Upcoming Foreclosures

Husband foreclosing on his house and I'm buying a new one.?

My husband bought a home before we got married. I am not on the loan or the deed. He is currently behind on payments and is thinking of letting it go into foreclosure. I am in the process of buying a house with my parents and have already been pre-approved, just waiting for my offer to get accepted. My concern is that when I try to get the loan, his foreclosure will somehow be linked to my name because we are married and live together. The broker said she has never seen this to be a problem but I am concerned because i am his spouse and we do file taxes together with that house's address. We live in Florida so I am not sure what the laws are here for that. Yea but someone said something about Florida being dower state and then they can attach a default judgment to the new property when we move in as a married couple??!?! The only deadbeat around here is you Master, with nothing better to do than to go around insuting people and wishin them death! Now thats ethical! Before you go assuming the worse in people you dont even know try to get the facts first. Unless you want to pay for the house he has now which we can't afford and have to find a smaller, cheaper place to share with my parents (who i guess by the way my mother is suffering from her own illness bc of my "lack of ethics"), then hold your comments!

Public Comments

1. It shouldn't be a problem. You aren't on the deed so you aren't the legal title holder to the property (though you do have rights to it since you're married). And you aren't on the loan, which is most important, so you aren't responsible for the default. Think of it this way - if you rented a room out to some college kid and then the house went into foreclosure - would the student be responsible for your debt? Would he never be able to buy a home because the house he lived in was sold at a foreclosure auction? Of course not. You're just like the student; you're just living there. Your husband's on the papers so he's on the hook.
2. Wow you have absolutely no ethics. What you're doing is bank robbery. Have you ever deposited money in a bank? How would you feel if you had loaned the money to your deadbeat husband? Enjoy karmic cancer. Edit- The most ethical course is to short sale the old home and continue paying on the remaining amount of the loan that was not paid by funds from the sale. That amount will be much lower than your husband's old note or your new note. It should be trivial for you to meet the payments on that residual amount.
3. I'm amused by your additional detail rant. No, I'm sorry, but if the family is capable of paying for a new home, they are capable of dealing with their OLD debts. By letting the other house go into foreclosure, you're not saying (like most of those losing their homes) "I'm in over my head, I ca't afford to pay for this house no matter what I do". No, what you're saying is "the most convenient solution here is to lay the loss on the other house at the feet of the mortgage company". Sorry, the other poster (although he goes too far) is right on one level: Unethical. One day this will catch up with you.
4. talk with a lawyer. PS. I agree with the other posters.