Husband, wife each 100% liable for the debt


March 08, 1998

Dear Mr. Azrael:

My husband and I have been buying a house for 11 years -- since September 1986. We are now separated, and he is at present still residing in the house. I recently found out that he hasn't been paying the mortgage and the house is about to be foreclosed.

My question is, with both of our names on the mortgage how would it affect me if I wanted to buy another house later?

How long would I have to prepare for this?

Felicia McFadden


Dear Mrs. McFadden:

Both you and your husband signed the mortgage. Each of you is 100 percent liable for the entire debt.

If the foreclosure sale does not bring enough money to pay off the entire debt (plus all foreclosure expenses), the lender may go after you and your husband for the deficiency.

Obviously, the loan default and foreclosure will be reported on your credit history. If a deficiency judgment is entered against you, this also could adversely affect your credit and your ability to purchase another home.

You should consult an attorney promptly to get advice as to all of your legal rights and obligations relative to this mortgage loan.

Pub Date: 3/08/98

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