are wife's assets at risk for husband's debt?

What is the name of your state? TN
My husband has a credit card in his name - balance approx. $5,200. It has been turned over to Midland & now they are threatening to turn it over to an attorney.
I bought our home several years before we married. I think my husband was on the last deed of trust that we had to sign when I refinanced. Mortgage is in my name only but I think he had to be added to the deed of trust because of State Law.
We also have separate checking accounts as far as how we fund them. But they are Joint accounts for convenience sake (so we can write checks for the other if we need to).
Just wondering, if an attorney gets a judgment for this account, are the house and my checking account at risk? Any advice?

[JETX]

"I think my husband was on the last deed of trust that we had to sign when I refinanced."
*** If his name is on the deed, for any reason, then his 'portion' of the ownership is 'at risk'.

"We also have separate checking accounts as far as how we fund them. But they are Joint accounts for convenience sake (so we can write checks for the other if we need to)."
*** Same response.... if his name is on the account, then his contributed funds are 'at risk'.

"if an attorney gets a judgment for this account, are the house and my checking account at risk?'
*** See above.

"Any advice?"
*** Pay your bills. You have presented nothing to even indicate that payment is a problem.

Originally posted by JETX
"I think my husband was on the last deed of trust that we had to sign when I refinanced."
*** If his name is on the deed, for any reason, then his 'portion' of the ownership is 'at risk'.

But is her husband on the "deed" or the "deed of trust"? OP said deed of trust which I thought was the mortgage instrument.

[HomeGuru]

Originally posted by theother
But is her husband on the "deed" or the "deed of trust"? OP said deed of trust which I thought was the mortgage instrument.

**A: some states call deeds, deeds, grant deeds, trust deeds, deeds of trust, warranty deeds, quit claim deeds, general deeds etc. Now do a good deed and find out what mortgage instruments are called.

No fair assigning homework on a Saturday, HG. So what are the mortgage instruments called? Yeah, yeah I'll go look it up. Hint? Little one?


So the security instrument for the loan is called a deed of trust here in CA, but in TN the deed of trust is actually the ownership? I knew (or thought I knew) that some states called them "deeds of trust" or "trust deeds" and some states used mortgage or some other term, but I didn't realize that "deed of trust" meant something else in other states.

[JETX]

And some people call them 'Deed of Trust" when they are really just deeds.

deed of trust
n. a document which pledges real property to secure a loan, used instead of a mortgage in Alaska, Arizona, California, Colorado, Georgia, Idaho, Illinois, Mississippi, Missouri, Montana, North Carolina, Texas, Virginia and West Virginia. The property is deeded by the title holder (trustor) to a trustee (often a title or escrow company) which holds the title in trust for the beneficiary (the lender of the money). When the loan is fully paid, the trustor requests the trustee to return the title by reconveyance. If the loan becomes delinquent the beneficiary can file a notice of default and, if the loan is not brought current, can demand that the trustee begin foreclosure on the property so that the beneficiary may either be paid or obtain title.

Okay, so deed of trust is the security instrument and means the same thing everywhere (although it's not used everywhere), it's just that some people use the term incorrectly. So when I hear "deed of trust" they should be talking about the "mortgage" if they are using the term correctly. So, you just thought the OP mispoke and said "deed of trust" meaning "deed". Is that right? Okay, I think I've got it now.

So, is that a online dictionary you're using? Could I please have the link? It seems more informative than the ones I found.

[HomeGuru]

Got Trust Deed? In God We Trust.