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My wife's home foreclosed, I own my home free and clear of my spouse, Can her bank come after me for 2 her 2nd mortgage. AZ

Gilbert, AZ |

Arizona Foreclosure ....@nd mortgage to put in pool, pay off car loan, house (1st and 2nd mtg)was purchased yrs....before my wife even met me. She is and hasalways been only one on debt and title... Thank you

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Attorney answers 3

Posted

It sounds like you are describing is a non-purchase money loan. Your wife appears to be the only borrower. Therefore, the lender can sue your wife and take sole and separate assets. Plus, perhaps, some community assets depending on the source. This is a very complex set of questions. Therefore, both you and your wife should talk to an attorney experienced in this area of law. I will be happy to give you some references if you call my office - 602-246-7106.

My best to you.

This firm is in the business of helping people and companies file for bankruptcy protection. Therefore, the bankruptcy code requires that we call our firm a "debt relief agency." This information is provided for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the related issues. Nor is this advice intended to create a client - attorney relationship. Every individual's factual situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state or locality regarding specific information.

Asker

Posted

Thank you very much..Both 1st and 2nd are same bbank...only joint asset we have is a car in both are names, dont have joint bank acct... i bought my house w/ free and clear of spouse paperwork in place..

Diane L Drain

Diane L Drain

Posted

Even though the same bank holds both the first and second mortgage - they are still two debts, with separate rights. Please talk to a good attorney about community property issues.

Posted

Assuming that the 2nd lender on your spouse's home was not the party which foreclosed on her home, the non-purchase money security interest held by the 2nd lender typically allows for personal collection under that note. This is clearly her separate debt and her creditor would have no claim against you or your assets. The earlier answer correctly states that it gets somewhat complicated if you both acquired community assets, since her interest in those community assets might be vulnerable to access by the 2nd lender if/when it obtains a judgment against her.
I definitely suggest that you consult with a real estate attorney to review the facts in detail so you can have some peace on this front.
Good luck.

Asker

Posted

Thank you very much..Both 1st and 2nd are same bbank...omly joint asset we have is a car in both are names, dont even have joint bank acct... i bought my house w/ free and clear of spouse paperwork in place..

Posted

The creditor can come against community assets. You should talk with an attorney to see what you have at risk. Also, you should talk to that lawyer about possible ways to resolve the remaining loan.

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