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We have a second home that was originally a rental property.

We have a second...

We have a second home that was originally a rental property. owe way more than it's worth. We had a settlement with the mortgage company and we were going to pay that and then they sold the mortgage. we have not been paying it at all, the second mortgage company will not work with us at all and is now going to foreclosure. we do have a mortgage on our primary residence and our credit is shot, partly due to this house and partly due to some medical bills. If they foreclose, do we need to file bankruptcy? will they come after us for the balance of the mortgage anyway? We are in MI

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

I just received a certified letter today saying "notice of abandonment"

Lawyer's Assistant: Has anything been filed or reported?

Not that we are aware of. this says we have 30 days to state the premises are not abandoned. We had renters in there who weren't paying either. I have no clue if they are still there. this is a house that is in my husbands name from before we were married, I had/have nothing to do with it normally (bad subject!!) he is out of town

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I don't think so. is there a fee?

Lawyer's Assistant: You just pay a $5 deposit now and the rest only when you get a reply from the Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.

What is "the rest"

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Customer reply replied 5 months ago
I'm trying to add a photo of the letter of "notice of abandonment" it keeps giving me an error. We don't want to file bankruptcy. I just want to be done with this house. If we let it foreclose what happens? what do we need to do? will we be responsible for the loan balance? This mortgage company will not work with us at all.
Customer reply replied 5 months ago
I have to disconnect from here now. look forward to hearing from you. I will be checking my email periodically. thank you.
Answered in 1 hour by:
3/3/2018
Gerald-Esquire
Category: Real Estate Law
Satisfied Customers: 5,459
Experience: Over 30 years of experience
Verified

Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Customer reply replied 5 months ago
Thank you. I'm sorry if this is all jumbled and I apoligize ahead of time for spelling and formatting now. I'm on my mobile. . I can't get ahold of the company, even though their hours say they are open, phones say they are closed.
I was wondering about quit claim deeds as well. Do you know what types of documents I would need? I just looked online and it just looked like a few papers to sign and notarize. I know it's not that easy!

I'm working on your answer. It is complicated. Please bear with me. Please not phone call requests are sent by the system. Not me. I can't control them.

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Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

There is some additional facts that may alter the answer. So we may need to clarify what is happening.

You state that the house was your husband's from before you were married. IF thhouse was never retitled, and your name is ***** ***** the mortgage of the rental property you may be OKAY. But I have to make some assumptions.

For background, there are two types of property in a marriage "separate property" and "marital property." The same goes for debt. So it is possible that this is your husband's debt only.

Next, most husbands and wives own their marital home as Joint Tenants by the Entireties. You have to check your deed. Property that is owned this way can not be attached for the debt of just one of the spouses. So your home would be safe IF the debt is seprate debt of your husband only AND your home is Joint Tenants by the Entireties.

If the above is NOT your situation then the answer changes. When the rental property is foreclosed on if there is excess debt, then your husband (or you and your husband - depending on how the mortgages are written) will be liable for the differnce between the foreclosure sale and the debt amount.

This may or may not mean that bankruptcy will benefit you. We can't say without looking at all your finances - which is beyond what I can do here.

BUT even if you do declare bankruptcy that does not mean that yo have to give up your home. There are protections built into the system that allow you to protect assets in bannkruptcy. AND there are different forms of bankruptcy.

See this article on a discussion of the bankruptcy process and the exemptions:

http://www.michiganbankruptcy.com/exemptions.html

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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Quit claim deeds are used for transferring interests in property. Often they are used for sales between family members or in order to more easily settle an estate. I'm not sure why you would be using a quit claim deed in the situation that you are describing.

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Customer reply replied 5 months ago
I'm sorry. I didn't mean your company, I was trying to get ahold of the mortgage company. So sorry for that!

No worries. I understood.

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Customer reply replied 5 months ago
That was on the website under tbeir hardship tabs

If you are confused about some of this and wish to discuss this we can. I have submitted an OPTIONAL offer to you for a premium service phone call so that we can discuss your concerns more easily. It is purely optional and I do not want you to spend extra money if it is not necessary. We can continue to post at no additional charge.

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Customer reply replied 5 months ago
it was purchased by him before we were married. My name is ***** ***** that. It is a second/rental property. Our main residence I am on the mortgage but not on the title/deed (also purchased before we were married, we refinanced

Well it sounds like the rental property is his seprate property. So that debt is his not yours (unless you signed mortgages on the rental property).

The Hme sounds like it is marital property (at least in part) but not tenants by the entireties. So that get even more complicated. You do NOT have an easy situation.

Yo probably will be able to protect your home, but you are going to need the help of a bankruptcy attorney unless you can work out a deal on the rental property.

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Customer reply replied 5 months ago
I figured as much. Thank you. I will have to wait until Monday to contact them.
Customer reply replied 5 months ago
we want to avoid bankruptcy. If the rental goes into foreclosure, they wouldn't be able to come after our main residence could they? (Not filing bankruptcy, just letting it go)

You are very welcome.

IT is likely that you will be able to protect your home. In most instances you can work sonething out with the lenders to pay any excess debt over time. AND Bankruptcy is somthing that can be looked at much later if it becomes necessary.

Try not to worry too much. These things can take a lot of time to work out. BUT you can definitely protect significant assets.

If necessary you can find a bankruptcy attorney here:

https://www.justia.com/lawyers/bankruptcy-and-debt/michigan

Kind regards,

Gerald

(Please do not forget to rate me – click the five stars. It adds nothing additional to your costs, but it helps me greatly. Plus it is good Karma for you. Thank you.)

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Customer reply replied 5 months ago
Thank you
Customer reply replied 5 months ago
Is this convo saved on here so i can come back to it or do i need to screenschot/print it?

I don't know how that works. I don't work for Just Answer. I am independant. So I'm not sure how the technical side works. I suggest screen shot and print to be safe.

Good luck.

(Please do not forget to click the five stars. It is important to me and lets future experts know you are a serious and reliable customer.)

Kind regards

Gerald

Gerald-Esquire
Category: Real Estate Law
Satisfied Customers: 5,459
Experience: Over 30 years of experience
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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).

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