foreclosure and bankruptcy

Old 12-13-2007, 09:08 PM
  # 21 (permalink)  
Power is not having to respond
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Well heres what I learned from my lawyer.
They can come back and sue you even if it's been 7 years and the debt has not been collected, and it comes off your credit report!

I am only an "authorized user" on my xah's cards. But, by law, yes I can be held responsible for them because it was debt incurred during the marriage! Just because xh agreed to be responsible for them doesn't mean they can't sue me. :wtf2
They can sue me, I would have to pay. Then, I could try to take x to court to make him responsible as agreed in the divorce. LOL and HA HA, he hasn't got a penny! He wouldn't be able to pay.
So, that farging bastage would get off scott free and I would be in debt the rest of my life.

That's the worst case scenario.
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Old 12-14-2007, 09:08 PM
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I'm clueless about this too but wanted to send you lots of positive thoughts. I know you will be lead in
the right direction and stay on your feet. You seem capable of handling everything thrown at you with grace and strength. Hugs.
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Old 12-15-2007, 09:35 AM
  # 23 (permalink)  
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Cinder - If you are considering bankruptcy then you would include the home. If that is the route you decide to take, there would be no purpose in doing a deed to the mtg. company. Just wrap it up all in one package. That is if you want a clean start from everything. Bankruptcy stays on your credit for 10 years, there are statute of limitation laws (different laws in different states) depending on if it is considered a lawsuit on credit cards, breach of contract suit... any number of things, but they only have so many years to file suit in or be barred. They will continue to try to collect for 7 years. If they get a judgement against you, then the judgement applies for longer and can be re-recorded after 7 or 10 years depending on the state. There are lots of plus's and minus's to all the options. A bankruptcy attorney can go over all those options and often times the first visit to them is free. It wouldn't hurt to just schedule one and maybe get some specific answers for your state. Even try googling bankruptcy options florida. Most of your questions have been asked by others and some attorneys have forums that respond online.

I hope your Realtor is able to help you.

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Old 12-16-2007, 03:15 PM
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Careful signing the house over my last house was a bank sale and the bank sold it for less than what was owed and went after the previous owner for the balance.
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Old 12-16-2007, 03:35 PM
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Gosh Ciner,
It's a shame you can't rent it out, us snowbirds up here are always looking for something to rent down there, especially if it's close to water.

Hugs, and crossing my fingers for you.
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Old 12-16-2007, 04:46 PM
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I wish I could buy it from you, because I'd love to have a little place up your way and as they say "they don't make land anymore."
I hope it all works out soon.
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Old 12-17-2007, 02:53 PM
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Hi Cinderella

I used to work in Forclosure. (no death threats please, I'm outta the business, it beat me down)

A Deed in lieu of foreclosure is a deed where the borrower gives all interest in the property to the lender to satisfy a loan that is in default and avoids foreclosure proceedings.

The deed in lieu ("DIL") of foreclosure offers advantages to the borrower. The primary "plus"is that it immediately releases him/her from most or all of the personal debt that comes along with the defaulted loan. The borrower also avoids the bad name associated w/ a frcl proceeding and may receive more generous terms than he/she would in a "normal" foreclosure.

In order to be considered a deed in lieu of foreclosure, the debt must be secured by the real estate being transferred.

Most likely your mortgage lender will not agree to a DIL until you have given them something in writing that states that the offer to enter into a DIL is made voluntarily.

Also, unless you can get your mortgage lender after the DIL is executed to mark your mortgage as "PAID IN FULL", the DIL will still show up on your credit rating which may make it a challenge to purchase property in the furture.

This is not legal advice as I cannot give it, but merely a suggestion. I would also research companies who purchase properties from individuals in your situations. There are many of them that make a living off of buying property that is "preforeclosure"

Best of luck and if you need some help, please PM me.
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Old 12-17-2007, 02:56 PM
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I have tried contacting those companies, noone is calling me back. Ive been calling for 6 months. Several down here have even gone out of business. I really need to find someone who wants to use it as a rental, as that would be the most prosperous for anyone who invests in it right now.

Thanks again everyone. The realtor never called me back...Im thinking how unprofessional for whatever reason, so Im starting fresh
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Old 12-18-2007, 08:39 AM
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realtors at least in situations like this are like used car salesmen. Is there other options you can search out in terms of posting a rental, such as craig's list? I'm not sure where you are located but that's a free way to post the rental.

Search out sites like that see it that will help.

I'm sorry for your troubles. You're in my thoughts!
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Old 12-18-2007, 09:48 AM
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I dont want to rent it out, I want someone to buy it possibly to rent out. Its been on craigslist for months.

Thank you everyone
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Old 12-18-2007, 09:55 AM
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Cind....I went looking for it....does it say "kick me while I'm down and make some money too?"
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Old 12-18-2007, 10:01 AM
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No, LOL it should.
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