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Posted by njdave on April 30, 2002 at 07:23:05:
In Reply to: Ok, just how well do you think you know this stuff?? posted by kimberly Ann Kubalek on April 30, 2002 at 03:29:47:
The mortgage is secured by the real estate, irrespective of who is named on title. When the husband 'signed over' the house, he simply conveyed his interest to his wife... whatever that interest was. While the wife might not be personally liable to pay the loan, the loan would probably become due upon the sale of the home.
The wife can sell the property, however, the mortgage and other liens would have to be paid from the proceeds. There is always room for negotiations with respect to IRS and State liens, it's best to have the tax attorney address that issue early on.
