Question:
I have several investment properties I am letting go into foreclosure. Should I deed my other properties into my wifes name for protection, or are they safe staying in my name?By letting them go into foreclosure are my other assets at risk?
Answer:
Foreclosure doesn't end your liability, It increases it because now you have attorneys fees and other costs that you are still obligated to pay.
And they can get a judgment against you in court and garnish all your assets, Even if they are in your wife's name.
Married couples are automatically liable for all debts of each other.
Call a mortgage company and ask this question to a broker. Why are you letting them go, you should have tries to refinance for a cheaper mortgage. It shouldn't affect the properties, if they wanted them they would garnish your wife wages if need be.
Can't you get any bridge loans on these properties, or sell them?
you should try and sell the property before it goes in to forelcosure!
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