Upcoming Foreclosures

ohio - deficiency judgement after foreclosure other property at risk?

If i quit claim the deed to my other property which is in MINE AND MY COMMON LAW WIFES NAME will the bank come after my other property if i quit claim the deed to her name only. And what are the chances of this happening in ohio.

Public Comments

1. If you have a loan on your other property you can't quit claim your rights away- There is a due on sale clause in every mortgage- that includes quit claiming property to someone else.
2. Don't forget the IRS will also come after you for the tax on the deficiency judgement.
3. The deficiency judgment that is filed with the Clerk after a foreclosure sale is confirmed will attach as a lien to all other real property (as opposed to personal property) you own in the county where the judgment is filed. For example, if your real property in Lake County is foreclosed and a certificate of judgment for the deficiency is filed with the Clerk of the Lake County Court of Common Pleas, that judgment will attach as a lien to all other Lake County real property you own. But it will not attach to property you own in, for example, Cuyahoga County. (Assuming a lien is not filed there, too.) What will the banks do regarding the other property you own in the same county? Practically speaking, nothing. The lien that arises from filing the deficiency judgment is almost alway junior in priority to the purchase money lender's mortgage on that other property. So unless you have a huge amount of equity so that it would be worth the lenders time to pursue the other property in foreclosure, they will normally sit on the judgment and wait for the other property to be sold (they'll get paid at closing). I am also assuming your are not receiving an IRS form 1099 for debt forgiveness. A quit-claim deed won't help you. So long as you are personally liable on the promissory note and have not received a Chapter 7 discharge in bankruptcy, you will be named as a defendant in a foreclosure action against the property, and a judgment against you, if properly filed, can be attached to other real property in the same county. Note: deficiency judgment liens will generally not attach to property you come into title to AFTER the lien is filed.