What is my liability if my husband's property is being foreclosed on?
Question Details: My husband purchased a house in his name before we got married. We have separate bank accounts but are authorized users on each others accounts. We have credit cards together in the same manner. If he forecloses on his home will my credit or accounts be affected?
The home loan and the house itself is a separate asset and debt--not community debt since it was acquired before marriage. Unless you refinanced with your name on it, you will be fine. As far as credit cards are concerned, credit cards have rules for default that don't normally include foreclosure proceedings. Normally if a credit card company sees that a debtor is in default with another credit card company, then it gives them reason in the contract to also put their card at the default rate. You should contact the credit card companies and ask them what situations under their contract give rise to default terms. Your husband's credit is going to go down the drain, but your's shouldn't. Best of luck.
