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can the bank come after me or my property?

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shredz1 Joined: 08 Jan 2011 Posts: 3 1.00 Dollars($)	Posted: Sat Jan 08, 2011 8:12 am    Post subject: can the bank come after me or my property? Like 0 Dislike 0 Ohio my wife and I bought a house in 2000, while married, in her name...I was just on the deed. Ive since filed a quit claim deed so Im off the deed. I want to buy a new home in my name only...if we cant sell or rent the other home it will be foreclosed on if we cant afford both payments... since Im off the first home can the bank come after me or my property? Would my wife have dower rights to the new property?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Jan 09, 2011 9:59 pm    Post subject: Like 0 Dislike 0 Hi shredz, If your name is not on the first home, then the lender will not be able to come after you in order to recover the dues. As Ohio is a "dower right" state, your wife will have rights to your property. Thanks
shredz1 Joined: 08 Jan 2011 Posts: 3 1.00 Dollars($)	Posted: Mon Jan 10, 2011 1:52 am    Post subject: Like 0 Dislike 0 thanks for replying... since she would have rights to the 2nd home...doesnt that give the bank a pathway to the new house? wouldnt that be included in her assets?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Jan 11, 2011 10:37 pm    Post subject: Like 0 Dislike 0 Welcome shredz, As far as I know, dower rights will come into affect in case of death of the spouse. So, her creditors won't be able to come after the new property. _________________ Procrastination is the enemy of your financial success
shredz1 Joined: 08 Jan 2011 Posts: 3 1.00 Dollars($)	Posted: Wed Jan 12, 2011 12:28 pm    Post subject: Like 0 Dislike 0 so the 1st house will go into foreclosure...most likely bank will try to sue my wife, then of course she can choose payment or bankruptcy, is that correct? if loan is forgiven, wont she get some sort of 1099 that has to be figured in taxes?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Jan 12, 2011 10:44 pm    Post subject: Like 0 Dislike 0 Hi shredz! Welcome to forums! You are correct with the options. However, if the loan is forgiven, then your wife will receive a 1099c form which she will have to submit at the time of taxes. The forgiven mortgage dues will be considered as your wife's income. Feel free to ask if you've further queries. Sussane

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