dwoodard
Apr 3, 2007, 02:38 PM
I've been married for almost 13 years, have 3 children 12, 10, and 7. Our life has been pretty picture perfect so far. Nice house with property. We were planning to take out an equity line on our home to start a small addition. My husband's brother has gotten into investment property deals. My husband asked if we could get in on these deals about six months ago... we sat down had the deals explained to us and once were home I expressed all my concerns... especially since we would be taking out several different mortgages in addition to the one on our home. My husband agreed with me not to get in on the investments. Three months later some legal ramifications came out of some of the deals his brother had worked on. So I felt I was right in not proceeding with the investments.
Then in January of this year my husband again express interest in doing some investment deals with his brother. I specifically said NO... especially about all the legal problems that came up in December. My husband said he just wanted to try 1 deal... I again said NO and told him that I would not sign any documents regarding this. Well everything hit the fan last weekend when loan documents for different investments arrived in the mail and I was informed that I had to sign a quit claim deed for these properties. Needless to say, I was not a very happy wife. It turns out he put his name on 8 different properties (some properties have a 1st and a 2nd mortgage).
What I really need to know is if these deals fall through... and the properties don't sell can the mortgage companies take my house to help pay off the mortgages and since I am married to him, but my name is not on the mortgages am I financially responsible as well, for these properties. By the way I live in California. Thank you for any advice!
Then in January of this year my husband again express interest in doing some investment deals with his brother. I specifically said NO... especially about all the legal problems that came up in December. My husband said he just wanted to try 1 deal... I again said NO and told him that I would not sign any documents regarding this. Well everything hit the fan last weekend when loan documents for different investments arrived in the mail and I was informed that I had to sign a quit claim deed for these properties. Needless to say, I was not a very happy wife. It turns out he put his name on 8 different properties (some properties have a 1st and a 2nd mortgage).
What I really need to know is if these deals fall through... and the properties don't sell can the mortgage companies take my house to help pay off the mortgages and since I am married to him, but my name is not on the mortgages am I financially responsible as well, for these properties. By the way I live in California. Thank you for any advice!