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Home ownership: wife not on Deed
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amother
Hotpink


 

Post Mon, Nov 20 2017, 7:53 pm
amother wrote:
Op is clearly the sister here.



Umm, I'm not. But if I were?? What's your point?
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amother
Coral


 

Post Mon, Nov 20 2017, 8:07 pm
amother wrote:
In many or most states, a personal lien against one spouse may not be placed against property owned by both spouses as tenants by the entirety.

Not legal advice, yadda, yadda. But please get legal advice before assuming that one person being higher risk affects joint property.


This is absolutely not accurate. But again, underscores the need for irl advice.

The federal bankruptcy statute, followed by NY, explains this in detail.

Of course this isn't specific legal advice for a specific situation, just pointing out that avoidance of liability MAY be a legitimate reason for not having a spouse's name on the deed (in NY). That being said, student loans is not one of those situations imo.
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bmomof4




 
 
    
 

Post Mon, Nov 20 2017, 8:20 pm
Been in the title business for 16 years now. In NYS the property does not automatically transfer to a spouse if she/he is not on the deed. Other states work differently. If he dies c"v and he is the only one who owns the property she very likely have to go through probate court in order to sell or mortgage. I highly doubt he has a will, which would complicate things even further. She will NOT gain ownership automatically just because she was married to him. If she has any concerns, as everyone suggested, she should speak to an attorney. You can PM me if you want names of some good attorneys in NY.
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lavenderchimes




 
 
    
 

Post Mon, Nov 20 2017, 10:25 pm
amother wrote:
No reason that she's said about not consulting an attorney. I truly believe they just went to a real estate agent, got scared by her debt, and put the house in his name.

She's has a clerical job, not much money, but I told her she should put her paycheck into paying down the debt which is less than $20,000. They can afford it for now, even though it'll be tight.


It's normal to get freaked out and confused by this stuff -- and there is no time like the present to sort things out:)

You are absolutely right that they should work on clearing her debt, or at least get on a payment plan with her loan servicer. As long as she doesn't default, there will be no problems with that.

You didn't ask about this, but she (and all women) should also work to build her own credit. Get a credit card, buy things, and pay it off. Put some utilities in her name. A lot of women end up in a bad position because everything was in their husbands name, and they can't do anything on their own.
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Miri7




 
 
    
 

Post Mon, Nov 20 2017, 10:33 pm
amother wrote:
So it's more complicated than I thought. Ok, my best advice to her seems to be asking an attorney. My dh and I rent I don't have personal experience.

As far as she tells me, and I believe her, they have no other issues financial or otherwise except for their fear of her loan.

I'll tell her she needs to get a Will, too.
Again, this is all over my head because we don't own and we made Wills when we got life insurance years ago.

Thanks for the help!


A LOT of people make their first visit to an estate/wills and trusts attorney when they’re expecting their first child. That’s when it’s prudent to think about:

Life insurance
Wills -not just who gets what but who gets the kids, cvs something happens
Any property or significant assets

So this is a natural time for your sister to make an appointment for her and DH to go and get advice. That attorney can recommend the best way to make sure everyone is protected in the event of a death, disability or financial hardship. It’s a highly fact-based analysis and recommendation so you need someone to sit down and look at and consider everything.
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33055




 
 
    
 

Post Mon, Nov 20 2017, 10:34 pm
I just want to add that she can rehabilitate her student loans to good standing and may not even have to make any any payments to do so. She can have the payments when she does resume counted only against her income. She may not have to make any payments in connection with her child's birth. There are a lot of options. She can find out more info. See an attorney. Again, this isn't legal advice.
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amother
Salmon


 

Post Tue, Nov 21 2017, 9:58 am
amother wrote:
This is absolutely not accurate. But again, underscores the need for irl advice.

The federal bankruptcy statute, followed by NY, explains this in detail.


https://www.newyorkrealestatel......html

A creditor cannot levy against a tenancy by the entirety unless the debt is in the name of both spouses. Upon death, the property becomes the property of the surviving spouse without the liens of the deceased.
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amother
Coral


 

Post Tue, Nov 21 2017, 10:43 am
amother wrote:
https://www.newyorkrealestatelawyerblog.com/2017/02/tenants-entirety-form-ownership-nuanced-simply-married.html

A creditor cannot levy against a tenancy by the entirety unless the debt is in the name of both spouses. Upon death, the property becomes the property of the surviving spouse without the liens of the deceased.


But as your link says, and as I wrote, this is not the case in a bankruptcy proceeding. This is statutory.
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