[octcalla32]

I got married in June of this year (2010) and my husband moved into the home I own in Tennessee. He had a home in Florida that he owned with his prior (deceased) wife. It has been on the market now since April and has not sold. If it ends up in foreclosure can they try to take my house or other assets or garnish my wages? Can they garnish his wages?

[Fr_Chuck]

Are you renting the house ? How far behind is he ?

If he is working, and you already had a home and I assume ability to pay your own loan. why can he not keep his payment up ?

So much of this will depend on the exact terms of the loan

Has he looked into a short sale with the lender ?

[octcalla32]

No, not renting the house, six months behind. Has been working on a short sale since May - the purchaser kept lowering his offer. Have finally worked out all the details - should have closed last week and now some new issue has krept up. The company holding his 2nd mortgage has extended him through the 2nd of January and then they foreclose and everything falls through. He is working, my ex has not paid child support in over a year -- long story there -- but our combined salaries support us with little or no wiggle room. I have no credit card debt but he has quite a bit, I have the mortgage and a car note, I have children who have been in catholic school since Kindergarten - one is a freshman and the other a 2nd grader. He has a daughter who was in public school before but who is now attending the catholic high school with my daughter...

If the short sale falls through and he ends up in foreclosure I want to know what damage can/will be done to my assets and how big of an impact will it have on our future.