husband in debt...refi house

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My husband is a small business owner and also invest with real state...unfortunately he can not afford to pay anymore mortgage with these investment property ( which he only got this year). And foreclosure is in the process (late 3 months). We don't live in any of these investment property and it's all in my husband's name. We have our own home (both in our name) and have equity on it (2 yr old). He is trying to do a deed in lieu of foreclose on all these investement properties. I am thinking of refi our home in my name only since his credit is so low he will not get approve now. I am refi because I want to tap some equity. My questions are...If the deed in lieu is not accepted my husband may have to file for bankruptcy, what will happen to my house that I will refi? Should I wait or do it now? How will it affect my own properties (like car (in my name),401k and savings)? He tried to sell the ivestment properties but no takers...

helping_user · Posted: Mon Sep 08, 2008 2:47 am Post subject:

Welcome celeste.

When is the lender expected to inform you whether or not you can go for deed in lieu? if the lender does not accept deed in lieu, your husband may want to file bankruptcy and if it's chapter 7, it could affect your primary home. So, I think it will be a good idea to refinance the primary home in your name.

Thanks.

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