Is it okay to purchase a house after foreclosure?

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Is it okay to purchase a house after foreclosure?

I recently had foreclosure on the house that I had purchased before I got married. The house was under my name only. The house is not sold through foreclosure yet but I wonder if we can purchase a house under my husband’s name only. Or would this have any affect on bank’s decision to seek deficiency judgement on me?

Asked on February 13, 2011 under Real Estate Law, Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to seek help here from a professional in your area.  I need to understand: is there a deficiency judgement against you or are you in the process of negotiating same?  I would probably steer clear of putting anything in your name t this point in time but there is a general rule that assets purchased during a marriage are marital property regardless of who holds title.  They are considered purchased with "marital funds" unless it can be clearly established that the funds were separate property of the individual prior to purchase.  So they may try and prove it can be attached for a  judgement.  Get help.  Good luck.


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