Q1. Do I own my home or not? Q2. How much do I owe on it?
Q1. Do I own my home or not? Q2. How much do I owe on it? Details: Mortgaged home in Jan. 2009 to Taylor Bean & Whitaker. More or less a year later TBW declared bankruptcy, and we were advised to make our payments to CENLAR. Then, in 2012 we moved from Calif. to Utah where we rented while at the same time renting our home out in Calif. Then, in 2013 we had to take out BK ch. 7, and declared our intent / desire to retain our home. The BK Court allowed us to do so because at that time the market value of the home was less than the balance owed on the mortgage. Cenlar knew all about this, and continued to take our mortgage payments. In Feb., 2015 they transferred our loan to NationStar and we began making payments to them. My confusion / doubt stems from: ***** 2015, Cenlar reported to Equifax & Transunion that our loan was closed in the ch. 7 BK. This, to me, is a flat out lie. In addition, NationStar refuses to report our unblemished payment history to any of the credit bureaus unless we sign a paper reaffirming the debt. This, to me, is totally unnecessary because the mortgage loan was never a part of the BK. We specifically requested and were granted an exception. Nevertheless, we are now preparing to sell our home in Calif. and (hopefully) buy another in Utah (the home's value has gone up quite a bit since 2013). I do not want anything to go wrong during the discovery phase of escrow, once we get a buyer. Perhaps by some weird loophole in the law or time limit or something we have lost title to the home, and CENLAR / NationStar are simply continuing to take our money, either dishonestly or out of ignorance. I need to know for sure what our legal status / position is. Thanks.
I own a house and have a bank accounts and brokerage
I own a house and have a bank accounts and brokerage account. Hypotheticly, what can I do such that upon my death these assessts would by-pass estate and thus would be outside the reach of any of my potential creditors. For example, adding my child tothe house title and creating joint bank and brokerage account with the child would solve this issue? If this works -- are there any time limitation on when I need to do this before my death or the time the debt is incurred? Are there any type of debts thatwould would still be reachable (such as medicaid lien, etc).
If I own a home and I havent filed the deed at the court house
If I own a home and I haven't filed the deed at the court house and I need to file a chapter 7 bankruptcy do need to tell about the house or can I leave that out or if it was just in my husbands name and he is not filing can they take the house
Hi Lucy, this is kind of a follow up question... Assuming
Hi Lucy, this is kind of a follow up question... Assuming I end of declaring BK, would my house I own jointly with my financee be "protected" IF title is switched from joint tenancy to tenancy by the entireties (remember, I live in VA)?
This is a Bankruptcy Law question:
Our dad lived 33 years
This is a Bankruptcy Law question:Our dad lived 33 years with this woman who produced a marriage document after his death. She died 6 weeks after him. More than 20 years prior to his death she executed a great deal of property transactions involving my dad's house, her mother's house and her daughter's house. Less than 30 days after my dad allegedly married this woman, the woman executes a loan using my dad's name, house, and credit (her credit was shot to pieces because she had several property defaults and foreclosures which occurred during the 12 months leading up to the alleged marriage). The girlfriend then buys a house for her mother who had just relocated to San Diego after retiring. The original deed of trust only lists my dad and his girl friend as the purchasers, as husband and wife. 9 months later my dad is quitclaimed off the property. He allegedly quitclaims it to his girlfriend, her mother, and her daughter. All documents when recorded are routed to this house where the girlfriend's mom is now living.One of the strange things about all of this is our dad told me and 3 other of my siblings that the girlfriend's mom was a smart frugal woman because she had saved so well that after her retirement she was able to purchase a house in California. He told us this many times. When we researched property documents we find he is on record as taking out a mortgage and buying the house, then 9 months later quitclaiming his interest while still being liable for the payments on the house.A similar situation occurred with the girlfriend's daughter's house,except she at least put some initial money into the acquisition of the property. However, 3 or 4 years later the girlfriend and her daughter get the house homesteaded and on that document the girlfriend states she is a single woman, head of the household and living on the property (she was living with my dad in his house). 10 years after this the daughter executes a will and living trust where she pours the homestead house and her now deceased grandmother's house (the house discussed above) into the trust.The problem is the girlfriend is still a joint tenant with her daughter on both properties. With the girlfriend's consent,both they are both put into the girlfriend's daughter's trust eventhough there was never a quitclaim executed giving the daughter sole title to the two houses. From this point the daughter on paper because of this trust appears to be the sole owner of these 2 houses.Less than 7 years later the daughter files Chapter 7 bankruptcy. Because the daughter's house was homesteaded and she took out 2nds and 3rds on her house, she was able to keep her house. The 2nd house that belonged to the now deceased grandmother is also retained because over $150,000 was borrowed against it so there is not enough equity in it. The first deeds of trust/mortgage payments were always paid up and kept current. There were defaults on the 2nd and 3rd mortgages on both properties. Since the girlfriend never quitclaimed her interest to her daughter, should she have been a part of the bankruptcy because of her half interest in both houses?Was it bankruptcy fraud for the girlfriend and her assets to be omitted from the bankruptcy action of her daughter since the girlfriend was still a joint tenant on both properties according to the rue chain of title?Please give applicable laws and caselaws with your answer
I am going to file a chapter 7. I hold a mortgage on a home
I am going to file a chapter 7. I hold a mortgage on a home that I share with my ex-partner; he is not on the mortgage. We are both on the deed; I put him on the deed 4 years ago, after owning the home solely for 7 years previously. There is about $200,000 equity in a house with a 1st of 107,000 K and a 2nd of 10,500. I have about 23,000 in debt. Will he lose the house? Again, he is not on the mortgage, just the deed. I am the only mortgage holder. We have a joint tenancy in common with right of surviorship. We both live in the home. We are in North Carolina. I do not have a job; he is working but doesn't make much income. He has poor credit and cannot buy the mortgage which is a total of approximately $120K outright, and cannot get a mortgage loan with a bank. I need the money from the sale of the house to pay my debts. Will the bankruptcy proceed and will he lose the house. I do not want to make the house exempt. The tax value on the house is $324K
I will settle out of court with the lender of a business bad
I will settle out of court with the lender of a business bad debt that I signed a personal guaranty pledging an investment property that was related to a defective mortgage (joint tenancy by the entireties owned, but my spouse never signed the note and personal guaranty). The debt was discharged under Chapter 7 but the trustee allowed the lender to pursue the collateral for the loan. Since I will be paying the lender 10% of the property's market value, will the bankruptcy trustee have any claim to the net proceeds of the sale of the originally pledged investment property? The property is located in Florida.
Here are the assumptions pertaining to an individual who is
Here are the assumptions pertaining to an individual who is seeking expert advise with respect to bankruptcy: (1) and individual makes, say, 55k per yr; (2) individual owns 2 pieces of land and is current with payments and wants to KEEP said land (for future investment/gain); individual has a rental property with 400 a month negative cash flow, but wants to keep property (for future investment/gain)....in seven yrs., should be making money on said property..(3) individual owes 90K on credit cards and "can't" pay off.....(4) individual has a "return of premium" life insurance policy costing about 200 per month....Question: can said individual, if goes BK, keep properties???? If so, this would leave no money or very little money left over for other creditors....in short, wld individual HAVE to get rid of investments and instead of paying on investments (which will be of benefit in 10 yrs or so) pay on credit cards....