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debt settlement and texas investment property

Date: Thu, 07/15/2010 - 09:22

Submitted by anonymous
on Thu, 07/15/2010 - 09:22

Posts: 202330 Credits: [Donate]

Total Replies: 3


My wife and I are sadly just starting down the debt settlement road and I have a question about investment property in Texas. Like many of you, our work situation has drastically changed, and will not change for the better in the next few years.

I have my homestead, but we bought a small house for my elderly mother to live in close to us about three years ago. We of course still owe on it. And we have a small adjacent piece of land next to it that we own outright with a friend of ours. We have no intention of selling either. We bought these properties to keep, not to invest. Together they are worth less than 120K together.

I want to settle and think I can come up with the money to settle if given a few months.

My questions are:
Has anyone had experience(s) negotiating with credit card companies to settle having 'investment' property?

Are companies more likely to sue to get a judgment against us to force us to sell the them?

Can they force us to sell those properties?

I cannot put my mom out of that house and the other piece of land is a community garden run by the neighborhood. I need to settle or go down the bankruptcy path.

Thanks for your time and any advice
scott


Hello Scott,

If you think you will have the money fairly quickly to settle the debts than it likely won't progress to the point where the creditor is even aware of the property.

If they do sue you and obtain a judgment then yes, those properties could be at risk if they want to pursue them.

So the best thing to do is come up with an agreement and settle as quickly as possible, before things escalate to an attorney and they start thinking about filing suit and potentially doing an asset search to see what their chances of collection will be.


lrhall41

Submitted by Damon on Wed, 09/15/2010 - 12:54

( Posts: 80 | Credits: )


I agree with Damon. It would be best to settle before chargeoff. The creditors likely will not know about the investment properties until they send it to legal review.

If someone sues you, then yes they can get a judgment and then foreclose on the non-homestead properties.

I'm not sure bankruptcy would help, because the bankruptcy judge might take the properties and sell them to pay your creditors - I don't know for sure you have to ask an attorney.

Good luck.


lrhall41

Submitted by on Wed, 09/15/2010 - 16:53

( Posts: | Credits: )


Greetings subtex,

I concur with all of the above.:cool:

They won't start sniffing around your county's real records until a shark gets involved or near that time.:mad:

IMHO......strike the settlement deal that you think is in your best interest.
And do it before charge off.

Just my $0.02 worth.

Regards,
King "Kash" Jabba Labba

PS: subtex, go ahead and register. You can send and receive pm's.:cool:


lrhall41

Submitted by King Jabba Labba on Wed, 09/15/2010 - 17:02

( Posts: 507 | Credits: )