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QUESTION: If a bank gets a lien against me because of a guarantee on a prior business loan, what properties can they attach in the state of MD.  Bank accounts are joint with my wife as is the real estate.  Both of us are on Social Security and I have a part time job teaching cooking classes.  I have a fairly small (80K) 401K in my name, other investment account is joint with wife.

Thanks for your help.

ANSWER: Hey Eddie,

As far as Maryland law is concerned it may be different but it is pretty universal that if you get sued and a judgement is awarded, then that attaches to you regardless of what state you are in. They will have to subpoena the court if they want to garnish wages or force you to sell real estate or even go after a 401K. But if you are just getting social security etc, the likelihood of a judge awarding that is slim, unless there is lots of proof against you.

I hope that helps.

thanks
Brian

---------- FOLLOW-UP ----------

QUESTION: Very helpful and thank you.  I do need one further clarification, please.  Are properties jointly held where wife is not party to the action at all, subject to lien collection.  Thanks again.

Answer
Any real property that you own or have your name attached to, the lien will attach when a judgement is recorded. You can't take it off of there until it is settled or paid for in full. In other words your wife is not the one being collected on but the items that she own jointly with you are at risk of being liened. Does this answer your question?

Brian

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Brian Pitcher

Expertise

I can answer all questions related to Residential Real Estate. In particular I am an expert in the loss mitigation side. I meet with multiple homeowner on a weekly basis and guide them through the issues of being upside down on their mortgage and what they can do to better it. I can answer questions on Loan Modifications, Short Sale, Foreclosure, Strategic Default, Deed in Lieu. I can also answer questions on the buyer/investor side of things in regards to homeownership or home flipping. I can also answer questions regarding the 1099C or cancellation of debt that homeowners get from a short sale or a foreclosure.

Experience

I run a team of agents called the Pitcher Group, out of Salt Lake City. We specialize in Short Sales and helping sellers get out of tough situations. We have closed over 100 short sales in the past 3 years with our team. I also am an owner of a Short Sale Negotiation company that helps process short sale transactions for Real Estate Agents all across the country. I understand the investment side of Real Estate as I have bought and sold many rental type homes over the years. I also rehabilitate homes and flip them. We usually have 1 to 3 properties going at any given time. Our completion time from bought to sold is usually less then 4 months.

Organizations
I am a member of the national Association of Realtors on the national level and the Salt Lake board of Realtors on the local level. I am a member of the Short Sale Specialist Network as well as multiple short sale mastermind groups locally and nationwide.

Publications
The Short Sale Specialist Network www.savemyutahhome.com The Truth about Short Sales, Loan Modifications and Foreclosures (an ebook that I wrote)

Education/Credentials
Bachelors Degree from the University of Utah in Spanish with an emphasis in Economics. Specialized and on going study of loss mitigation tactics revolved around the banking industry and real estate including FDIC.

Awards and Honors
Bronze Home sales award in 2008 for Keller Williams Gold Home sales award in 2009 For Keller Williams Triple Gold Home sales award in 2010 For Keller Williams Triple Gold home sales award in 2011 For Keller Williams Top Sales agent individual award in 2010 For Keller Williams I have been asked to speak and teach other realtors how to handle short sales for Keller Williams International and also at my local board of Realtors.

Past/Present Clients
I have over 100 successfully closed short sale transactions.

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