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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Are you SURE you're in the real estate industry? Posted by Reinstatement Services, Inc. on June 04, 2002 at 7:35 AM In Reply to: Should I go into foreclosure? posted by Dave on June 03, 2002 at 9:20 PM Dave, deficiency judgments are not allowed in California. You do, however, risk exposure to tax implications should the sale of the property at auction not produce enough to cover the debt. Hard to tell which lender will be first to initiate foreclosure proceedings. There is no predetermined order for filing a NOD. Spouses can file bankruptcy independent of each other. Having the bankruptcy action hold will be another matter. A court will determine whether or not she is truly insolvent. In making this assessment, because you are married, total household income will be considered...unless the marriage has been dissolved. Question 8 deals with the issue of abandonment. Sure you can move whenever you want. In some instances, however, the foreclosure action can proceed more rapidly if a lender can demonstrate that the property has indeed been abandoned. Taking your wife off title of the rental might not offer the protection you seek. It's still marital property likely obtained during the marriage. Your lender is not stupid, Dave. They did, remember, obtain a complete financial accounting from your wife less than 10 months ago. They are very much aware of the assets held. Sounds like an interesting scheme you've got going on...let us know how all turns out. Default and Foreclosure Mediation Follow Ups: Re: Are you SURE you're in the real estate industry? G Paul 11:21 PM, 06/04/02 (4) Re: Are you SURE you're in the real estate industry? F Thomas 7:09 AM, 06/14/02 (0) Ohh.... I forgot.... G Paul 11:23 PM, 06/04/02 (2) Re: Ohh.... I forgot.... k 2:37 PM, 06/05/02 (1) Re: Ohh.... I forgot.... Rodney 6:45 AM, 06/06/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Dave, deficiency judgments are not allowed in California. You do, however, risk exposure to tax implications should the sale of the property at auction not produce enough to cover the debt. : Hard to tell which lender will be first to initiate foreclosure proceedings. There is no predetermined order for filing a NOD. Spouses can file bankruptcy independent of each other. Having the bankruptcy action hold will be another matter. A court will determine whether or not she is truly insolvent. In making this assessment, because you are married, total household income will be considered...unless the marriage has been dissolved. : Question 8 deals with the issue of abandonment. Sure you can move whenever you want. In some instances, however, the foreclosure action can proceed more rapidly if a lender can demonstrate that the property has indeed been abandoned. Taking your wife off title of the rental might not offer the protection you seek. It's still marital property likely obtained during the marriage. : Your lender is not stupid, Dave. They did, remember, obtain a complete financial accounting from your wife less than 10 months ago. They are very much aware of the assets held. : Sounds like an interesting scheme you've got going on...let us know how all turns out. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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