[true_red_4ever]

had from a previous marriage. the effects of foreclosure on me? okay here is the scoop. If my husbands ex wife lets the house that is still in both their names go into to foreclosure, will this effect the current mortgage him and I have together?The house was to be sold as part of their divorce decree but due to the market, it hasn't sold and the ex can no longer keep up with the payments and we can swing both mortgages.I ment to say we can not swing both mortgages... Will the bank the other mortgage is through come after our mortgage and assets?

[ModificationDoctor]

Hello. As you are aware, since your husband is still LEGALLY on the mortgage with his ex-wife, it affects his credit. Which means that if there is a foreclosure, he would be penalized along with the ex-wife. Now the interesting part is this.......if a foreclosure happens AND the bank issues a deficiency judgement against your husband, you open yourself to liability. The bank can legally go after any joint assests that you and your husband own to recover their loss. So if you have sufficient equity in your current home, they CAN put a lien against your present home and possibly force you to sell it to take care of their lien. Hope this helps.