Legal Question in Real Estate Law in New York

I assume that the deed is held by you and your wife. Ideally it says that title is in your name and your wife's name "as tenants by the entirety." In that case, if you predecease your wife, she gets the house free and clear of your debts. The only liens that would attach are those that she signed for. As long as both names are on the deed and you were married when you bought the property, the law will give you this protection, If the deed says that you and your wife are "tenants in common" or "joint tenants" then you might have a complication.

If the original amount of the debt was $6000 than after 5 years it would be nearly $9000 (legal interest runs at 9% per year). If you wish to refinance, you should engage counsel who is experienced at getting default judgments cancelled. I am one; there are many others. Your objective would be to negotiate a payoff for less than the full amount. Depending on who holds the debt, you could probably negotiate it down to 25 cents on the dollar or so. The more fragile your health, the easier it would be to get this off your credit report for small amounts. The legal fee should be capped at around $750 or less.

I agree with the above.

1. If your husband dies before you, the house would be yours free and clear of this debt.

2. You could try to negotiate the debt down, and a lawyer usually helps.

3. You could file bankruptcy, especially if you have other debts. You can keep up to $50,000 equity in your house.

4. As I am local y ou could contact me: Jeffrey A.,Lazroe, Attorney at Law, 37 Franklin Street, Buffalo, New York 14202 1-716-856-8811