Supra Forums banner

1 - 20 of 39 Posts

·
Registered
Joined
·
191 Posts
Discussion Starter #1 (Edited)
I bought at the height of the bubble shortly there after I had a nasty divorce I ended up taking out a HELOC of $20K to pay her, her attorneys, my attorney, court, and new furnishings (she got everything).

The courts ordered me to refinance the house out of her name in 3 years time and pay her half the equity or $3K. That time is now. However the house is worth about $47K under what I owe and I still have 16K in the HELOC. I cant refinance. Plus I have to transfer in about 6 months or get out of the navy, I think I'm going to have to get out as I cant afford two places. I know, I know, rent it out right? Well the house right across the street has been for sale/rent for two years and I have never seen anyone even look at it. Down the street a house sold finally after a year for 50K under the est. value.

The questions is, do I get out of the navy and try to find work here staying in a house not worth what I owe? How will I refinance it as per the courts? Do I just leave the house take the credit blow screwing over the ex at the same time? <--- (My favorite part of this dilemma)
If I take the credit blow, I lose my security clearance and probably lose my navy job anyway ruining my career. The worst part is I can’t refinance it anyway what is the recourses from the divorce court? Do I go to jail for the banks decision for not refinancing it into just my name?

She called me the other day mainly wanting her money telling me its time to get the house taken care of so she could get here half of the equity I told it wasn’t going to be easy. She replied with “ I know Fl. And CA. Has some % thing they go by so it wont be hard it will be impossible, (she works at a bank doing mortgages’) but you have to or I’ll get the courts involved and it will get ugly”

I have looked at every option but can’t seem to find one that doesn’t end negatively for me.

sorry for the long rant but im for a loss right now.. any good advice would be appreaciated.

Jamie.
 

·
You serious?
Joined
·
2,999 Posts
Sell one of the Supras and give her the money and be done with her forever? That's just what I would do. :dunno:
 

·
Registered
Joined
·
191 Posts
Discussion Starter #4
Sell one of the Supras and give her the money and be done with her forever? That's just what I would do. :dunno:
sold both the supras bought a family car to provide for the new child I just had with my fiance.
 

·
Registered
Joined
·
48 Posts
What equity is she owed when you can't get any out? Get an appraisal if you have to get more than 1 which should show the situation your in. If I read this correctly your 63k u/w? correct? You can't get blood out of turnip.
 

·
9's Club
Joined
·
5,340 Posts
Contact a bankrupsy attorney ASAP, you dont want to foreclouse it, or the defficiency clause you signed for at the closing will forever haunt you. You can get out of this with a BK in your credit with out having to hurt the score, and with out making you look shady. Remember BK is a consumer seeking protection of the court...a foreclousure is an irresponsable consumer.

Good Luck
 

·
Registered
Joined
·
145 Posts
An option might be to give the house to the creditor with a Deed-in-lieu of Foreclosure.

Deed-in-lieu of Foreclosure

But you should contact a lawyer immediately, and possibly consider a BK as well.

This is only my opinion and should not be considered true legal advice as I try to stay away from such shenanigans.
 

·
Haunting mass appeal
Joined
·
355 Posts
Contact a bankrupsy attorney ASAP, you dont want to foreclouse it, or the defficiency clause you signed for at the closing will forever haunt you. You can get out of this with a BK in your credit with out having to hurt the score, and with out making you look shady. Remember BK is a consumer seeking protection of the court...a foreclousure is an irresponsable consumer.

Good Luck
Yet another brilliant post illistrating how little you know about the mortgage and real estate business, deficiencyy clause? if you meen DEFICIENCY JUDGEMENT not all states have them.

Look here if you're thinking of walking away from the house, not sure if FL has a deficiency judgement law.

http://www.alperlaw.com/mortgage_fcdef.html
 

·
9's Club
Joined
·
5,340 Posts
Yet another brilliant post illistrating how little you know about the mortgage and real estate business, deficiencyy clause? if you meen DEFICIENCY JUDGEMENT not all states have them, therefore claiming bk is the worse advice ever, idiot.
illistrating??? meen???? and you have the balls to correct my grammar??? hahaha tool bag.... anywho you are right it is called a Deficiency Judgement..and IT does exist in FL and the lesser painful way for him to get rid of the property would be BK. Hell even wikipidia agrees with me ;) at any rate thats why i said CONSULT A BK ATTORNEY...since I am not one.

