If I qualify in my name only and using my income only for a loan on a property, how is my wife or children liable in the event of a default or forcloser? Thanks in advance for your response.
I am not a lawyer and take my advice that way. But if you are in a community property state, then your wife is as liable as you are. If you are not and you make no previsions for your wife, the lender will also go after your wife as if she is liable and it will create problems for her. What you may want to do is incorporate and have that corporation acquire the debt and the property. If you don’t affiliate your wife with the corporation, she will not be liable. If you have other investors, you can look at a partnership. Call your lawyer and ask him what you should do for your specific situation. I would not do any business without a lawyer and a CPA. This is one for the lawyer.
Thanks, I appreciate your comments and advice. I will be talking with an attorney this week. Joe