the courts situation - Is this correct?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

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.

I think this is what you wanted to know. If not, please let me know.

Thank you!

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