hypothetically speakin. you make a down payment on house($5.000)

[fredcdobbs]

and have agreed to pay $400 per month for the remaining $10.000..and you have a judgement against you for $12.000(car wreck) can they take yer house or what?...after readin up on it a bit i think they call it a dwelling exemption...any lawyers in the house?

 

[Stress_test]

If it's vacant or rented they can take it, but I'm pretty sure they can't if it's your only property or home.

I know they can't take it in the event of bankruptcy, I went thru that about 18 years ago and they couldn't take my property.

 

[fredcdobbs]

If it's vacant or rented they can take it, but I'm pretty sure they can't if it's your only property or home.

I know they can't take it in the event of bankruptcy, I went thru that about 18 years ago and they couldn't take my property.

this was a personal injury,accident type of thing.

 

[Hammerhead]

They can't take the house if you don't own it. If your making payments on it nothing to worry about.

 

[supermanlives]

damn a house for 15k. wow thats cheap my garage is worth more than that.sorry no help

 

[Hammerhead]

15k has to be a Mobile home ????

 

[LadyCropSitter]

If you have a judgement they will stop at nothing to get it. They can garnish your wages, take it out of your bank account or put a lien on your house. If they do put a lien on your house they will take it out of the profits when you sell the house.

 

[supermanlives]

15 k is a disposable house anyhow LOL. i paid more for my car. havent seen a house that cheap since florida way back. good luck

 

[xcrispi]

15 G will buy a cpl. decent houses in Michigan right now . lol
1 to live in , 1 to grow in ?
Sorry no help for ya man .
Crispi

 

[Anti]

Until you pay the last mortgage payment, the bank owns the house. If you are buying it rent-to-own then the guy who's renting to you owns the house.

They can't take someone else's property from you.

 

[growfr]

you have 2 options:

you have 2 options:

After you buy it, put a HELOC or second mortgage on it. It can be held by a family member or trusted friend. You could write a debt forgiveness clause into it.

Or... put it in a land trust have 2 alternate trustees in different state so you could force a change in venue for any legal issues with the stroke of a pen.

I'm not a lawyer, local customs and case law vary. Read up on it before you shell out their hourly rates.

 

[whadeezlrg]

or just pay payment on your debts in the meanwhile???

 

[Wise]

/

 

[Wise]

Until you pay the last mortgage payment, the bank owns the house.

This is wrong. Any additional equity in a home is subject to a payoff on said lien. And we already know he has equity in it.

 

[Wise]

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[Wise]

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