Legal Question in Business Law in Florida

mortgage info

If i owe 130K on my home which is valued at 60K presently, what would be the banks recourse if the following occured: The home is in my name only and I recently married. If I took an inheritance of mine and paid cash for a new home and put it in my wifes name only, if all bank accounts were in her name also and I simply walked away from the 130K debt, what would possible recourses by the bank be. Are they allowed to garnish my check? if so what is max they could take. Also if i was an independent contractor could they still garnish against me. Do they have any recourse against my wife? the house is in my name only. My credit is beyond repair so never getting credit again is not a deterent to me. I just need to know that if i bought a house for cash, put it in my wifes name only and then stopped paying my current mortgage what could happen. I would appreciate only straightforward responses not moral judgements because there is always a story behind the story. So if you are kind enough to respond please keep that in mind. Thank you


Asked on 5/20/09, 12:42 pm

1 Answer from Attorneys
Alan Wagner Wagner, McLaughlin & Whittemore P.A.

Re: mortgage info

The bank could sue you. They will get a judgment. It is good for a long time and can be renewqed. If your wife is not on the note, she should be fine -- HOWEVER -- it is possible that the transfer of the funds to her to buy a house in her name only could be considered a fraudulent transfer. If you and your wife live in a house jointly owned, then the bank cannot force the sale. They can garnish wages, but there are constitutional protections if you are the "head of a household." That term has a very special meaning beyond the scope of this response. They can garnish whatever anyone else owes to you.

If you are trying to avoid paying your lawful debts, particularlky with what is involved, you really should sit down and speak with a lawyer.

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Answered on 5/20/09, 2:04 pm


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