About John Hall Expertise Law school graduate, Juris Doctorate (J.D.) Degree; Over 25 years of
experience throughout the United States in bankruptcy law matters (Chapters 7, 11, and
13 of the United States Bankruptcy Code) primarily representing individual
debtors with consumer debt or small businesses; Experience has included all
aspects of debtor/creditor relations.
Experience FREE BANKRUPTCY HELP. If you are being sued, if your home is being foreclosed, or if you are being harassed by bill collectors, filing for bankruptcy may be a quick and inexpensive solution.. The mere filing of a bankruptcy will operate as a federal court order (it is called an automatic stay) to stop all bill collection efforts, including lawsuits that are pending or ongoing. Bankruptcy is a legitimate way to meet your problems with debt head-on. The bankruptcy law is designed to give you a second chance to make a new start without the psychological and financial burden of pressing debts that you are unable to pay. Depending on what state you live in and what your assets are, it is very unlikely that you are going to have to lose anything if you file for bankruptcy, and this is something that you can do immediately without having to pay the $500 to $1,500 attorney fees that most attorneys charge. Also, you might be surprised that you can file for bankruptcy and that it will not have the devastating effect on your credit that most bill collectors describe. Life is too short to have all this anxiety over losing your car through repossession, getting evicted from your home, or losing your home through foreclosure. Bankruptcy law was designed to give you a second chance. I will not charge you just to talk on the phone. Call me at 432 853-5711, or send me an email at j_h14@hotmail.com with your telephone number, and I will call you back.
Question Hello. I have several, related questions. My husband's name is the only one on the purchase and mortage papers. We've been married 21 years. A creditor has placed a lien on the house for a debt in my name. Can she place a lien on the house? What effect will that have on me/us? Can she sell it -- it is heavily mortaged, and by the way, times are hard so the mortgage payments are two months behind, right now. If she sells the house and gets more than the value of the debt, does she have to give us the balance? Who pays off the mortgage company. Truth told, the house is worth a few thousand doollars -- say $20,000. It's mortgaged for $55,000. What do you think? What must I do right now, since I received the paperwork today? Thank you....
Answer Hello. I have several, related questions. My husband's name is the only one on the purchase and mortage papers. We've been married 21 years. A creditor has placed a lien on the house for a debt in my name. Can she place a lien on the house?
Depends on facts that you don’t state in your question. My guess is that they included your debt on your husband’s house because you live in a community property state - but I can’t tell from your question what state you live in.
What effect will that have on me/us?
Hypothetically, that is a possibility, but again, there are other facts to consider that you don’t state. Depending on what state you live in, you may be protected by the homestead laws of your state. That would keep the creditor (or the creditors) from getting anything that was covered by your homestead exemption. Also, there are issues dealing with how much equity you have in the house (Present fair market value less what you owe on any mortgages, tax liens, or any other creditors that put a lien on your house).
Can she sell it -- it is heavily mortaged, and by the way, times are hard so the mortgage payments are two months behind, right now.
If she sells it, the new buyer would insist that the lien be paid off as part of the purchase price.
If she sells the house and gets more than the value of the debt, does she have to give us the balance? Who pays off the mortgage company. Truth told, the house is worth a few thousand doollars -- say $20,000. It's mortgaged for $55,000. What do you think?
Under those rough estimates, you all hold no equity in the house. As a result, if the lien were foreclosed on, there would not be anything left for anyone but the bank that holds the mortgage, and they would themselves lose 35,000 dollars. Any other lien holders would get nothing.
What must I do right now, since I received the paperwork today?
I can’t tell from your question what kind of paperwork you all have received. If it was paperwork for a judgment that is one thing. If it is paperwork for a lien in and of itself, that would be another. This will be easier to talk about on the telephone. I will not charge you just to talk on the phone. My cell phone number is 661 492-2673 Call me this weekend if you like. There are some ways that you can remove the lien without having to pay it off.
