Legal Question in Real Estate Law in Florida
My girlfriend and I are talking about marriage. We each have a house. Mine is half paid off and hers I half underwater. We have talked a good bit about how to best handle this. We are attempting a short sale on hers at the moment with foreclosure or deed in lue as back up plans. If we get married how would it affect our ability to default on her property?
I know I am blurring the lines with my concerns of her property and our benefits. If we get married we will have one bank account. I don�t believe in separate accounts.
How should the two of us handle this situation? If we marry would her lenders look to me to repay the 50% loss that is on the house should we sell? How strong of a leg would they have to stand on? Is our current strategy on target?
1 Answer from Attorneys
If you get married before the deal is done on her house, it may affect your money. Once you get married, her bad credit will adversely affect your credit, because your social security numbers will be linked, not at first perhaps, but as soon as you start opening joint bank accounts, taking loans, etc.
It sounds as if she is the sole owner of her house, and is the only person on the loan. But if the bank thinks she has any money, assets, etc, they will be reluctant to do a short sale. (why would the bank discount the loan for a person who has money?)
Wait until the deal is done on her house, and she has final documents, stating no repayment, no 1099, no recourse etc. This way, her bank has no leg to stand on to go after you or your assets.
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