Comments on: Stuck with Your House — Part 2 http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/ Expert Advice & News on Bad Credit Mortgage, Mortgage Refinancing & Home Loans Sat, 21 Nov 2009 02:57:47 +0000 http://wordpress.org/?v=2.3.2 By: Gina Pogol http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-4365 Gina Pogol Tue, 30 Jun 2009 18:10:50 +0000 http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-4365 Depending on the state you live in, your lender may not be able to come after you for a deficiancy--check that first thing. And modifications / refis under Making Home Affordable don't allow the removal of any parties from the loan--I checked. Are you in fact already divorced? Remember that she is on the hook too and is just as liable as you are if the property is financed in both your names. (Get a lawyer though--I'm not one and I am not going into law practice here.) If you both still own the property, are divorced, and have to give it up--either through a deed-in-lieu or foreclosure or short sale you have options. First, there's the whole blood from a turnip thing. If there's no money the lender is unlikely to waste resources coming after it. If you make the foreclosure part of a bankruptcy you will not be held liable for a deficiency--but your ex may be if you want to stick it to her and she has the money. Or she'll have to file a bankruptcy to protect herself. I'm assuming here that you do not have the financial resources to simply buy her out and that the judge ordered you to dispose of the property in your divorce. I'm assuming that you already have credit problems so a bankruptcy / foreclosure or short sale won't make things worse. If you'd like to provide more information here I can get you more help. You might also want to try www.debthelp.com which is a great site for people with money problems, or www.nolo.com, which has tons of legal information. Good luck and thanks for writing. Gina Depending on the state you live in, your lender may not be able to come after you for a deficiancy–check that first thing. And modifications / refis under Making Home Affordable don’t allow the removal of any parties from the loan–I checked.

Are you in fact already divorced? Remember that she is on the hook too and is just as liable as you are if the property is financed in both your names. (Get a lawyer though–I’m not one and I am not going into law practice here.) If you both still own the property, are divorced, and have to give it up–either through a deed-in-lieu or foreclosure or short sale you have options.

First, there’s the whole blood from a turnip thing. If there’s no money the lender is unlikely to waste resources coming after it. If you make the foreclosure part of a bankruptcy you will not be held liable for a deficiency–but your ex may be if you want to stick it to her and she has the money. Or she’ll have to file a bankruptcy to protect herself.

I’m assuming here that you do not have the financial resources to simply buy her out and that the judge ordered you to dispose of the property in your divorce. I’m assuming that you already have credit problems so a bankruptcy / foreclosure or short sale won’t make things worse.

If you’d like to provide more information here I can get you more help. You might also want to try http://www.debthelp.com which is a great site for people with money problems, or http://www.nolo.com, which has tons of legal information. Good luck and thanks for writing.

Gina

]]> By: Anonymous http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-4361 Anonymous Tue, 30 Jun 2009 17:32:06 +0000 http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-4361 WHAT DO YOU DO WHEN THE EX WILL NOT DO ANY OF THE ABOVE SUGGESTIONS, THE BANK SAYS NO TO REFI, MODIFY, ETC. I HAVE EXHAUSTED ALL POSSIBILLITIES EXCEPT SHORT SALE AND FORECLOSURE BECUASE THEN IF THEY COME AFTER ME FOR OWING THE DIFFERENCE, THEN MY EX CAN SUE ME-FOR WHAT??? SHE IS NOT GOING TO DISH OUT ANY MONEY FOR ANY PAYMENT OR REPAYMENT OR REFINANCING- SO WHY CAN SHE SUE ME SINCE SHE HAD AN OPTION ALSO? WHAT DO YOU DO WHEN THE EX WILL NOT DO ANY OF THE ABOVE SUGGESTIONS, THE BANK SAYS NO TO REFI, MODIFY, ETC. I HAVE EXHAUSTED ALL POSSIBILLITIES EXCEPT SHORT SALE AND FORECLOSURE BECUASE THEN IF THEY COME AFTER ME FOR OWING THE DIFFERENCE, THEN MY EX CAN SUE ME-FOR WHAT??? SHE IS NOT GOING TO DISH OUT ANY MONEY FOR ANY PAYMENT OR REPAYMENT OR REFINANCING- SO WHY CAN SHE SUE ME SINCE SHE HAD AN OPTION ALSO?

]]> By: Gina Pogol http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-90 Gina Pogol Fri, 18 Jul 2008 01:56:13 +0000 http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-90 LLC rules vary depending on the state. Nevada is a popular place to create one (I have one there myself and my investment properties are owned by it) because the laws are extremely favorable -- for example, ownership information is not made public. And while a Nevada LLC has to be "adequately funded," there is no minimum capitalization requirement. LLC rules vary depending on the state. Nevada is a popular place to create one (I have one there myself and my investment properties are owned by it) because the laws are extremely favorable — for example, ownership information is not made public. And while a Nevada LLC has to be “adequately funded,” there is no minimum capitalization requirement.

]]> By: Clark http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-89 Clark Fri, 18 Jul 2008 00:00:44 +0000 http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-89 That makes good sense. Don't you have to keep a certain amount of money in the bank for an LLC as insurance? That makes good sense. Don’t you have to keep a certain amount of money in the bank for an LLC as insurance?

]]> By: Gina Pogol http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-88 Gina Pogol Thu, 17 Jul 2008 23:55:21 +0000 http://www.mortgagecreditproblems.com/blog/stuck-with-your-house-part-2/#comment-88 I would move the home into a business entity for a couple of reasons. First, it shields you from personal liability in the event of a mishap, for example if a tenent sues and your ex has no money you could get stuck for the whole thing. Second, it keeps things businesslike and less emotional. A separate business account keeps you from mingling the house money with your personal funds, expenses and income get tracked, and rules can be spelled out in your articles of incorporation. I would move the home into a business entity for a couple of reasons. First, it shields you from personal liability in the event of a mishap, for example if a tenent sues and your ex has no money you could get stuck for the whole thing. Second, it keeps things businesslike and less emotional. A separate business account keeps you from mingling the house money with your personal funds, expenses and income get tracked, and rules can be spelled out in your articles of incorporation.

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