Bankruptcy
I learned how to get info on people that are going into bankruptcy. Does anyone in here have a sample letter that I can use to send out to them? I need some verbage on how to reach these people.
Thanks,
Venerable
Sunre,
Glad to meet you.
Sounds like a lot of He said - She Said, so if I really want to know what happened with the property I would have a title company pull a Preliminary Title search.
You will need one anyway, because an attorney would need to look at one to decide how to approach the problem, which in my opinion you will need, before this is all over.
John $Cash$ Locke
[addsig]
the question is florida a community state ? if so she may have rights in the property even though she is not on the deed. Here in new york if only the husband is on the deed and the property was bought before the marriage then the wife has no rights, unless she can prove that she was paying part of the mortgage and/ or she contributed to the down payment....she would sue under a constructive trust premise. Did you get title insurance...if so the title company would have to defend you...if not you may consider offering her a few thousand dollars to go away, because if she does sue your legal bills will be costly.
I already looked up whether this was a community property state and Florida is not, thus the reason for suggesting a title search:
http://www.escrowhelp.com/articles/20000114.html
The preliminary title search was would tell whether the husband could sign off on the property without having his wife or ex-wife (which ever the case may be) involved.
His question may be a mute point if the title comes back clean. If it does not then he needs to take appropriate action.
John $Cash$ Locke
[addsig]
Quote: My attorney says, if she presses, we will offer her 1-2K to go away, since it looks like there is no way she could afford to pay the mortgage on this house.
I would fire that attorney. He needs to do a title search and see if she has an equitable interest in the property. If she does not then fine. But if she does you need to get a quick claim deed now. You will never be able to convey a clean title. And if she is agreeable now, now is the time. Covering your eyes will not make this problem go away. What happens when she dies and does not leave a will? Then you will have to get the estate probated and talk who knows how many people into signing quick claim deeds. And if they smell money, believe me you will find one person that will not sign. You are soon going to have a property that you can not convey title and you will get a lawsuit from your tenant buyers.
Brenda