Deficiency Judgements Affecting Asset Owned By Only One Spouse

[Kendric]

I owned home prior to marriage which is going to be foreclosed on.  I attempted short sale but the 2nd lender wouldn't agree.  In Indiana, where I live I know the lender can pursue deficiency judgements.  The home we are currently living in is only in my spouse's name.  There is only 1 old vehicle held jointly(value less than $3000) and 1 joint bank account with very small balance.  I am an Independent Contractor so self employed, and I don't believe they can garnish my wages.  Can the lender go after my spouses assets for a Deficiency Judgement?  How long does the lender have to file Deficiency Judgement and if they get one how long can they pursue it?

[Marilynn]

They cannot go after you unless you are on the note and mortgage.  If you go to my web site, you can find links that tell you about the different state statutes and the time limits to collect.  www.deverlaw.com

Short sales are tough to negotiate when there is a second position lien holder.  Most 2nd positions will eventually agree to a short sale, but often take more patience than a home owner is willing to offer.  My firm negotiates these types of sales on a regular basis.  If you are considering a resubmission, please feel free to give me a call.  877-464-5297 ext #3.