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Can the FI seize the house even though I am part owner?

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Anonymous Asked:

I have been separated (not legally) for over two years now. My spouse and I live separately. She is presently living in the home which is in both names. She has recently advised me that her financial institution (FI) is threatening to seize the house because she has stopped making payments on her credit card.
My question is, can the FI seize the house even though I am part owner? The credit card is in her name only. What are my responsibilities in this matter? To be honest I never knew she owned a credit card. She only worked part time a few years while we were together therefore I was surprised she was eligible to get credit.

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Andrew Heft
5 years ago

Review of all of the financial documents would be needed to give a more exact answer but on principle the financial institution can only seize property that belongs to your ex-spouse.

However, if you are married and if the FI can prove that the debt was incurred for the needs of the family then you can be held solidarily liable for the debt with your spouse.

That does not mean that you lose all recourse against your ex-spouse in such situations and would recommend you consult with a lawyer to evaluate the proper course of action applicable to your situation.

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