Will My Personal Assets Be Affected?
Right now my partner and I are thinking of putting our husbands in our LLC since we sometimes need to use their credit to purchase. Will our personal assets be at risk when both a husband and wife are in a LLC? Such as our marital home or cars? Thanks
The other issue is what are the community property laws.
In CA, if you buy a house in an LLC, and own the LLC as sole and separate property, but pay a bill w/ a joint account, you could be in trouble.
With the Lis Pendens they are requested to file an answer to the foreclosure suit with the court but do not have to. I suggest they file the answer to buy more time especially if I my try to work out a short sale with them. This is for Duval County aka Jacksonville. I would imagine that all FL is the same.
In Florida, the process is the same in every County.
[addsig]
Bargain, this was the original question:
"It has been my understanding a LIS PENDENS is a notice an action is pending which may impact title.... but a Summons and Complaint is the document served upon the mortgagor which compells the Defendant file an Answer."
Thanks. You state it is the Lis Pendens (notice to the world) which compels the defendant(s) to Answer..... and it is not the summons/complaint.
Interesting.
In California a LIS PENDENS is a notice an action is pending which may impact title.... but a Summons and Complaint is the document served upon the Defendant which compells the him file an Answer.
The following is the link to the Clerk of the Courts recording index for Seminole County FL. Click on the DOCUMENT TYPE tab and enter LP in the documet type. Then click on the GET IMAGE button.
The LP is pretty simple. Also included is usually the original mortgage. I do not see it in the three LPs that I looked at, but I know somewhere it does say that they have 20 days to answer. I always tell them not to bother to answer. But a friend of mine says that if they answer that then they have the right to be heard at the Summary Final Judgement and it can help to delay the foreclosure. But I have never had a problem with the homeowner going to the SFJ and requesting more time. I am not aware of any consequence of answering or not answering the SFJ.
FL time line is usually (1) LP is served (2) 2-3 months go by (3) SFJ date (4) Auction is 30 days from the SFJ. But if the homeowner goes to the SFJ and asks the judge for more time the judge will usually give them 60 days.
http://officialrecords.seminoleclerk.org/NV_Records/new_sch.asp
SSP, please let me know what you find out.
The correct URL is the following
http://officialrecords.seminoleclerk.org/NV_Records/or_sch_1.asp
Google search found good discussion of FL Lis Pendens law and its use in Noticing the public immediately after a foreclosure LAW SUIT has been filed.
Since FL has only a Judicial Foreclosure, and not a Deed of Trust (out of court) foreclosure, first a suit is filed, then the LP is filed.
[ Edited by JohnMerchant on Date 03/31/2007 ]