Divorce, Bankrupcy, And Foreclosure HELP
Trying to help friend in Maryland whose husband has deserted her + 2 children (after various abuses and suicide attempts) and has now claimed bankrupcy. An Attorney told her to stop paying her mortgage that is in her name only since his bankrupcy has attached to the house. I am surprised by that. Home has equity and is in DC Suburbs. She and 2 little children live there and she maintains it and bills well.
Any suggestions, thoughts, ideas. Still early enough to help save home from forclosure.
His BK has probably attached because the property may be considered community property.
You are probably right. But I thought there were certain protections for Primary Residences w/Minors living in them against a bankrupcy. No?
How does O.J. protect his house? smile.
So, first find out if Maryland has Homestead rules/laws.
Second see if she can pay the mortgage into a trust? She owns the mortgage and has paid it for years. It sounds like his bankrupcy is going to attach to the house because it has equity. And now, an attorney has told her to stop paying the mortgage.....
Is there a way that she can protect her investment in this home against his bankrupcy?
Florida has the highest homestead exemption (it may even be unlimited). THAT is why OJ moved to Florida.
KEN
Why is the condo being condemned?? Obviously there is something wrong with it. First, talk with the person who condemned it. Get a dialogue going with them. Let them know that you are working to fix the problems. They may give you some slack on the time frame if you talk with them early. Dont wait and expect the problem to go away.
Usually condemnations are for big problems or issues. I suspect that there has been a problem of some sort for quite a while. Also, is it just your condo or the whole complex that is getting notice. If it is the complex, speak with the HOA and find out what is going on.
sue and file a police report against previous property manager if the did illegal this.
One would think that the banks would be up in arms about a condemnation order.
Why doesnt all individuals for a group and purchase at deep discount,rehab and everyones happy.