Legal Question in Credit and Debt Law in North Carolina
credit problems and new home
My wife has credit problems. We have found a house and I have been approved for the loan on my own. I understand her name will have to be on the deed. Is this correct and if it is can the people she owes money to possibly take our house if her debts become so great??
1 Answer from Attorneys
Re: credit problems and new home
First her name does not have to be on the deed. She still generally needs to sign the deed of trust but that has nothing to do with title to the property.
As for your 2nd question - it really depends on your situation. Most creditors would not be able to go after the house except perhaps the IRS. If you were to get divorced or if she survives you, then they may be able to go after the house. You probably want to speak with an estate planning attorney. If the house is solely in your name and someone sues you and gets a judgment, then they could go after the house as well.
- Jeff
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