Here is my question-is there a way for my current residence
Here is my question-is there a way for my current residence in IL can be affected by a foreclosure of a property I co-own in MO? Here is the background-I co-owned a home with a live-in boyfriend, we broke up, I remained in the home and paid the mortgage alone. I ran into difficult times and fell behind on mortgage payments and decided to sell home-I was not able to ever qualify to re-fi the home and get his name off. I was almost successful in selling the home as a short sale, but at the 11th hour it was discovered that there were over $25,000 in tax liens owed by the former boyfriend! I contacted him and advised that this will go to foreclosure as the only other option, unless he wants to moves back in and I move out. This all occurred over 4 years ago. I have since married and living in a home w/my husband in which his name only on the home loan, but my name is ***** ***** home title. The former boyfriend is stating he has married and they are not sure how long they can pay on both mortgages, and I guess there has not been an attempt to rent out that property. If they let that property foreclose is the home with my husband in jeopardy? sorry for the long explanation!
To protect our home from anyone attaching it to a lawsuit,
To protect our home from anyone attaching it to a lawsuit, which is the better option: Tenancy by the Entirety or putting it in an irrevocable living trust to our kids? The trust would be a QPRT so we can continue to live in the home. Would we still be able to sell the home if it's in a living trust?
I used to own a property that I managed through my LLC. The
I used to own a property that I managed through my LLC. The LLC owned the property. The property was put up for sale; however, there was an NOD on it due to the balloon payment due...however, it gave me time to sell it. It sold and while it was going through title, the pest inspection company arrived, conducted the work, and agreed for it to be paid through title. There is a clause in the contract that says, if more than 30 days, I will pay in full out of title. I ignored it because once title has it; they have it and that's pretty much it. The work was completed.Now, the new buyer/owner after conducting the final walkthrough, getting the keys from me, had decided the next day to NOT buy the house. They had called title to stop the payment. This threw a wrench in the entire purchase and sale. I had to sue the buyer to recover my costs and loss. Meanwhile, I did notify the pest company of this, informed them in emails that this will take a little more time because I was able to hold the escrow fee that would more than cover their costs while I take the buyer to court. I had showed them I had officially sued the buyer. They agreed to wait, but, during that time they filed a mechanic's lien on the property. There was nothing else other than this. They did not file any lawsuit or any other within the 90 days of filing their lien.During this time, I had tried to sell the property once again, but it was too late, the first mortgage holder closed on the house through foreclosure and took the property, then turned around and sold it. I had lost the court case due to a bad judge who did not know real estate law, he said, "well, she should be able to not buy it if she did not like it." OMG!!! So, I lost. Now, the pest company has an attorney threatening me to pay up "or else," but I do not see how? How can they collect? They are attempting to get it through me personally, and not the LLC, which I have informed them to go after because I did not personally own the property, it's a corporate entity. This attorney has not stated any laws or statutes, except that he pointed out the 30 days item that I ignored. It is my understanding that once they file a mechanic's lien on the property, that pretty much gives me time which I attempted to collect, but they had lost their opportunity on this due to it being past 90 days from filing; they did not file any lawsuit against the property.Can this company file anything on me personally? If so, how? But, the property was in an LLC, not me personally. What, if any, can they do? I'm trying to work things out, but now they are just going beyond and wanting more. I just need to know where I stand legally, and what they can do legally, if any.
Counselor at Law
Continuation of fraudulent conveyance question.....So bottom
Continuation of fraudulent conveyance question.....So bot***** *****ne is.....that a creditor who comes along in the future...lets pretend 1-2 years from now...does not have that 1 year period since the transfer was not hidden but instead public record. I read something written by Riker Danzig, which has a case on it "Sasco"...... http://riker.com/publications/… This is what is puzzling me. It seems that the Pliantiff would have had an additional year in that case....and it was a deed transfer. Am I misreading it?
I have a question regarding liens and real estate. I
Hi....I have a question regarding liens and real estate. I deeded title to our primary home to my wife over 5 years ago for $1. My question is if in the future a have a lawsuit and lien placed on me. Would the transfer...be considered a fraudulent transfer and could the plaintiff put a lien on our home. This is our primary dwelling. I read the Act...and is confusing to me when it comes to statute of limitations......As to transfers involving allegations of actual fraud, a cause of action with respect to such a transfer is "extinguished" unless the action is brought within "four (4) years after the transfer was made or the obligation was incurred, or, if later, within one (1) year after the transfer or obligation was or could reasonably have been discovered by the claimant."It seems that the 4 year period doesn't even count....
Good Evening, I have been living in this house since 2011.
Good Evening,I have been living in this house since 2011. My husband and I rented it from my father in law from 2011 to August 2013, when my father in-law told us that he wanted us to have this home. He gifted the home to us August 2nd and we were under the impression that we owned it at that point. So we started to renovate it and make it our home. Among the renovations was a new, larger deck because the other was rotten and collapsed. We also replaced the broken stove, and the failed heater. We decided to upgrade the heating unit and add an a/c unit. We got a really great under the table deal from our step father in law and paid for these units in cash. We also paid property taxes. According to court documents, in May 2015, my father in law lost a court case in a "default judgement". This judgement was made in May which also took action to invalidate the deed. My father in law has now proceeded with bankruptcy and the trustee and realtor in his case are planning to sell this property within 5 months in a short sale. We were informed that we would not be able to purchase this home if there are no liens or equity in the house, as we are related to the debtor. My questions are:Is it true that we cannot purchase this home if we are related to the debtor?Do we hold any rights to get the money we paid in renovations and property taxes back prior to the sale?Do we have the right to take the units we paid for with us when we move? (Although it was all done under the table, hence the great price, we can get bank statements for the ATM withdrawals as well as declarations/legals statements from the installers and my step father in law.) Would this work?
I have a contract due this month, my mother is willing to
I have a contract for deed due this month, my mother is willing to put up the money to pay off. I could not get a loan because I have back tax's undone. is it risky for my mother to put the property in her name so she can sell it to me on a contract for deed until I can secure a bank loan when my tax issues are cleared up? The tax attorney I spoke to said the IRS could access a lein and I could loose my money. What is your understanding?
We are selling a house in Ocean County, New Jersey. We live
We are selling a house in Ocean County, New Jersey. We live in North Carolina. The house is in my wife's name. New Jersey holds back 2% of the selling price because we are out-of-state owners. House will sell for about $235,000. We will make about $60,000 or so above price which we paid. We put more than that in improvements (gas heat, new bathrooms, etc). We can file tax return with state to get the 2% refunded (I believe that is correct). However, my wife has a Department of Education offset with the treasury department. I'm not sure if New Jersey honors this but my guess is yes.We are exploring the possibility of transferring the deed to me. Here are my concerns:1 - Would the title company see this as a problem if we transferred the deed now and sold the house within a month or so?2 - Our taxable income is very low; might there be any tax liability in doing so?3 - Are there any other obvious problems that I may not be considering?4 - Is there a way to determine whether or not New Jersey will honor the offset?5 - If we proceed with a transfer, how long would it take for the deed change to be registered to me.6 - Can I, as a non-lawyer, complete the necessary documents and file them properly (Toms River). I believe I am adequately skilled to follow the process but am I able to do so legally?