Q: Are my assets (land, home, retirement accounts) at risk if my ex-husband forecloses on the home we lived in?
My home, land, and retirement accounts do not have his name on them, but the marital home that he lives in may be at risk of a foreclosure as he is behind on payments. He was given a year to get the mortgage refinanced into just his name, but he has awful credit and won't be able to. It's been two years since the divorce and my name is still on the mortgage. The mortgage company is working with him and he has applied for assistance, but I'm worried that my home, land, and accounts (again, all separate from him) will be in jeopardy due to his poor choices. I'm considering selling my land, but don't know if the equity from the sale would need to be applied to the mortgage and if I hold on to the land would I be required to sell once he is in full default? He has no intention of selling his home, the marital home. I'm not sure if I should speak with a divorce, real estate, or foreclosure lawyer. We did not have a divorce lawyer at the time of the divorce.
A: If you signed the Note then you are personally liable on the debt. After foreclosure the lender/noteholder may file suit to collect for any note deficiency.
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