Posted on: 07th Sep, 2009 05:47 am
I talked to 3 atty. I did not want to file Bankruptcy and I have Rental properties and my own house my wife is on the deeds but not on all the loans
I asked if I Transfer them to her before a judgement is filed.
They all said yes the creditor might try to get it un done .is this okay to do this? They said that she owns 50% even if they put a judgment on you
they can't sell them without paying her and then will they sell for enough money to pay the First Mortage.
Thanks
Richard
I asked if I Transfer them to her before a judgement is filed.
They all said yes the creditor might try to get it un done .is this okay to do this? They said that she owns 50% even if they put a judgment on you
they can't sell them without paying her and then will they sell for enough money to pay the First Mortage.
Thanks
Richard
Hi Richard,
It's true that if you sign over the properties to your wife, the creditors can reverse the transfer. A transfer at this point in time will be considered as an attempt to avoid your creditors. If you sign any deed to transfer the properties, the deed will be considered as invalid. Thus, there's no point in transferring the properties to avoid the judgment.
The credit card companies can sell your properties to recover their debts. However, they will have to pay off the primary mortgage first. So, they are likely to sell the property if there's enough value in it to satisfy the credit card debts after paying off the primary mortgage. If the property is worth less than what is owed on it, it's unlikely that they will sell the property.
It's true that if you sign over the properties to your wife, the creditors can reverse the transfer. A transfer at this point in time will be considered as an attempt to avoid your creditors. If you sign any deed to transfer the properties, the deed will be considered as invalid. Thus, there's no point in transferring the properties to avoid the judgment.
The credit card companies can sell your properties to recover their debts. However, they will have to pay off the primary mortgage first. So, they are likely to sell the property if there's enough value in it to satisfy the credit card debts after paying off the primary mortgage. If the property is worth less than what is owed on it, it's unlikely that they will sell the property.
If a credit card company filed a judgement against you,you ansered stating you was witha debt consolidation company for 3 months,then turned around and had to file a chapter 13 ,how much are you protected by having a chapter 13,How far in your personal life can they dig into,for exp as far as bank accounts etc
2:19 pm post subject: credit card judgement
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if a credit card company filed a judgement against you,you ansered stating you was witha debt consolidation company for 3 months,then turned around and had to file a chapter 13 ,how much are you protected by having a chapter 13,how far in your personal life can they dig into,for exp as far as bank accounts etc
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if a credit card company filed a judgement against you,you ansered stating you was witha debt consolidation company for 3 months,then turned around and had to file a chapter 13 ,how much are you protected by having a chapter 13,how far in your personal life can they dig into,for exp as far as bank accounts etc
quick reply
your name
subject
message body
all times are gmt - 7 hours
page 1 of 1
free consultationloan type:
mortgage refinance home equity loan new home loan debt consolidation
property state:
alaskaalabamaarkansasarizonacaliforniacoloradoconnecticutdistrict of columbiadelawarefloridageorgiahawaiiiowaidahoillinoisindianakansaskentuckylouisianamassachusettsmarylandmainemichiganminnesotamissourimississippimontananorth carolinanorth dakotanebraskanew hampshirenew jerseynew mexiconevadanew yorkohiooklahomaoregonpennsylvaniarhode islandsouth carolinasouth dakotatennesseetexasutahvirginiavermontwashingtonwisconsinwest virginiawyoming
property type:
single family residence multi-family residence condominium mobile home manufactured home
credit rating:
excellent good fair poor
ask questionscommunity attorney
joshua heard
houston, texas
post your detailed question here.
highlightshelpful references
• mortgage guide
• mortgage terms
• mortgage news
• book center
• shop and compare lenders
• 30 yr. fixed vs. 5/1 arm
our community
• mortgagefit blog
• community professionals
• community rewards
• introduce yourself
• website tools
community rewards
• five simple ways to earn money with the mortgage community.
new and upcoming tools
• credit repair tool
• mortgage planner
• simple budgeting tool