Posted on: 06th Feb, 2008 10:35 am
we owned a home in california and had purchase a small retirement home in oregon. the home in california was forclosed on and sold for much less than we owed. i become disabled and now receive ssd. we moved to our retirement home in oregon. our credit rating went from the high 760 to rock bottom. the second mortgage on the forcloser is still owed over $100,000.00. they and many other credit collections are filling law suits to collect and are planning to place judgement on our home here in oregon. can i sell it on quick claim deed and include in the selling price that the person will allow us to live here for 10 years as we are in our 60's and leave the mortgage in our name untill the buyer can refinance it in there own names. we will add the value of the monthly rent to the selling price. we have some equilty but not enought to pay off all judgement. and we will still owe more than we can pay leaving us no place to live when judgements force the sale of this home. we are basicly giving up all rights to our home in order to live here for the next ten years.
Welcome chatkerbox.
You can sign the quitclaim deed and transfer title to the buyer at the time of sale. But it may be regarded as fraudulent transfer since it might give the impression that you wish to transfer property just to get away from the debt and the judgment amount. So, you need to convince them why you will sell the property.
I think you wish to offer the property on a lease to purchase option such that the buyer will rent it now and then purchase it and refinance the loan. You can then use the rent payments to pay off the collections and judgments. By the way, do you have a mortgage on the Oregon home also?
You can sign the quitclaim deed and transfer title to the buyer at the time of sale. But it may be regarded as fraudulent transfer since it might give the impression that you wish to transfer property just to get away from the debt and the judgment amount. So, you need to convince them why you will sell the property.
I think you wish to offer the property on a lease to purchase option such that the buyer will rent it now and then purchase it and refinance the loan. You can then use the rent payments to pay off the collections and judgments. By the way, do you have a mortgage on the Oregon home also?
Oregon may have a homestead exemption where you get to keep a certain amount of the equity from creditors. In California, the amount for married couples used to be $150,000 (I don't know the current amount).
Transferring the property now would likely be a fraudulent transfer.
Transferring the property now would likely be a fraudulent transfer.
We owned a home in California....CA is a non recourse state...in other words the lender can't come after you for a deffiancy on the mortgage...so those are just idle threats.....was the second mortgage a purchase money second? did you EVER refi the home? If you never did a refi and you never took cash out then you won't get a 1099c either......
and had purchase a small retirement home in Oregon. The home in California was forclosed on and sold for much less than we owed. I become disabled and now receive SSD. We moved to our retirement home in Oregon. Our credit rating went from the high 760 to rock bottom. The second mortgage on the forcloser is still owed over $100,000.00. They and many other credit collections are filling law suits to collect and are planning to place judgement on our home here in Oregon. Go talk to a BK attorney and file chapter 7...it will stop them in there tracks and protect your remaining assets....if there is a mortgage on the home in Oregon you can re-affirm that debt at discharge......
Can I sell it on Quick claim deed and include in the selling price that the person will allow us to live here for 10 years as we are in our 60's and leave the mortgage in our name untill the buyer can refinance it in there own names.
We will add the value of the monthly rent to the selling price. We have some equilty but not enought to pay off all judgement. And we will still owe more than we can pay leaving us no place to live when judgements force the sale of this home. We are basicly giving up all rights to our home in order to live here for the next ten years.
Simply put....you need to file for BK......it is by far the easiest and best recourse you have from the sounds of it.
and had purchase a small retirement home in Oregon. The home in California was forclosed on and sold for much less than we owed. I become disabled and now receive SSD. We moved to our retirement home in Oregon. Our credit rating went from the high 760 to rock bottom. The second mortgage on the forcloser is still owed over $100,000.00. They and many other credit collections are filling law suits to collect and are planning to place judgement on our home here in Oregon. Go talk to a BK attorney and file chapter 7...it will stop them in there tracks and protect your remaining assets....if there is a mortgage on the home in Oregon you can re-affirm that debt at discharge......
Can I sell it on Quick claim deed and include in the selling price that the person will allow us to live here for 10 years as we are in our 60's and leave the mortgage in our name untill the buyer can refinance it in there own names.
We will add the value of the monthly rent to the selling price. We have some equilty but not enought to pay off all judgement. And we will still owe more than we can pay leaving us no place to live when judgements force the sale of this home. We are basicly giving up all rights to our home in order to live here for the next ten years.
Simply put....you need to file for BK......it is by far the easiest and best recourse you have from the sounds of it.
