If my wife’s ex-boyfriend is letting a property they bought together go into foreclosure and now she and I own a home, is it t risk?

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If my wife’s ex-boyfriend is letting a property they bought together go into foreclosure and now she and I own a home, is it t risk?

My wife purchased a townhome with a previous boy friend. They were not married. Then 3 years ago they broke up and she moved out. Since that time she has not been paying anything for the mortgage. They did not have any type of written agreement but the ex-boyfriend did not have a problem with it.Since that time, I have married her and we recently purchased a home. She is on the deed but I am alone on the mortgage. Now we discovered that the ex-boyfriend stopped paying the mortgage back 6 motnhs ago and he is planning on abandoning the property into foreclosure. Is there anything I need to do to protect family and our new home from any fallout over this foreclosure?

Asked on May 23, 2012 under Real Estate Law, North Carolina

Answers:

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

Answered 9 years ago | Contributor

Yes, you need to seek legal help as soon as possible.  Your home together is an asset that the holder of the mortgqge on the town home can put a lien against in case there is a deficiency judgement against your wife and the ex.  You need help to sort through what you can do here.  You may not be able to bring the mortgage up to date but you may be able to get approval for a short sale or a deed in lieu of foreclosure.  You just need them to waive the deficiency.  That is VERY important. Good luck.


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