Legal Question in Real Estate Law in Wisconsin

We plan to purchase a manufactured home on a land contract. We also have a second mortgage from a foreclosed home from 6 years ago. #1 can that second mortgager place a levy on the new land contract property? #2 After 7 yrs. can the 2nd contract mortgager still pursue us on the loan? #3 My husbands name is on the 2nd mortgage loan. If the new home is in my name, are we safe from the 2nd mortgager's possibly levy? Thank you.


Asked on 5/18/15, 11:34 am

1 Answer from Attorneys
JAY Nixon nixon law offices

Yes, if you owe money and someone sues you for a judgment, a lien is created on any real estate that you own in any county where the judgment is recorded, which could lead to their more or less owning part of your new land. Also, under the WI Marital Property Act, it is possible for your husband's creditors to go after your assets, so having it in your name rather than your husband is no protection unless you opt out of the marital property act and give the creditors notice of that. A bankruptcy could get rid of such problems, however, and still allow you to keep your home, assuming that you are represented by an experienced bankruptcy lawyer.

Do not assume that I am your attorney because of my response here, since I would not normally be taking any further action on your case. You can see my past answers here which might help you at http://www.avvo.com/attorneys/53401-wi-jay-nixon-1529181/answers.html?sort=recency , or at http://www.lawguru.com/answers/search/attorney/jknixon, or get clarifications by calling my office at 262-633-3090.

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Answered on 5/19/15, 4:57 am


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