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INFOLAWYER
INFOLAWYER, Attorney
Category: Business Law
Satisfied Customers: 53918
Experience:  LICENSED BUSINESS LAWYER
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I live in KY, and I purchased a home in FL to help my brother

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I live in KY, and I purchased a home in FL to help my brother and his wife start a business down in FL. They have informed me that they can no longer make the payments on the home in FL. My home in Ky. has equity in it and it is in my and my husbands name. The home in FL is in my and my sister-in-laws name. When they go into foreclosure am I going to lose my home for trying to help out a family member. Is there any advice for the mess I have caused my husband and I.
Submitted: 7 years ago.
Category: Business Law
Expert:  INFOLAWYER replied 7 years ago.
If the home goes into foreclosure, you should see if you can take over the payments and avoid foreclosure. refinancing is one option. if not possible, you want to avoid a deficiency judgment under which the bank would come after other assets so that should be negotiated. If you can sell it at market to repay or rent it out those are further options.
Customer: replied 7 years ago.

Sir, while I appreciate your quick response I have already explored these possibilities.

1. They have already purchased another home and have other family members living in it, so by the time I get them evicted I will be in foreclosure. Apparently they have no equity to worry about losing. My home in KY does have some equity but I have nothing else of value.

2. I myself have been unemployed for four months, I absolutely cannot afford to make the payments on two houses, especially since the FL home is morgaged for

$200,000. and it is only now valued at $l45,000. They combo of 1st and 2nd morgage is

$2000.00 a month.

If I quick deeded my property in KY to protect the little I do have. what would my concequeses be? If jail time how long would you estimate? Hopless in KY

Expert:  INFOLAWYER replied 7 years ago.

If you quit claim your property, the creditor can seek to void the transfer. It would be a civil action, not a criminal one.

 

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