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Non-Exempt Property Questions

Non exempt property is items that can be sought by creditors when trying to satisfy a debt. This can be in the form of wages, checking and savings accounts, retirement accounts, mutual funds, stocks, bonds, and non exempt equity in a home or vehicle. To learn more about non exempt property, take a look at the questions below that have been answered by Experts.

We are in a property dispute and our tenants refuse to pay rent. They are planning on collecting cash for keys. The keys do not belong to them to sell and they are in breach of contract. What is my recourse for unpaid rent? I am in the state of Idaho.

If you own the property, you are entitled to damages associated with a breach of contract. There are a couple of options that you can use in an attempt to recoup past rent from the tenants. One way would be to place a landlord's lien on the renter's non exempt property. Another option is to sue the renters for eviction or for unpaid rent. If you are able to get a judgment against the tenants, you can collect even after the tenants have moved. It is also possible to garnish the tenant's accounts if you have a judgment against them.

I would like to know what happens to me if my home is foreclosed on? If my home was in a short sale...what would I have to pay? If I go for a deed in lieu, what effect would this have? I live in Nevada

Nevada laws allow lenders to seek deficiency judgments if a home is sold for less than the loan. This includes the cost of attorney fees and foreclosure. This means that a lender can go after your non exempt property to cover the amount of the judgment. It is also possible for the lender to garnish your wages. Many times, lenders choose not to waste time and additional money trying to recover their losses through a deficiency judgment.

Before agreeing to a deed in lieu of foreclosure, you need to be sure that you are released from any possible deficiencies. Without this guarantee, a lender can attempt to place a deficiency judgment against you after you have released the property.

I am the president of our condo's HOA. If an owner stops paying his HOA dues, can we take action such as denying them services in the building. For example, the HOA pays for water; can we shut off their water? Also, the building has an intercom/entry system (which is not necessary, they can use their key). Can we deny them the intercom system? If we have a judgment against an owner in small claims, can we seize their car to satisfy the judgment?

It is possible to place a lien on a condo and the lien can be enforced by non judicial foreclosure. To learn more about this, the link below can explain the law that pertains to this subject. http://codes.lp.findlaw.com/cacode/CIV/5/d2/4/6/5/4/s1367

Once you get a judgment, you can attach the non exempt property in order to satisfy the amount owed. It may be possible that the car can be included on this judgment but this will depend on the value of the car and any other exemptions taken by the owner.

As far as shutting off the tenant's water, you should seek a court order giving you rights to do so before withholding water.

The intercom system isn't a necessity and as long as you notify the tenant that this service will be withheld until they pay their dues, there shouldn't be an issue.

I am a NJ resident and may be foreclosed on in SC. What are the ramifications?

In the event that your home sells for less than the amount owed, South Carolina law allows for deficiencies. This means that the lender can attempt to have all of your non exempt property attached to the judgment in order to recover their money. The lender may also attempt to have your wages garnished. Generally, even though a lender has these options, it's usually not likely to happen due to the ability of the homeowner filing bankruptcy. Many lenders don't want to invest extra time and money when there is no possibility of satisfying the judgment.

When dealing with judgments that can attach your non exempt property, you should seek the legal insights of an Expert in real estate law.
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