Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law
This answer was rated:

We are in a mess with rentals in indiana. I dont wart to file

We are in a mess...
We are in a mess with rentals in indiana. I don't wart to file bankruptcy but don't want to see my husband drop dead from all of the stress. He works at a farm 50 to 60 hours a week and thn does everything himself to run 4 duplexes and 2 houses. We are living on the edge all of the time with people not paying raising insurance and tax costs and apartments left in such bad shape that we have to let them set until we get enough money and time to get them ready to rent again. We've try to sell but no luck. At this point we would sell for what we owe even though we've poured 12years of our lives into this but there is very little interest. How do we know when it's time it throw in th towel? We do not heve an Llc or anything. How much do we,stand to lose of our personal property. My husband is 59 and we have had to supplement the rentals a few times from personal accounts. If we need to replace roofs or furnaces we are pretty much done for. I don't want to hold on so long that we don't have enough working years left to save some money for retirement but don't want him to loose that and what we have personally too. Can you help?
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 57 minutes by:
6/8/2013
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,449
Experience: Texas Attorney for 30 years dealing in real estate
Verified

 

RayAnswers :

Thanks for your question and good afternoon.You have my sympathy here for your dilemma and situation.

RayAnswers :

You may want to contact the lender and ask about options for these properties such a as a short sale or deed in lieu.Both require lender consent.

RayAnswers :

The lender here would likely want financial information from you--think a loan application in reverse before they agree to a short sale or deed in lieu.

RayAnswers :

Both of these will ding your credit but they may be better than letting them go to foreclosure.See what options the lenders involved will agree to.

RayAnswers :

A short sale would be a sale for less than you owe, the lender agrees to accept less and either write it off or take a note from you for the difference.

RayAnswers :

A deed in lieu here is where lender agrees to take a deed from you and not pursue any deficiency.Again it's better than foreclosure/

RayAnswers :

Foreclosure in Indiana is a judicial one which means a civil suit is filed and they get a judgment if there is a shortage in the foreclosure sale and what you owe.

RayAnswers :

See if you can work with the lenders here and resolve all or some of them and go from there.

RayAnswers :

Here is reference to these options so that you can understand them.

RayAnswers :

Here is short video that might help you understand these.

RayAnswers :

And you may want to consider talking to a local lawyer and go over options such as short sale and deed in lieu and as a last result bankruptcy.These are all on the table as a means to simplify your life.

RayAnswers :

It has been my pleasure to assist you today.Please let me know if you have m roe follow up.Thanks again for letting me help you today.

RayAnswers41433.9304563657
RayAnswers :

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.This communication does not establish an attorney client relationship here.Information provided is not legal advice. Rather it is simply general information.

Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,449
Experience: Texas Attorney for 30 years dealing in real estate
Verified
Ray and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Here is ABA lawyer referral in case you want to use a lawyer here to deal with lenders and to at least go over bankruptcy as an option.

http://apps.americanbar.org/legalservices/lris/directory/main.cfm?id=IN

Thanks again ..
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,449
Experience: Texas Attorney for 30 years dealing in real estate
Verified
Ray and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Ask Ray Your Own Question
Ray
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,449
43,449 Satisfied Customers
Experience: Texas Attorney for 30 years dealing in real estate

Ray is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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

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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, 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.

TonyApopka, 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

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

10,826 satisfied customers

16 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,657 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