A debtor who has a deficiency judgment should see an attorney for possible remedies, including bankruptcy[6], an exemption from creditors,[7] an appeal, or a motion. As with all legal research sources on-line, Internet users should take caution before applying such advice to your own case, and perhaps should consult an attorney, barrister, or solicitor.[8]
http://en.wikipedia.org/wiki/Deficiency_judgement#cite_note-4
 

·
Haunting mass appeal
Joined
·
355 Posts
illistrating??? meen???? and you have the balls to correct my grammar??? hahaha tool bag.... anywho you are right it is called a Deficiency Judgement..and IT does exist in FL and the lesser painful way for him to get rid of the property would be BK. Hell even wikipidia agrees with me ;) at any rate thats why i said CONSULT A BK ATTORNEY...since I am not one.



http://en.wikipedia.org/wiki/Deficiency_judgement#cite_note-4
I am not correcting your grammar, just your plain fucking stupidity. Big difference there. Now go back to pushin the bk on ppl who don't need it.

By the way, a bk does not save you from a foreclosure. A chapter 13 allows you to reoganize your debts, and puts off a foreclosure, but once the bk is discharged you have to continue the house payments, and if you can't, you have a bk + foreclosure on your credit for 7 years (10yrs for ch 7)
 

·
9's Club
Joined
·
5,340 Posts
I am not correcting your grammar, just your plain fucking stupidity. Big difference there. Now go back to pushin the bk on ppl who don't need it.

By the way, a bk does not save you from a foreclosure. A chapter 13 allows you to reoganize your debts, and puts off a foreclosure, but once the bk is discharged you have to continue the house payments, and if you can't, you have a bk + foreclosure on your credit for 7 years (10yrs for ch 7)
are you an attorney in the state of FL?
 

·
*SNICKER SNICKER*
Joined
·
725 Posts
uh, I'd be willing to suggest your attorney either sucked or screwed you over dry!

(I'm not an attorney, but I've been down this road before so let me share a little bit of what I see from your story).

1st: Florida Constitution Article 11 states that no person can be jailed over a debt, so don't worry about that, you won't go to the pokey (like someone else on here said, can't take blood from a turnip).

2nd: Find a NEW attorney! Your old one SCREWED you... and appeal the ruling that you have to either share equity or pay 3k? that's BS! You are in negative equity, and that house from what I have gathered was a JOINT asset/liability! She should lose as much as YOU!

3rd: Tell your new attorney your primary objectives are to protect your NAVY career, and to have the negative equity of the house split. If that means you have to file for BK, then DO IT! The last thing you want is a dishonorable discharge from the military! That shit will HAUNT you longer than your EX wife ever could.

4th: Be careful what you say to your CO!

Let me guess, you hired a FEMALE attorney? I'm guessing just based on the way you got screwed over on this house!

RULE 1: Always hire an attorney of the SAME SEX when dealing with any family law issues! Your ex is only trying to get her name off the credit of that house so she get's a free ride/start from the mess you are in! You only have YOU to blame if you let this happen!

Rule 2: Always follow Rule 1!!!

Good luck, you'll need it!
 

·
(overspooled)
Joined
·
2,836 Posts
lots of mis info in here...
anyone know what a bankruptcy can do to a military career? a security clearance?
it can haunt you forever..bad credit can keep you from getting a decent job...every reputable company pulls a consumer credit report..not that i agree with it, it's just how it is...

deed in lieu of foreclosure is the same thing as foreclosure from a credit standpoint...

banks aren't going to be able to exercise the deficiency clause if they did have one...you will probably get a 1099 for the difference between what they sell the house for an what you owe...

contact an attorney, not a bankruptcy attorney and make her go away...there is no equity...

step 2...pay your fucking bills...

you can rent the house...if it's not renting or not selling it is because of the price point..you may not be able to afford to price it right...that's another story...

I wish everyone that foreclosed would burn their fucking house down on the way out the door...j/k..;)

less of a burden to everyone else ;)
 
1 - 20 of 39 Posts
Top