Am i responsible for my wifes mortgage on a house she purchased before we got married?

Alverta
It's an interest only ARM that is about to reset. The appraisal just came in at half the original purchase price when we tried to refinance to no avail. We can't afford the amount it will reset at and forclosure seems to be the only answer. I have a little money in an account when I sold my home and we share some other accounts that have a little in them, but not enough to help.

Jay
If you are not on the mortgage & not on the deed to the home, you should be able to purchase a home yourself, if you want to walk away.

Oren
If your name is not on any of the paperwork than no you have no responsibility so if it gets forclosed on it will all be in her name, if however you were added on to the title or deed when you got married then you may have some responsibilty.My advice is to call the mortgage company NOW and tell them you know you are not going to be able to make the payments when it resets and see if they can do something, with everything that is going on, refinance and forclosure are not the only options. They may offer you a fixed rate or a short sale.

Cleo
To be honest, this is hard to answer. If you did not sign the note for the financial responsibility of the loan, then you are not responsible. What I am concerned about with you is the state you reside in. so two questions, one, are you on the deed, two, what state are you in? If your not on the deed, your free and clear, but I don't know enough about foreclosures if the property is in a spousal interest or dower state. If there are spousal rights, you went into title to the property when you were married (unless the property is not your main residence). If you let me know what state your in, I may be able to assist, but if your in a spousal interest state, you may want to seek legal counsel. Definately call the bank and see what can be done and offer a possible short sale to avoid foreclosure, good luck