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Updated about 16 years ago on . Most recent reply
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Spouses responsibility in a foreclosure
I purchased my condo in 2005, when I was single. I lost my job in 2006 and found another job within 7 weeks but had to take a $30K cut in salary. In order to keep my home, I have acquired a great deal of credit card debt. I have hung onto my property until 5/08 when I made the decision to stop paying my mortgage- not just due to my financial situation but because of 4 other foreclosures in the building (all 4 owners are not paying their dues and it's only a 14 unit building). My husband and I married 9/08 and I was just served foreclosure paperwork on 12/16. My husband is a foreign citizen and we are in the process of petitioning for him to receive a work Visa so he can live and work here. As of this date, he is not a U.S. citizen yet.
My question is this- will my husband be liable for any debt from this foreclosure? Again, his name is not listed on the promisary note when I signed it in 2005. He is concerned as he owns property outside of the U.S. and we are worried the courts will be able to acquire his property. We did not sign a pre-marital agreement either, keeping our assets separate.