Will her credit/finances be affected...

I bought my house 2 years ago in North Carolina. About a year after I purchased my home, I began dating a girl. She moved in 8 months ago and we recently married(2 months ago). I am drowning in my mortgage payments and am to the point of not paying them anymore. We have one joint bank account, however it only has a balance of 500$, so most of our money is in our spearate accounts. I have NO other debt other than my mortgage. So my questions are...
> 1. Can the debt collectors go after her bank accounts?
> 2. Will anything be affected on her credit?
> 3. Would it be smart for us to close the joint account that we do have?
> 4. Any other advice is appreciated...

Originally Posted by Unregistered I bought my house 2 years ago in North Carolina. About a year after I purchased my home, I began dating a girl. She moved in 8 months ago and we recently married(2 months ago). I am drowning in my mortgage payments and am to the point of not paying them anymore. We have one joint bank account, however it only has a balance of 500$, so most of our money is in our spearate accounts. I have NO other debt other than my mortgage. So my questions are... > 1. Can the debt collectors go after her bank accounts? > 2. Will anything be affected on her credit? > 3. Would it be smart for us to close the joint account that we do have? > 4. Any other advice is appreciated...

One would need more information. Is the mortgage or deed in her name as well?

If not; No, debt collectors cannot for after her bank accounts.

No, her credit will not be affected.

Yes, it would be wise to close any joint accounts and have accounts only in your own names. This protects you both for more than just this problem.

If you are drowning in mortgage payments and you have no other debt besides that, you might think about securing a part-time job or selling, or perhaps renting your home. If you have stopped making your mortgage payments, it is only a matter of time (usually three months) before you bank will begin foreclosure on your property. If that happens, the choices are out of your hands and you will be forced to move out of your home. If the home does not sell for as much as you owe on it, you will be responsible for the remainder.

I hope this helps. Good luck to you.