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I just need some good advise how to handle this issue. I want to negotiate with the creditor to lower the debt but it might be hard because they put a lien on my primary home. I can't pay the full amount in this bad economy and also have to support my family. Any advise?
Thank you for your answer. Very helpful advice. I heard that there is 10% interest fee for the judgment debt. Would this be a factor that creditor might not want to negotiate to lower the debt. Because as they wait, they can get paid a lot more?
In the worst case scenario, if I can't afford the mortgage payments, I was recommended to stay as long as possible at the home and let it foreclose. Currently I'm staying at home and be able to afford payments because of lone modification which lower the interest rate down to 2%. But it will go back up to normal rate in couple of years and will be hard to pay the high payments. If I tell them I'm not planning to keep the home and let it foreclose, will it help to negotiate? If it foreclose, the lien will get removed and the debt is not secured anymore I heard. I just want to negotiate to lower the debt to make if affordable and finish this stressful case. If they think the debt is very secured, they won't lower the debt much in my opinion. Please advise.
The judgment debt is a default judgment with fraud charge. It happened because I didn't not fight the case because my local bankruptcy attorney told me not to. I regret it because at least I can avoid the fraud charge which wasn't hard to do I heard. Is it possible to fight the case again? I never received the court paper directly for the case.
early 2011. No, they tried to deliver to me directly but they were never able to directly deliver to me.
Can a lien judgment creditor take my furnitures to collect debt? furnitures are pretty high valued ones.
Optional Information: Country relating to Question: United States State (if USA): California
Can I say I'm leasing them from parents just in case they tried to take them. There is no exemption to keep furniture at primary home?
I sometimes stay at my parents house. If I say only my wife and a son stay at my home but I stay at my parents house, our furnitures are safe? It says"(2)Where the judgment debtor and the judgment debtor's spouselive separate and apart, if ordinarily and reasonably necessary to,and personally used or procured for use by, the spouse and members ofthe spouse's family at the spouse's principal place of residence."
Thank you again for your good advices.
Sorry, I missed your question earlier-"Did they leave the summons with somebody at your house or work? They do not have to hand you the summons personally." the answer is no, they never hand me the summons personally.
If you are prosecuted for perjury, what happens? jail time or fine?
let's say there is no equity on my home. Do you think it's possible to discharge the lien judgment debt(default fraud judgment) which is the $300,000 through bankruptcy?
I heard that once a judgment is made, it's hard to change the judgment's result. But in this case, the judgment was a default judgment, so it won't affect if I have to prove it wasn't fraud in the adversary proceeding?
How much equity is needed for a bankruptcy judge to decide if my home should be sold or not? How do judges estimate our home value? Do they use the site like Zillow.com or?
Hi again.Theoretically, there only needs to be 1 dollar of equity available. Realistically, the house would not be sold unless there are several thousand dollars available even after expenses.A judge wouldn't even get involved unless there is a dispute. The value of the house could be determined by a Zillow.com estimate. For example, if you list the house as the value found on Zillow.com, then it's quite possible that neither the trustee or any creditors would argue. But if there is a dispute, then the disputing party (whether it's the trustee or a creditor) will likely have a professional appraisal. If you dispute the appraisal, then there would need to be an evidentiary hearing and a judge would make a determination based upon the evidence presented (e.g., the expert testimony of the appraisers). At such a hearing, the Zillow.com estimate would be useless. You'd need the testimony of an expert appraiser to counter the other party's expert appraiser.
How do I find good bancruptcy atterney in Los Angeles area? I'm having hard time finding a good banckruptcy atterney
Lets say there is mortgage loan balance 1.1mill and the judgment lien amount 300,000 on my home. If the appraiser value of my home is 1.4mill, will my home get sold through chapter 7 BK?
Does that mean, the lienholder can sell my primary home not even through BK? I was told that my primary home is protected which means they can put lien but can't kick me out or sell.
This article below saying a judgment debt is only renewable for 30years. I thought a judgment debt is renewable every 10years infinitly. Please let me know what's correct. Here is the article- "In California real estate liens remain in effect for five years unless the collection agency requests a continuation of the lien within the six-month period preceding the date the lien expires. Should the lien expire without the collection agency requesting a continuation, it may use its judgment to request a new Abstract of Judgment from the court and file a new property lien. California judgments remain enforceable for 10 years and are renewable for a total of 30 years. If the judgment itself has expired, the collection agency may not renew or file a lien against your home."
Is it possible to design the bankruptcy to pay IRS back tax debt first before lien judgment debt if trustee sell my primary home? Assuming IRS back tax debt has no lien on my home but the judgment debt has lien on my home.
I have some certificate of tax lien letters and notice of state tax lien letters but when I check public records, I don't see any lien on my home. does that mean, these liens are on my business or business proporties only? Or these government liens don't show on public records?
If there is high equtiy so trustee sold my home in bankcrupty and there is some money to be paid to creditors. Who will get paid first between the IRS lien debt(lien on business only) VS Judgment lien debt(lien on my home that got sold)?
I've been trying for lone modification for a while to protect my home. This is my 2nd time submitted the lone modification application. Each time it get denied, I had to file bankruptcy to stop the foreclose then submit new lone mod application and then let the bankruptcy get canceled. I'm planning to repeat this until I get my lone modification get approved. Can the mortgage company stop me from repeating this? I have a family to support and I'm afraid my home might get foreclosed.
How many is too many times? Is there a certain limit to repeat that?
Can I save my house even after the foreclosure sale?
So I have one year to buy back the home and also one year to stay? Also what do you mean by mortgage was fully paid from the sale? doesn't it have to get paid fully to be sold at auction?
There is a high amount judgment lien on my home. We are about to settle the debt as 5 year payment plan. Can I remove the lien once I start making payments or do I have to wait 5years to finish making payments to remove the lien on my home?
I want to inherit properties safely to my son in the future. If I place my future properties into trust, will they protected from legal issues like judgments debts against me? How strong is trust law?