Posted by JohnBoy on October 05, 2003 at 13:56:01:
What difference does it make? They can foreclose regardless of what you do with the property if the loan is in default. Regardless of who owns the property, you, your wife, both, a trust, or who or whatever, they can foreclose. Whoever signed the note is liable and held responsible for the loan regardless of who or what owns the property.
If you or your wife, or both of you signed for the loan you will be liable and any deficiency judgement will be against you. It won’t matter who or what owns the property or who the beneficiaries are of any trust holding title to the property.
What exactly are you trying to accomplish here?