Protecting my home acquired pre-marriage from my wife's ex's creditors

Submitted by Jason from CO - 01/12/2010 - 1:22pm

I have a home with a mortgage in my name only. I was married last summer and when traveling to Europe for business thought it best to put my wife on the title in the event something happened to me. My wife is on a 1st and 2nd mortgage with her ex but is not on the title. He hasn't been paying the 1st mortgage on his home and the house is listed as a short sale. The short sale is listed for just enough to almost cover the 1st mortgage. I am concerned that if the house sales and the 1st mortgage is "paid off" the creditor for the 2nd mortgage on his home may be able to put a lien on my home since my wife's name is on the title now.

Additionally -- my house has roughly ~40k of negative equity (market tanked after I purchased it).

Should I have my wife Quit Claim the deed to the house to protect against the hassle?

We are in Colorado.

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