Wage garnishments and collections
in Law ·
Hello everyone. I am not entirely sure if this is the right forum for my inquiry, so please feel free to move my post if necessary. Thank you.
My husband took out a loan in his name, and after several years of making steady payments, he recently lost his job. To make matters worse, I also lost mine, so I can't step in to cover the monthly installments. It looks like we might be facing legal action or wage garnishment from the bank, but since my husband doesn't own any assets, we aren't sure what they would even go after. The house we live in belongs to his parents, and we don't own any other property. My main concern is whether the bank can come after the property I inherited from my grandmother about ten years ago. I am neither a co-signer nor a guarantor on his loan; I am simply his wife who happens to hold title to an inherited home.
Thanks for any insight you can provide, and apologies again if this is the wrong place for this!
My husband took out a loan in his name, and after several years of making steady payments, he recently lost his job. To make matters worse, I also lost mine, so I can't step in to cover the monthly installments. It looks like we might be facing legal action or wage garnishment from the bank, but since my husband doesn't own any assets, we aren't sure what they would even go after. The house we live in belongs to his parents, and we don't own any other property. My main concern is whether the bank can come after the property I inherited from my grandmother about ten years ago. I am neither a co-signer nor a guarantor on his loan; I am simply his wife who happens to hold title to an inherited home.
Thanks for any insight you can provide, and apologies again if this is the wrong place for this!