Foreclosure Cincinnati
Ohio Law: Spouse’s obligations to a Foreclosure who is not on the mortgage?
I bought a house in Dayton OH in 2004, and remarried in 2006. My wife has her own home in Cincinnati and is not on any legal documents concerning the house in Dayton. She has never made any payments towards the Dayton house. Can the Mortgage company still go after her individual
financial assets even though she has literally nothing to do with the Dayton house? We were not even married when I bought the house. If so, what? and is there anything I can do to stop the mortgage company from going after her financies?
No, the mortgage company cannot go against any assets of your wife, if she is not on any of the loan documents. And for all practical purposes, the only security the lender has is the house itself and that’s the end of it. They would have to start a judicial foreclosure in court and get a deficiency judgment to get any of your assets, but they still could not access your wife’s assets. Based on statistics I have seen, less than 1% of all foreclosures are judicial foreclosures and it always pertained to million dollar assets. Plus judicial foreclosures have a redemption right and that is messy for the lender.
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