Re: Re: Re: Loss of driver?s license for debt Translation of the deal: He's willing to steal the house from you for half of the house's value plus $5000 and you still owe money on a house you no longer own.... If you're goiung to lose the house, why not just sell it on the open market and get closer to what it's worth? He has no obligation on your refi'd loan if you go BK, so het gets a house for a song and you get screwed. The only problem with Gramm-Leach-Bliley (the privacy Act) is it has no private Right of Enforcement, so it is a law with no penalties for its violation.
Re: Re: Re: Loss of driver?s license for debt Translation of the deal: He's willing to steal the house from you for half of the house's value plus $5000 and you still owe money on a house you no longer own.... If you're going to lose the house, why not just sell it on the open market and get closer to what it's worth? He has no obligation on your refi'd loan if you go BK, so het gets a house for a song and you get screwed. The only problem with Gramm-Leach-Bliley (the privacy Act) is it has no private Right of Enforcement, so it is a law with no penalties for its violation.
Re: Re: Re: Loss of driver?s license for debt How does he get the house free and clear of a mortgage lien?
Re: Re: Re: Re: Loss of driver?s license for debt That's what I am wondering. Banks don't like to loose money and I don't see them giving up rights to the house. Not only that but it occured to me that were I to do this and then have to file BK in a couple of months I might have some difficulties.
Re: Re: Re: Re: Loss of driver?s license for debt Thanks everyone for all of your advice and opinions.
