Foreclosure and future ownership info needed?
April 21st, 2009 | by admin |I am asking this on behalf of a friend in need.
Her and her husband are facing foreclosure as many people are these days. There is simply no avoiding it, and there is no good prospects for selling their home (like many these days)
What she is wanting to know beyond the credit report hit, what other reprocussions will they both be facing long term such as potential garnishments, taxes owed, and leins on other owned items.
Her Father owns a property in the same state of Arizona and they are going to move into his property and pay him rent. He is in poor health and may not live another year so ideally he wants to will the house to her and her husband when he dies.
Can anyone please give me some info to pass along on what will happen, and what they can go to protect themselves.
The main concern is that once the house is taken, and eventually sold at auction, they will get the tax hit from the sale of the difference, but if at that point they inherit this house from the Father, will leins be put on it for either the tax debt, or for the original debt through the bank.
Thanks
Your friend, along with her father, need to speak with an attorney…….very quickly. There are different legal aid offices at local law schools that offer legal services free of charge (usually). Or, local bankruptcy lawyers can be found through a simple google search.
To prevent the house from being deeded directly to the friend, a trust needs to be created. The trust may be immune from such a bankruptcy or foreclosure proceeding. However, a lawyer must be consulted to get REAL answers.
Other articles you might like...
- Have The Term Life Insurance Rates Youll Enjoy
- Picking Out Your Roll Off Dumpsters Today
- Revolution For Cats Gives Your Pet Great Relief
- Make Attendees Feel Cozy With Restroom Trailers And Portable Toilets
- Choose The Most Wonderful Strategies With P90x
- Deciding On The Best Online Sports Betting
- Opting For P90x Is The Technique To Total Fitness Power
- Picking The Right Way When It Comes To Restroom Trailers Is Crucial
- You Should Have The Total P90x Edge
- Guys In Style Wear Cufflinks
One Response to “Foreclosure and future ownership info needed?”
By EP on Apr 21, 2009 | Reply
Your friend, along with her father, need to speak with an attorney…….very quickly. There are different legal aid offices at local law schools that offer legal services free of charge (usually). Or, local bankruptcy lawyers can be found through a simple google search.
To prevent the house from being deeded directly to the friend, a trust needs to be created. The trust may be immune from such a bankruptcy or foreclosure proceeding. However, a lawyer must be consulted to get REAL answers.
References :