How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Attorney & Mediator Your Own Ques...

Attorney & Mediator
Attorney & Mediator, Lawyer
Category: Real Estate Law
Satisfied Customers: 20012
Experience:  Lawyer,Former Broker and Just Answer Legal Mentor
Type Your Real Estate Law Question Here...
Attorney & Mediator is online now
A new question is answered every 9 seconds

I have an investment property that I can no longer afford monthly,

Resolved Question:

I have an investment property that I can no longer afford monthly, if I allow foreclosure , what and how can this affect my other assets or home.
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  Attorney & Mediator replied 3 years ago.
what and how can this affect my other assets or home.

I am assuming the investment property is located in Ohio. Ohio allows for the collection of a deficiency judgment (the difference due if the property is sold for less at a foreclosure). Your primary home can be foreclosed to collect on the deficiency. Ohio only exempts the first $5000.00 of your property from being seized. They can also come after personal property subject to the certain amounts of exemption (see below for the list of exemptions)


Real Property: Real or personal property claimed as residence to $5,000 [2329.66(A)(1)(b)]
Personal Property: Animals, crops, books, musical instruments, clothing, appliances, household goods, furnishings, jewelry, sporting equipment and firearms up to $200 per item; refrigerator and stove up to $300 each, one item of jewelry up to $400, not to exceed $1,500 total; however, can claim $2,000 total if real estate exemption not used [2329.66(A)(3), 2329.66(A)(4)(b) and (d), 2329.66(A)(c) and (d)]; motor vehicle up to $1,000 [2329.66(A)(2)]; bank deposits, cash and money due within 90 days, security deposits and tax refunds, up to $400 total [2329.66(4)(a)]; health aids, unlimited amount [2329.66(A)(7)]; beds, bedding and clothing up to $200 per item [2329.66(A)(3)]; burial plot, unlimited amount [517.09 and 2329.66(A)(3)]; implements, books and tools of trade up to $7,500 [2329.66(A)(5)]; lost future earnings, amount needed for support if received during 12 months before filing bankruptcy [2329.66(A)(12)(d)]; wrongful death recoveries, amount needed for support if received during 12 months before filing bankruptcy [2329.66(a)(12)(b)]; personal injury recoveries up to $5,000 if received during 12 months before filing bankruptcy, but not for pain and suffering [2329.66(A)(12)(c)]
Insurance / Annuities: Benevolent society benefits up to $5,000 [2329.63 and 2329.66(A)(6)(a)]; disability benefits to $600 per month [2329.66(A)(6)(e) and 3923.19]; benefits from fraternal society, unlimited amount [2329.66(A)(6)(d) and 3921.18]; group life insurance policy or proceeds, unlimited amount [2329.66(A)(6)(c) and 3917.05]; life, endowment or annuity benefits for spouse, child or dependent, unlimited amount [2329.66(A)(6)(b) and 3911.10]; life insurance proceeds for a spouse, unlimited amount [3911.12]; life insurance proceeds if proceeds cannot be used to pay beneficiary's creditors, unlimited amount [3911.14]
Pensions / Retirement Plans: Retirement benefits, IRAs and Keoghs, amount needed for support [2329.66(A)(10)(b) and (c)]; public school employees, unlimited amount [3307.71 and 3309.66]; firefighters and police officers, (both pensions and death benefits), unlimited amount, state highway patrol employees, dependents of volunteer firefighters, and public employees, unlimited amount [2329.66(A)(10)(a)]
Public Benefits / Entitlements: Unemployment compensation, unlimited amount [2329.66(A)(9)(c) and 4141.32]; workers' compensation, unlimited amount [2329.66(A)(9)(c) and 4141.32]; aid to families with dependent children, unlimited amount [2329.66(A)(9)(d) and 5107.12]; crime victim's compensation, unlimited amount if rec'd during 12 months before filing bankruptcy [2329.66(A)(12)(a) and 2743.66]; disability assistance payments, unlimited amount [2329.66(A)(9)(e) and 5115.07]; living maintenance benefits, unlimited amount [2329.66(A)(16) and 3304.19]; tuition credits, unlimited amount [2329.66(A)(16)]
Wages: 75% of earned but unpaid wages due for 30 days [2329.66(A)(13)]
Miscellaneous: Alimony and child support, amount needed for support [2329.66(A)(11)]; any real or personal property up to $400 [2329.66(A)(17)]; property of business partnership [1775.24 and 2329.66(A)(14)]



