Posted on: 07th Jun, 2008 10:56 am
My husband is on the mortgage and I'm on the deed since he brings in the money, my husband owns a pest control business and 7 months ago he signed for a suburban and I'm not on it. everything was fine until one of the customers bounced a 4k check and we lost her 1800 a month income and we lost another 7k a month account due to the housing industry is is the toilet but either way now we can't afford the suburban and we are going to have to turn it over, we dont want to file bankrupt since we have good credit and no other real debt. but we heard that once they sell the truck they can garnish wages to get the balance owed and freeze bank accounts and put a judgement on our house. Is there a way for him to quick deed it to protect the house from getting tied up in this? Will my credit be affected even though I'm not on the papers?
Jmoore
Jmoore
Hi Jmoore,
Quit claim will not be your solution for this. And since you are not on the mortgage, so it will not affect your credit.
Quit claim will not be your solution for this. And since you are not on the mortgage, so it will not affect your credit.
there is rampant confusion on the postings here.
you mention "quick deed" - of course you mean a quit claim deed.
here is my question: are you referring to the vehicle or the house? it seems to me you plan on giving back the vehicle to the lender, not your home. in that event, this will not affect you, as you are not the owner of the vehicle.
it doesn't seem that foreclosure is in your plans, nor is a deed-in-lieu.
i hope you're only talking about giving back the auto.
you mention "quick deed" - of course you mean a quit claim deed.
here is my question: are you referring to the vehicle or the house? it seems to me you plan on giving back the vehicle to the lender, not your home. in that event, this will not affect you, as you are not the owner of the vehicle.
it doesn't seem that foreclosure is in your plans, nor is a deed-in-lieu.
i hope you're only talking about giving back the auto.
yes I'm talking about the suburban being given back, but trying to protect my house from being liened after they sell it at auction if they can even get it sold. My husband really hates to have to give it back but we have no choice we can't pay for it now, we are doing everything we can to keep our house payments up and household bills ect.. We are going to talk to a bankrupt atty. this week, but We hate to file for just the suburban. But we were told that they can freeze our bank accounts and even his Business account since he has interest in it even though it is a S corporation. So if anyone has any suggestions would like to hear them.
Hi Jami.
I don't think filing BK is a good choice for you now as it will hurt your credit. It should be your last option to get relief from the lender/ creditor if they harass you for the deficient amount. But I think you just try to negotiate with the creditor and pay it a repayment plan.
Feel free to ask if you have any further questions.
Best of luck,
Larry
I don't think filing BK is a good choice for you now as it will hurt your credit. It should be your last option to get relief from the lender/ creditor if they harass you for the deficient amount. But I think you just try to negotiate with the creditor and pay it a repayment plan.
Feel free to ask if you have any further questions.
Best of luck,
Larry
i think negotiating a repayment plan for the deficiency, if any, is probably your best bet - it allows to you to stay out of bankruptcy, and the payments you might be able to arrange would presumably be within your budget
We met with an atty. and he said he wouldn't file bankruptcy right now but he did say that since the debt is only my husband they can't touch our joint bank account or our house since it's both of ours and as far as our business he said as long as we our equall owners and the 2253 irs form that we filled out to start our business show both our names they can't touch his business luckly it did have both our names, but our accountant have messed up by not filing us as both owners so worst case we will have to amend our past years taxes and pay in if needed. But hopefully things will get better and we will be able to afford a payment to them to resolve this. I didn't know that Florida doesn't allow spouses debt to be the others debt automaticly. THe atty. said if I was not on the 2253 irs form that they could take his company and his bank account to the S coporation. We thought as long as we had a corporation it protected the company from his own personal debt and visa versa. If any one knows anything different please let me know. thanks for all the input.
Jami
Jami
Hi jami.
Welcome back.
It is good that you have consulted with an attorney. He is the best person to guide you. Thanks for sharing this with us.
Keep us posted.
Best of luck,
Larry
Welcome back.
It is good that you have consulted with an attorney. He is the best person to guide you. Thanks for sharing this with us.
Keep us posted.
Best of luck,
Larry