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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Think4Yourself who wrote (29913)4/21/2005 9:23:21 AM
From: BWACRead Replies (1) of 306849
 
"Broker told me couldn't do it the way I wanted to because laws would ignore it and treat it as if both owned and liable anyways."

Broker lied. Cause broker wants you both on the hook for the note. Which then would allow the liability to be somewhat more enforceable, yet still useless.

Got a guy who owes me a court enforced judgment of 110K right now. His wife has sole title to all "their" assets. Nothing can be attached. Not "their" new SUV. Not "their" rental houses. Not "their" tools and equipment. Sheriff comes back and says "no assets".

Got another who owes 60k who was hung, but decided to walk away from it all, and moved to a west coast state knowing the expense to collect from long distance would preclude the chase.

Got another who owes 40k (and his wife hung too) who just isn't as smart. He continually gets shot down at car dealers, business deals, loans they try to get because the judgement is in place. Somehow they still drive a Cadillac and live in a nice home. Neither of which have any equity. But at least he is hindered enough that he occassionally calls to yell at me about the business deal my judgment cost him. Still yet? hasn't paid back a dime in 12 years.

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Note: I wasn't crazy enough to loan the money. I just inherited these judgments.
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