1) Nolo press (probably www.nolo.com)
2) the author Mark Warda has some good books.
3) books at your local library-FREE INFO!
4) go to your Department of State/Secretary of State
website.
5) google Limited Liability Company
6) advanced search here-at TCI just type in LLC
[addsig]
Well I didnt fight the earnest money thing bc the asbestos thing was hearsay and I wanted to get out of the deal and did not have enough time to prove it. Also the earnest money was only 500 which what it would cost for me to fly back and mediate to get my money back.
Which is another question...if she did have asbestos and tried to remove it is there any way to find out this type of info publicly? Also about the default judgement that is (from what our jag attorney told us) is when u dont file an answer in a timely manner- which we did with our attorney in OK. I only wanted to know if anyone has heard of the seller suing and winning bc every attorney I have talked to has said that usually specific performance suits are for the buyer to sue the seller and most havent seen this kind of case. So i am just wondering thanks for all of your inputs so far.
I think if you can get a letter of declination from your lender stating that you were turned down for financing, that should end all the lawsuit nonsense. I have to wonder why the interest rate is so high. Are you using a VA lender or FHA? Their rates are much lower than the 8% you mentioned. Also, did the JAG attorney say whether you can get out based on your husband not being deployed to that area?
Wow! Thanks for all your responses! On the question of whether we can sue them in HI the answer is no bc the property is OK. We are considering doing mediation in OK now but our civillian attorney in OK and JAG attorney think that we should fight it out and possibly countersue. At first I wanted to just bite the bullet and buy the house but our JAG attorney said that the whole deal...the agent, mortgage broker and seller seemed to shady to continue and we should go to litigation. The reason that we didnt use VA loan was because the house would not pass a VA inspection bc of little things here and there that the seller could not afford to fix so we went conventional with an 80/20 loan which now i realize was sooo stupid and at 21 yo that rate was as good as the broker said he could get us, well actually my husband whose name is on the loan, but what we thought was going to be 8 % turned out to be 1st mortgage 9+% 2nd at 11+ . Thanks again for all responses and any more ideas keep them coming bc my husband is going to see our attorney this week in OK.
Also i forgot....Another question I have. We heard that the seller is going to lose her house to the bank (that is what the RE agent told us), if that is true how long does that take bc if that will happen that means she cant carry the mortgage through litigation i would think. Does it take long for a house to go into foreclosure and if so I have heard about this thing called lis pendens but can she do that to avoid the bank taking her house during the lawsuit?
NO, your wife does not need to sign, but you may have to sign a corporate resolution if you are borrowing money... and possibly a personal guarantee.
[addsig]
Look for publications by Nolo Press. They have some good info on that subject
1) Nolo press (probably www.nolo.com)
2) the author Mark Warda has some good books.
3) books at your local library-FREE INFO!
4) go to your Department of State/Secretary of State
website.
5) google Limited Liability Company
6) advanced search here-at TCI just type in LLC
[addsig]
costs vary greatly depending on many factors including, jurisdiction, who sets it up (atty, self, service), and complexity of operating agreement.
You guys need to speak with a CPA and attorney as they will be able to guide you better than we could. Hope this information helps.
Joe[ Edited by JohnMerchant on Date 05/24/2005 ]
Well I didnt fight the earnest money thing bc the asbestos thing was hearsay and I wanted to get out of the deal and did not have enough time to prove it. Also the earnest money was only 500 which what it would cost for me to fly back and mediate to get my money back.
Which is another question...if she did have asbestos and tried to remove it is there any way to find out this type of info publicly? Also about the default judgement that is (from what our jag attorney told us) is when u dont file an answer in a timely manner- which we did with our attorney in OK. I only wanted to know if anyone has heard of the seller suing and winning bc every attorney I have talked to has said that usually specific performance suits are for the buyer to sue the seller and most havent seen this kind of case. So i am just wondering thanks for all of your inputs so far.
I think if you can get a letter of declination from your lender stating that you were turned down for financing, that should end all the lawsuit nonsense. I have to wonder why the interest rate is so high. Are you using a VA lender or FHA? Their rates are much lower than the 8% you mentioned. Also, did the JAG attorney say whether you can get out based on your husband not being deployed to that area?
this may help. https://www.servicememberscivilreliefact.com/login.htm
looks to be a reference site for the Servicemembers Civil Relief Act (“Act”) .
In general, there is not public (at least in CA) record for asbestos removal unless it was a large enough qty and performed by a license remediator.
If she hired bob, dick, and jane there would be no record.
Wow! Thanks for all your responses! On the question of whether we can sue them in HI the answer is no bc the property is OK. We are considering doing mediation in OK now but our civillian attorney in OK and JAG attorney think that we should fight it out and possibly countersue. At first I wanted to just bite the bullet and buy the house but our JAG attorney said that the whole deal...the agent, mortgage broker and seller seemed to shady to continue and we should go to litigation. The reason that we didnt use VA loan was because the house would not pass a VA inspection bc of little things here and there that the seller could not afford to fix so we went conventional with an 80/20 loan which now i realize was sooo stupid and at 21 yo that rate was as good as the broker said he could get us, well actually my husband whose name is on the loan, but what we thought was going to be 8 % turned out to be 1st mortgage 9+% 2nd at 11+ . Thanks again for all responses and any more ideas keep them coming bc my husband is going to see our attorney this week in OK.
Also i forgot....Another question I have. We heard that the seller is going to lose her house to the bank (that is what the RE agent told us), if that is true how long does that take bc if that will happen that means she cant carry the mortgage through litigation i would think. Does it take long for a house to go into foreclosure and if so I have heard about this thing called lis pendens but can she do that to avoid the bank taking her house during the lawsuit?
NO, your wife does not need to sign, but you may have to sign a corporate resolution if you are borrowing money... and possibly a personal guarantee.
[addsig]
So would our credit be search as well as our personal income.
yes, until you have credit established in the name of the corp and can find someone to lend.
In forming the corp. if you want this to be your sole property, there is a spousal consent that typically is needed.
Why the spousal consent if she has nothing to do with the corp.
Quote:
On 2005-04-10 13:38, cjmazur wrote:
yes, until you have credit established in the name of the corp and can find someone to lend.
In forming the corp. if you want this to be your sole property, there is a spousal consent that typically is needed.