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I currently have a mortgage on my home and have lost my job due to a merger.

My siblings and I have been granted my parents lake home and property. We are in the process of forming a LLP or LLC for this property.

If I am not able to make my mortgage payments in full until I find another job, will the property I own with my siblings be in jeapordy?

Should I quit claim my interest in the lake home over to my siblings?

jameswells · Posted: Sun Dec 09, 2007 11:44 pm Post subject:

The property you own with your siblings should be fine, a judgment or lien can't be placed against the property since there are other owners on the deed. That is unless the payments on the joint property aren't being made, then the mortgage holder can seek foreclosure against any and all owners...

jenkin7 · Posted: Mon Dec 10, 2007 12:06 am Post subject:

Hello Genaveve,

If you are unable to make the monthly mortgage payments, your lender might foreclose on your property as that has been kept as the security against the loan but I don't think the other property will have any problem.

I think you should notify your lender about your present situation. You may talk to him about forbearance or a mortgage modification in order to avoid foreclosure. It is better to avoid foreclosure if that is possible because it has damaging effects on your credit.

kpatrick · Posted: Mon Dec 10, 2007 6:29 am Post subject:

Hello Genoveve,

Why don't you consider renting it to offset the debt...you could consider a month-to-month, or a short-term lease if you don't want to lock it down for long term.

This would cover the payent ans offset the debt until you get it all figured out...

Kim

gmakerley · Posted: Mon Dec 10, 2007 10:10 am Post subject:

why is it that i see no mention of your other siblings as far as their obligation to repay is concerned?

are you the only one of the group that is obligated to make payments?

quit-claiming your interest to your siblings seems short-sighted to me. assuming you find another reasonable job in a reasonable period of time, you ought to be able to go back to making payments without adversely affecting the mortgage.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

I think this is all confusing. From reading the post I believe that the property owned by siblings is not the one the op can not make mortgage payments on..I believe it is the op actual residense. Also renting it to off set costs sounds like an excellent idea...as long as all siblings agree.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

Even if you would do time share on it, if it is lakeside, you may be able to just rent it out during the vacation season, that way you would have sometime to enjoy the property yourself along with your siblings.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

That sounds really reasonable. I am sure there are probaly times the property sits vacant..Why not cash in on that? You can have the renters sign a paper holding them responsible for any or all damages. I think you can even put a claus in there in case you would ever have to take them to court so you can reimburse your atty fees if there was any.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

You should look into the time share information, maybe you could put it on the time share market for a while and make the money on it until you get caught up.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

I see alot of listing in the local newspaper for time shared places. People sell their share of time to others when they are not using it. A few listings and a few bookings could possibly catch up the payments.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

Great thought Barto, time shares can bring in a healthy and a steady income for someone who has a great place that someone would want to use for a summer home or just for a few weeks through out the year.

You can actually contact agencies that will market and handle all the time share details, I see them on television all the time. You may also want to contact a travel agency, they may be in contact with people who would rather rent a home for a week versus live in a hotel.

I hope these new ideas are some what helpful to you, hope you can get all your situation in working order with this property.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I have seen the advertisements and commercials on televisions also, it may be something that you may want to look into, I would if I were in your situation. goodluck

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

Be verying careful, I just read a post where an elderly persons home was almost taken over an opportunity of a scam artist who wanted her to quit claim her property over.

If this is something that you are going to pursue, becareful of who you deal with. There are a lot of good companies out there and there are a lot of scam artists too. Make sure that you do your research and know who you are dealing with before you sign any paperwork or make any major commitments to deal with your property.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I think it is a shame all the scams out there, I swear there is a scammer in every industry, thank god there are forums like this to get the word out and help people become more aware. keep posting these so people don't get taken advantage of. It really irritates me when they take advantage of the elderly that have worked their whole lives for something to lose it to some ignort jerk that don't want to work for a living. These people should face severe penalties.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

This all really annoys me. There always seems to be some smarty out there trying to live for free at someone elses expense. I think time share is a wonderful investment that can also help in these situation..when you come up a little short. It would help though if todays people were more trustworthy.

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