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J.Hazelbaker
J.Hazelbaker, Attorney
Category: Legal
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Experience:  Attorney and small business owner with 10 years experience in the general practice of law.
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hi, 160k credit card debt that i have been late on for 6 months,

Customer Question

hi, 160k credit card debt that i have been late on for 6 months, i have one house that i have been 1 year late on, the house has 2 loans, first and equity line of credit, the first is 80k and line of credit is 175k, the house is worth under 300k, i also have another house that i own with my sister and it has first and second and they are both current, the debt on both is 525k and the house is worth 425k, i have a job and i make 7k a month, i am worried about creditors going after me and i know bankruptcy is out cuz i do not want the judge to know what happened with the money, can creditors put lien on the current house eventhough theres no equity what about line of credit, what happens if the house is foreclosed would they go after me, what happens to my sister
Submitted: 5 years ago.
Category: Legal
Expert:  J.Hazelbaker replied 5 years ago.
Yes, a lien can be placed on the home, though it sounds like it would be futile to do so. The creditors, however, are likely to go after everything they can. If they sue you and win a judgment, they are most likely to pursue wage garnishment, which can take up to 25% of your monthly income. They can also go after bank accounts and other personal property (which they would sieze and sell at auction).

If you sister is on one of the defaulting mortgages, they can also go after her personal assets and income. If she is not on the loans, then her potential losses would be limited to her ownership interest in the real property subject to those loans.

Please let me know, if you have follow-up questions.

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Customer: replied 5 years ago.

hi,

 

do creditors go after bank accounts outside of us (non us banks), my sister is not on default mortage, but i am wondering if there is a lien on the home that is not default, do we split the equity in half and creditors will take my portion only, she is not on any default,

Expert:  J.Hazelbaker replied 5 years ago.
Her share in the property is at stake as well. The mortgage lien can be foreclosed on the entire property. She would only be entitled to her share of any residue left after the bank forecloses.

Techically, a bank can go after a foreign bank account, if they know about it. There are hurdles and banks don't like hurdles. So, it is safer than a domestic account, but still vulnerable.
Customer: replied 5 years ago.

maybe i didn't ask the question correctly, there is no plan in foreclosing the other house i am sharing with my sister, and i am afraid if creditors but lien on the house, and when we decide to sell the house when themarket is up, there is equity of 100k, do creditors take all 100k or my sister will take 50k and creditors take the rest.

 

thanks for your help

tarek

Expert:  J.Hazelbaker replied 5 years ago.
O.K. The creditors can put a judgment lien on the second property. They could sue to enforce the lien, but it isn't likely at this point. They risk having the lien wiped-out if as it is subordinate to the primary mortgage lien.

If they do foreclose on a judgment lien, then they can take whatever amount is left over after the secured mortgage liens are satisfied up to your percentage of interest in the property (which is apparently 50% in your case).
Customer: replied 5 years ago.

ok, i am not sure what to do, what do you suggest, i am afraid they will put lien on the second propoerty, but what if my portion is only 10%, (who decides that, can I just say that), and there is potential in leaving the states one day, but not sure really when, i am thinking to have them get the judgement, and garnish my wages until i leave, what do you suggest i do, wouldn;t be difficult to do bankruptcy since i will lose for sure.

 

thanks

tarek

 

Expert:  J.Hazelbaker replied 5 years ago.
Unless otherwise specified, the assumption will be that you own the property equally.

Given your situation, you have no full-proof way to protect your ownership interest in the investment (second) property. The best strategy would be to try to work something out with the creditors and focus solely on payments at the rate they could garnish anyway (25%).

Customer: replied 5 years ago.
how can we specify that we do not own the prepoerty equally, i am located in california by the way, also when you said focus on payments that they could garnish anyway, are yo saying try to work out a payment plan that would be less than 25%, what happens if i did and then i failed sometime later
Customer: replied 5 years ago.

sorry for so many questions, i appreciate your help and i will pay you, you were great help, if only one creditor sues me, and win judgement, what happens with other creditors if they did not sue me

Expert:  J.Hazelbaker replied 5 years ago.
Yes. Work out a payment plan. Creditors don't want to go to court if they don't have to as it is costly and not without risks. If you make an offer for a payment plan which is close to their best alternative, but without cost, then theirs a good chance you can work something out. Staying in communication with them and being proactive often avoids litigation.

The other creditors will have to wait in line.

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J.Hazelbaker
J.Hazelbaker
1996 Satisfied Customers
Attorney and small business owner with 10 years experience in the general practice of law.