2 Homes foreclosed w/ around $90,000 2nd loan deficit for respectively contained by Ca should I database for liquidation protection?
Got laid off and cannot afford to pay mortgages. I own 1st home refinanced and cashed out $40,000 3 years ago when all was still devout. Total balance left is $90,000 First home is just under my name which be rented out.
Then we bought a bigger house 2 yrs ago at the peak of housing and Our 2nd home was underneath my name and my wife this time which became our primary residence which be also foreclosed recently. Balance owed on 2nd mortgage is $86,000 was not salaried during the auction (purchase loan not refinanced). Both 2nd mortage lenders are now asking for payment on the deficit. I hold around $26,000 credit card debt also. My questions are;
1) Will any of the 2 2nd mortgage lender be able wallet judgement against me here in California for garnishment?
2) Considering the concerns above, would it be better to file for ruin? We do not have any car loans as 2 cars is fully compensated.
3) If bankruptcy is an option, should I wallet on my own only considering it is only I who's on the 1st home 2nd loan which be refinanced and only I who is owing all the $26,000 credit card debt? Or is it better for us to BOTH database?
4) Will we be issud a 1099 for tax on those deficit? Are those not going to be forgiven?
5) If we don't file for ruin what is the advantage considering we have forclosed homes on our copy? I noticed all our credit card ceiling are getting lower and lower every month bec. of the foreclosure.
I appreciate all the help I want in this difficult times. thank you!!
Answers:
My hubby and i are going threw this right in a minute in fact we dance to court next month! So I know your pain! Ok first : pull ALL credit cards you have .... Fill large one gallon pack of water, put cards in hose, shove bag in freezer! Next phone up a lawyer FAST! you and your wife should both see him/her you want to look into chapter 7 - and chapter 13 , (7 discharges ALL debit) 13 it lets you brand name payments on your debit! See what will work for you. I warn you there is loads of quality newspaper work and classes to take ( it's a real strain!!) but to answer one of your questions YES they can garnish wages from you and your wife. when you are married you are one ! In my state atleast they enunciate that all is fair contained by love , war, and money .... meaning that if it is yours it's hers! Good Luck hope this help !! But really find a lawyer they can let you know what requirements to happen right now and who requirements to be involved !! Source(s): going threw it RIGHT NOW
Hey UYTY............Why don't you do your exposure somewhere else. This board is for answering questions......NOT for advertising. You are getting irritating, I wouldn't buy any of your stuff!!
Joesph,
Sorry for the hard spot you're within right now. I'll help as much as possible, but I recommend getting professional guidance from a "non-bankruptcy" attorney. A BK atty will always tell you to record as that's how they make a living.
1. CA is a non-recourse state. They can not file on you for the deficit.
2. IMHO, No.
3. Since #2 is No, this doesn't apply.
4. Yes, you will win a 1099 for all non-purchase money that goes into failure to pay.
5. If you have a foreclosure, they are generally disregarded by lenders after 4 to 7 years max, depending on lender guidelines going forward. If you record a BK13, it will run for 5 to 7 years until discharge, then your credit will be affected for another 4 to 7 years after that for a total of 9 to 14 years adjectives together. From a strict credit stand point, Don't file BK.
Again, I wish you the best. Source(s): CA Mortgage & Credit Consultant.
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Then we bought a bigger house 2 yrs ago at the peak of housing and Our 2nd home was underneath my name and my wife this time which became our primary residence which be also foreclosed recently. Balance owed on 2nd mortgage is $86,000 was not salaried during the auction (purchase loan not refinanced). Both 2nd mortage lenders are now asking for payment on the deficit. I hold around $26,000 credit card debt also. My questions are;
1) Will any of the 2 2nd mortgage lender be able wallet judgement against me here in California for garnishment?
2) Considering the concerns above, would it be better to file for ruin? We do not have any car loans as 2 cars is fully compensated.
3) If bankruptcy is an option, should I wallet on my own only considering it is only I who's on the 1st home 2nd loan which be refinanced and only I who is owing all the $26,000 credit card debt? Or is it better for us to BOTH database?
4) Will we be issud a 1099 for tax on those deficit? Are those not going to be forgiven?
5) If we don't file for ruin what is the advantage considering we have forclosed homes on our copy? I noticed all our credit card ceiling are getting lower and lower every month bec. of the foreclosure.
I appreciate all the help I want in this difficult times. thank you!!
Answers:
My hubby and i are going threw this right in a minute in fact we dance to court next month! So I know your pain! Ok first : pull ALL credit cards you have .... Fill large one gallon pack of water, put cards in hose, shove bag in freezer! Next phone up a lawyer FAST! you and your wife should both see him/her you want to look into chapter 7 - and chapter 13 , (7 discharges ALL debit) 13 it lets you brand name payments on your debit! See what will work for you. I warn you there is loads of quality newspaper work and classes to take ( it's a real strain!!) but to answer one of your questions YES they can garnish wages from you and your wife. when you are married you are one ! In my state atleast they enunciate that all is fair contained by love , war, and money .... meaning that if it is yours it's hers! Good Luck hope this help !! But really find a lawyer they can let you know what requirements to happen right now and who requirements to be involved !! Source(s): going threw it RIGHT NOW
Hey UYTY............Why don't you do your exposure somewhere else. This board is for answering questions......NOT for advertising. You are getting irritating, I wouldn't buy any of your stuff!!
Joesph,
Sorry for the hard spot you're within right now. I'll help as much as possible, but I recommend getting professional guidance from a "non-bankruptcy" attorney. A BK atty will always tell you to record as that's how they make a living.
1. CA is a non-recourse state. They can not file on you for the deficit.
2. IMHO, No.
3. Since #2 is No, this doesn't apply.
4. Yes, you will win a 1099 for all non-purchase money that goes into failure to pay.
5. If you have a foreclosure, they are generally disregarded by lenders after 4 to 7 years max, depending on lender guidelines going forward. If you record a BK13, it will run for 5 to 7 years until discharge, then your credit will be affected for another 4 to 7 years after that for a total of 9 to 14 years adjectives together. From a strict credit stand point, Don't file BK.
Again, I wish you the best. Source(s): CA Mortgage & Credit Consultant.
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