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Put my name on wifes title after california foreclosure

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mikeyjr Guest	Posted: Sat Mar 05, 2011 1:14 pm    Post subject: Put my name on wifes title after california foreclosure Like 0 Dislike 0 I completed a nonjudicial foreclosure on my California house that had a first and a second (HELOC) while I was married. The bank cannot pursue deficiency on the first loan since it was a nonjudicial foreclosure. Since both loans were with the same bank, the bank cannot pursue deficiency on the second loan due to the Simon vs Superior Court ruling. My wife had her own home when we married. If she puts me on title for her house is there any ramifications due to the foreclosure on my house? Thanks, Mike _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Mon Mar 07, 2011 2:01 am    Post subject: Like 0 Dislike 0 Hi mikeyjr, As the bank cannot pursue deficiency judgment against you, your wife can add your name to her property. I don't think both of you will face any ramifications due to this. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
mikeyjr Guest	Posted: Wed Mar 09, 2011 4:43 pm    Post subject: Put my name on wifes title after california foreclosure Like 0 Dislike 0 Thanks for the feedback. I think the only other question would be relative to taxes. Would the government view being on title as an asset and thus not allow debt cancellation under the Mortgage Forgiveness act. Mike
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Mar 10, 2011 12:10 am    Post subject: Like 0 Dislike 0 Hi mikeyjr, I don't think there will be any issue with debt cancellation. If the lender forgives your debt and if it's your primary property, then you will be able to get the benefit of Mortgage Debt Forgiveness Act and you won't be liable for paying off any taxes. _________________ Procrastination is the enemy of your financial success
mikeyjr Guest	Posted: Mon Mar 14, 2011 6:31 pm    Post subject: Put my name on wifes title after california foreclosure Like 0 Dislike 0 Thanks for the feedback! Mike
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Mar 15, 2011 12:24 am    Post subject: Like 0 Dislike 0 You're welcome, Mike _________________ Procrastination is the enemy of your financial success

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