My wife puchased a home before we were married in Minnesota and only her name is on the loan and title.?

We have a 2nd mortgage in both of our names with a different lender. If the house if foreclosed is my credit affected if we stay current with the 2nd mortgage. Can the bank sue for diffeciency in Minnesota or come after our bank account?My wife puchased a home before we were married in Minnesota and only her name is on the loan and title.?
Because you are legally married the impact is to both of you regardless of who is on the title/mortgage. The lender can file a 1099 to the IRS for balance, or forgive this loan, once they have the house back. The 2nd loan however, with another lender may not be forgiven, as they nothing secured to recover and sell like the house. So on that loan as long as you stay current, you're fine. But if you default, then they can and most likely will come after you for that balance.My wife puchased a home before we were married in Minnesota and only her name is on the loan and title.?
states vary in their laws...but i can't see any state coming after you for debts she incurred prior to your marriage.





however, if you now have joint accounts at the bank, and jointly own property then watch out, they can go after half of the value.





stay current in the house you are in, you might look into her personally filing bankruptcy , again it changes from state to state


you need some legal advice here.





good luck





ps...only she has a second mortgage, you are on your first and only one.
Is MN a common law state ? You might be liable for both. Check with a legal source.





If you are current with the 2nd then there shouldn't be a problem with that loan.





Do you really have to foreclose ? Get some financial advice and look at the big picture and the time line. Can you keep making payments/refi ?





Hang in there. Ever been to the 10,000 Lakes Music Festival ? Its a killer 4 days.