My wife is on the deed,not the mortgage, We are being foreclosed on. Can they come after her?
We reside in florida and own the home with no equity. The home in NJ has 2 mortgages. one for 412000 and heloc for 75000. I am on the mortgage only. She is on the deed. I am concerned that they can come after my wifes assets. Or do they just remove her interest in the home during the foreclosure process?
The mortgage lender can foreclose on the property (mortgage lien is senior to her interest). And if there is any deficiency (especially the HELOC) “you” might still owe something depending upon type of loans. Simply transferring property does not get you out of your loan obligations. If the mortgage is unpaid, your wife effectively has no interest in the property (unless you yourself got a fraudulent loan).
Since it is not your primary residence, you may owe federal income tax on any forgiven loan amount. But I doubt if the HELOC would be forgiven if that is not covered by the sale.
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