Judgements On House
I have a possible deal that has the possibility of $25,000 in equity. (If I can get rid of these judgements.) The property has three judgements on it. It is also heading for foreclosure - they are 4 months behind. Below are the details from the wife. They are in the process of a divorce: (Property is in South Carolina)
There are 3 judgments. One is with Nationsbank on a car that he had bought for his 1st wife. When she left him, she took the car. The car was in his name, and she turned it back into the bank. He never made anymore payments. The last balance on the judgment was for around $17,000. Judgment #2 is with his ex-mother in law. She got a credit card in his name on her American Express account, and his charged over $3,000. The balance on that judgment is for $4,100. Judgment #3 is with someone he gave a car to as is. They made repairs and sent him the bills. He never paid them. The balance was around $4,000.
He is also on the deed to the house. Judgment #2 with his ex-mother in law has been turned over to the County Sheriff's Department to handle. They have seized the house, and have sent a letter stating that they would audition off only his 1/2 of the interest of the house in order to satisfy the $4,100 judgment. The audition is set for Oct. 4th.
No foreclosure date has been set yet with the mortgage company. I have notified them as to why the payments where not made, and of the Sheriff's Department action. No contact has been made since. My attorney who is handling my divorce advised that i might consider contacting the mortgage company to see of they would accept a deed in lieu of foreclosure. I would rather try to sell it if i can to save my credit.
Really hope you can help, cause i am at the end of my rope.
Thanks.
Is this worth my time to persue and if so, how would you recommend I do this?
Any input would be greatly appreciated.
Sincerely,
Lisa Terrill
www.ForSaleIOptions.com
**Please See My Profile**
Why would you not see a lawyer about this? Instead of trusting a public bulletin board for legal info that could make you considerable money?
I'd have to say, in answer to your final question, no, it must not be worth your time since you haven't given this problem to your lawyer to solve for you.
[addsig]
I rec'd the details on this deal last night. I intend to call my lawyer but thought I might get some guidence from the Board. My lawyer does not necessarily have all the right answers. Her lawyer basically told her to give up...
Respectfully,
Lisa Terrill
I think JohnMerchant read this the same way I did at first. It sounded at first like Lisa was the one who had the problem.
I agree with Commercialking. This is a great short sale opportunity. And don't forget to short sale the judgements as well.
Thank you for all your feedback.
Sincerely,
Lisa