 gonenago
Joined: 09 Jul 2009
Posts: 1
1.30 Dollars($)
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 Posted: Thu Jul 09, 2009 7:54 pm Post subject: will prim residence and adjoining land be subject to lien in |
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Going thru divorce in Hawaii, have 2 rentals upside down and primary residence, current, with adjoining land.
We can prove hardship due to divorce, disabilities and insolvency with total debt. Which scenario is best to prevent lien's from occuring.Husband wants prim res. I must return to CALIF
Short Sale? Foreclosure? Bankruptcy? mail Keys?
Have excellent credit, Any thought's? Thank you |
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jenkin7
Joined: 04 Jun 2007
Posts: 4320
Location: Hawaii
683.42 Dollars($)
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| Posted: Thu Jul 09, 2009 9:05 pm Post subject: |
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Hi gonenago,
If the two rental properties go into foreclosure or short sale, you will be responsible for the deficiency. In case you do not pay it off, a judgment could be obtained against you or a lien could be placed on your other properties. In a deed in lieu, the deficiency is generally forgiven, which eliminates the chances of a lien being put on your primary residence. You need to discuss this option with the loss mitigation department and see if they would like to forgive the deficiency. Bankruptcy should be your last option. |
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