Will my future wife's past foreclosure haunt me when I want to buy a home ? Please read ! (real estate, garnish)

[filo74]

I have a question for you all that I really need a solid answer on. I am engaged right now and before I met my girl, my girl bought a place and since then she lost her job and due to some other problems, she has gone into foreclosure on the home. Again, she bought the home before I met her....I have nothing to do with the purchase. Now, we are going to get married next week. Let's say in a couple of months I want to purchase a home. I believe under Florida Law, she HAS to be included on the title since we are married. Is this true ? I do know that she does not have to be used for qualifying purposes, but for purposes of the note, she has to be on the title. Right ? Let's say the bank decided to pursue a deficiency judgement against her for the balance she owe's. Technically, they can legally garnish wages and seize assets including putting liens on any of her future properties. So doe this mean that they can put a lien on MY home....since she is technically on the title due to Florida Law ? Even though I had nothing to do with her foreclosure. Any insight is greatly appreciated.

[filo74]

Never mind...I went to justanswer.com and got an answer from a real estate attorney.






Answer
April 19 8:03 p.m. (7 minutes and 40 seconds later) [SIZE=+1]ACCEPTED[/SIZE]
Your wife does not have to be on the deed to your house. However, in the event of a divorce, the marital property rules will kick in and she would be entitled to a 1/2 interest. So long as you stay married, everything will be fine. Also, she does not have to be on the bank note if you're the only one on the deed. In fact, it's probably a good idea to keep her off of the deed and note for credit reasons since she does have a foreclosure. This will also keep any of her creditors from seeking a deficiency against anything you own. However, if you decided to put your new wife on the deed and mortgage, the creditor cannot put a lien on your new home, or if they did, it would be a waste of time as it would be secondary to the first mortgage and not collectible against your house. The creditor could seek a deficiency and record it on the judgment roll in your county and her credit report.
I think your best bet and safest move is to keep your wife off of any deeds and mortgages for these credit reasons. This way, her credit history is of no consequence.

[kalim2008]

Originally Posted by filo74

Never mind...I went to justanswer.com and got an answer from a real estate attorney.






Answer
April 19 8:03 p.m. (7 minutes and 40 seconds later) [SIZE=+1]ACCEPTED[/SIZE]
Your wife does not have to be on the deed to your house. However, in the event of a divorce, the marital property rules will kick in and she would be entitled to a 1/2 interest. So long as you stay married, everything will be fine. Also, she does not have to be on the bank note if you're the only one on the deed. In fact, it's probably a good idea to keep her off of the deed and note for credit reasons since she does have a foreclosure. This will also keep any of her creditors from seeking a deficiency against anything you own. However, if you decided to put your new wife on the deed and mortgage, the creditor cannot put a lien on your new home, or if they did, it would be a waste of time as it would be secondary to the first mortgage and not collectible against your house. The creditor could seek a deficiency and record it on the judgment roll in your county and her credit report.
I think your best bet and safest move is to keep your wife off of any deeds and mortgages for these credit reasons. This way, her credit history is of no consequence.

I really suggest going to a real attorney face to face and getting an answer as opposed to a faceless internet website (assuming this is not some cute way of getting advertising for the website)....