The better approach to foreclosure is to negotiate a short-sale or deed in liue of foreclosure where the lender agrees to waive their rights to go after the difference. A foreclosure is just walking away from your responsibility but the other two options gives you the opportunity to negotiate with the lender as fulll satisfaction of what you owe.





_______________________________________________

Please Note: JustAnswer.com is a public forum. JustAnswer.com is not a law firm. JustAnswer.com is only a question and answer site. Asking a question does not create an attorney-client relationship nor is your question protected under the attorney-client privilege. An attorney-client relationship is established when you enter into written contract for representation and pay a retainer directly with the attorney or attorney’s firm.

JustAnswer.com uses the term “Expert”. I do not hold myself as an expert when I answer your questions. The information given by me is not legal advice. I am not establishing an attorney-client relationship with you. I am providing only research, resources and information only for you to be informed and educated about your particular needs and my answer is limited to the facts presented. You are only paying me for such information given.

My answer or reply is limited to your facts presented and additional information you post may not come in after my reply or answer has posted, if this has occurred please let me know and I will answer further. Due to site tech reasons, oftentimes I am initially only able to see the first part of your post, so this may result in more interactions between us. There might also be a delay in my reply or answers, as I may be helping other customers, or called away from my office or have logged off. Please be assured your question(s) will be answered promptly.

Customer: replied 3 years ago.
Is the short sale or deed that you suggest negotiated thru the mortgage co. and do these options have the same effect on your future credit as the forclosure would
Expert:  Attorney & Mediator replied 3 years ago.
Is the short sale or deed that you suggest negotiated thru the mortgage co. and do these options have the same effect on your future credit as the foreclosure would

Yes, these options are negotiated with the lender as the lender needs to agree in writing to waive their rights to go after the deficiency. Yes, they would affect your credit but the "blow" would not be as great as a foreclosure because it shows you tried to work out a solution versus just walking away without doing anything. In general if you exercise the other options you should be able to reapply for a new loan within 2 to 3 years, versus having to wait 7 years on a foreclosure. Again it all depends on the current economic conditions when you decide to obtain a new loan.





_______________________________________________

Please Note: JustAnswer.com is a public forum. JustAnswer.com is not a law firm. JustAnswer.com is only a question and answer site. Asking a question does not create an attorney-client relationship nor is your question protected under the attorney-client privilege. An attorney-client relationship is established when you enter into written contract for representation and pay a retainer directly with the attorney or attorney’s firm.

JustAnswer.com uses the term “Expert”. I do not hold myself as an expert when I answer your questions. The information given by me is not legal advice. I am not establishing an attorney-client relationship with you. I am providing only research, resources and information only for you to be informed and educated about your particular needs and my answer is limited to the facts presented. You are only paying me for such information given.

My answer or reply is limited to your facts presented and additional information you post may not come in after my reply or answer has posted, if this has occurred please let me know and I will answer further. Due to site tech reasons, oftentimes I am initially only able to see the first part of your post, so this may result in more interactions between us. There might also be a delay in my reply or answers, as I may be helping other customers, or called away from my office or have logged off. Please be assured your question(s) will be answered promptly.

Attorney & Mediator, Lawyer
Category: Real Estate Law
Satisfied Customers: 20012
Experience: Lawyer,Former Broker and Just Answer Legal Mentor
Attorney & Mediator and 10 other Real Estate Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.