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50/50 -- Wife's financial adviser made her sole deed holder on the house.

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  • 50/50 -- Wife's financial adviser made her sole deed holder on the house.

    I have been the sole provider for our 4year marriage. A year ago we bought our dream home. The down payment was a substantial portion of her money from an estate, the other portion of the downpayment was from our previous home we owned together. Because part of the downpayment was made out of her estate, her financial advisor made her sole deed holder on the house.
    During the year we owned the house we took out a home equity loan. My wifes financial guru told her not to make any payments on the first mortgage---that it will be taken care of by the estate. Well, the house has since gone into foreclosure, ruined my excellent credit, and I am stuck with a home equity loan for which I have no home to show for it. I live in Wisconsin where everything is 50/50, so I thought. Is this legal to have bought a home together and have only one person listed on the deed?

  • #2
    re: 50/50 -- Wife's financial adviser made her sole deed holder on the house.

    If two or more owners cannot agree on what to do with a piece of property they may petition the court and the court will order a sale or refinancing etc. so that the one or more may get out of the property obligation and/or the other(s) may keep it etc.--it is often done-- (This is true in some cases even for equitable owners that have paid various amounts etc., but for various reasons, may not be on title.)

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