43,449 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,899 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
I have a apartment in Newport News,. I contracted a
I have a apartment in Newport News, Virginia. I contracted a management company to manage the apartment. The tenant was regularly late in their payment of the rent, which lead to them being taken to c… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,921 satisfied customers
We moved in to a Olen Property apartment in 2015. The carpet
We moved in to a Olen Property apartment in 2015. The carpet was old and there was water damage to the flooring in the upstairs bedroom. They offered us a free carpet cleaning although stated the wate… read more
Barrister
Barrister
Lawyer
Doctoral Degree
10,826 satisfied customers
My daughter is renting a room in an apartment in LA which
my daughter is renting a room in an apartment in LA which began Sept 1. In late October, one of her apartment mates stole a lot of clothing from my daughter, as well as the other apartment mate's car.… read more
socrateaser
socrateaser
1,031 satisfied customers
I live in an apartment in Cherokee county, Georgia and my
I live in an apartment in Cherokee county, Georgia and my water is added into my rent. My water meter is in my closet with the HVAC system but since I've lived here that door is always locked. I have … read more
Damien Bosco
Damien Bosco
2,991 satisfied customers
I have a promissory note secured by 12 apartments on
hi, i have a promissory note secured by 12 apartments on florida. the debtor is default on payment. how i can do a lien on his 12 propertys with this promissory note? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
10,826 satisfied customers
I live in an "apartment bldg" of condos. there is indoor
i live in an "apartment bldg" of condos. there is indoor parking for all "tenants" but only outdoor handicap parking. Is this legal? … read more
LegalGems
LegalGems
Juris Doctorate
10,163 satisfied customers
I live in apartment in crestview fl and my neighbors are
I live in apartment in crestview fl and my neighbors are giving me problems one of them have dementia and the other likes to talk underneath my window at night Ihave notice they stop coming to the lob… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
27,458 satisfied customers
I live in an apartment property for senior and disabled. I'm
I live in an apartment property for senior and disabled. I'm disabled with a little dog. What are my rights as a tenant when the it comes to the property manager is telling me. I need to move out beca… read more
Attyadvisor
Attyadvisor
Doctoral Degree
6,878 satisfied customers
I live in a senior apartment building. Nearly all of the
I live in a senior apartment building. Nearly all of the residents are like me, disabled to one degree or another, have various health issues, and were not warned upon moving in that there was a day c… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,506 satisfied customers
My son is 23 and is leasing an apartment at Vida Hollywood
Hello, My son is 23 and is leasing an apartment at Vida Hollywood Apts, 1745 N. Wilcox, Hollywood, CA 90028. I co-signed the lease for six months, as I paid rent. He was supposed to go to the LA Film … read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,072 satisfied customers
Is it illegal to have sex in my own apartment while
Is it illegal to have sex in my own apartment while maintenance is inside doing work? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,921 satisfied customers
Living in an apartment with bedbugs and roaches. Reported to
Living in an apartment with bedbugs and roaches. Reported to the Landlord and so far nothing has been done about the bedbugs. Roaches have been sprayed but no results of remedy. I developed cellulitis… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
34,897 satisfied customers
My daughter is a subtenant at will in an apartment complex
My daughter is a subtenant at will in an apartment complex in DeKalb Illinois. The other tenants (on the lease) have asked her to move out in 30 days. Do they have the right to demand that she leave i… read more
Barrister
Barrister
Lawyer
Doctoral Degree
10,826 satisfied customers
If someone is living in an apartment, not on the lease and
If someone is living in an apartment, not on the lease and person on lease moves out, and person not on lease refuses to move, what are their rights? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
10,826 satisfied customers
I signed a one year lease for a rental apartment with a
I signed a one year lease for a rental apartment with a friend we both signed the lease agreement. We had to follow a mandatory evacuation because of Hurricane Irma.Returned two weeks later when we had electricity. The apartment is fine but there was much damage to the ground floor building s … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
27,458 satisfied customers
The water heater in my apartment broke..... there is
The water heater in my apartment broke..... there is significant water damage. I had to throw out probably 2000 in personal belongings. Water also leaked into my apartment under the carpet It smells m… read more
Barrister
Barrister
Lawyer
Doctoral Degree
10,826 satisfied customers
Bulgarian citizen interested in buying an apartment in
I am Marinela, Bulgarian citizen interested in buying an apartment in Teneriffe and was advised to employ the services of a real estate attorney. I have not found one in particular … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
We are four apartments on the top floor of an apartment
We are four apartments on the top floor of an apartment complex in Washington, DC. Our ceiling has been leaking due to the landlord providing faulty roof repair services. Do we have a strong case? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
10,826 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x