Legal Question in Real Estate Law in Connecticut

2nd property forclosure

Before my husband and I were married we each purchase a house. I chose to move in with him and rent the house. We have done this for 2 years now. Recently my husband lost his job, I am 8 months pregnant and our tenant moved out of the house and I cannot find another one who can afford the mortgage. If the house is foreclosed on will this affect my husband or his house in any way, since he is not on the loan or the deed for the house that we cannot pay for? Can I just mail the bank the keys and title or do I have to go in front of a judge? Unfortunately I owe more on the property than it is worth, due to the failing market. I have been told by several agents selling the property is not an option.


Asked on 6/15/09, 7:21 pm

1 Answer from Attorneys
Linda Subbloie Linda A. Subbloie, Esq.

Re: 2nd property forclosure

If your husband's name is not on that house, either on the deed or the mortgage, then he need not worry so long as your name is not on his house.

Why don't you just call the lender and see if you can negotiate what they call a short sale. The lender may be willing to take back the property and waive any "deficiency" that may arise if you tried to sell it on the open market.

This could save both the lender and the borrower money in the long run and avoids having to go through a foreclosure action.

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Answered on 6/15/09, 9:13 pm


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