broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 P.S. Where on my CR does it show assets? Mine doesn't show any. Link to comment Share on other sites More sharing options...
Methuss Posted March 29, 2004 Report Share Posted March 29, 2004 P.S. Where on my CR does it show assets? Mine doesn't show any.They look for car loans and mortgages. If you have one, they see how long you have had it to determine if you have built up any equity in those hard-properties.Certain personal consumer loans like for computers and furniture also are looked at for their equity value.What they are looking for is secured loans you've had for a while that have a good number of payments against them. Link to comment Share on other sites More sharing options...
broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 No car loans. No mortages. No computer or furniture loans. The only thing I've had my name put on is this house of my mothers. I don't even claim it to be mine though, really. Should I have this house taken out of my name? Link to comment Share on other sites More sharing options...
Methuss Posted March 29, 2004 Report Share Posted March 29, 2004 No car loans. No mortages. No computer or furniture loans. The only thing I've had my name put on is this house of my mothers. I don't even claim it to be mine though, really. Should I have this house taken out of my name?From the way you state it, I'm assuming it is paid off? If your name is on the ownership docs, then they can see it by doing a public record search. I doubt they would go this far, but it is possible.Taking you name off will not have much effect right now. If they see you unloading real property before a case is filed, they can still lay claim to it if it was transferred to another person with in 6 months. **This is one legal precedent I don't like. You can't give your assets to someone else to keep them safe very easily. There are ways, but it's something you have to be very careful doing. Link to comment Share on other sites More sharing options...
broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 It's been paid off for years and years. 30 or so, probably. My mother only did this so that when she dies it won't have to go into probate. So no....the house doesn't have my SS # on it or anything. If I need to put it in someone else's name I can though. Remember that it's a "living trust" deed though and I can't do anything with it until her death. I could sign it over to a family member to keep it safe, however. Link to comment Share on other sites More sharing options...
Methuss Posted March 29, 2004 Report Share Posted March 29, 2004 It's been paid off for years and years. 30 or so, probably. My mother only did this so that when she dies it won't have to go into probate. So no....the house doesn't have my SS # on it or anything. If I need to put it in someone else's name I can though. Remember that it's a "living trust" deed though and I can't do anything with it until her death. I could sign it over to a family member to keep it safe, however.Naw. Don't worry about it. Trusts are something the CAs can't get their greedy fingers into because it's not yours yet. Good thinking on your Mom's part. Link to comment Share on other sites More sharing options...
broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 Thanks, Methuss. And yeah, I agree with you in that she was wise to do it this way. This way she ensures that all her children get an inheritance while at the same time making sure she's cared for until she passes away. Link to comment Share on other sites More sharing options...
broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 I went and pulled the deed. It's called a "Joint Tenancy Survivorship" Warranty Deed. Link to comment Share on other sites More sharing options...
broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 I went and pulled the deed.........need more proof that I'm a hick? Gawd. Link to comment Share on other sites More sharing options...
PayCutHurtMe Posted March 29, 2004 Report Share Posted March 29, 2004 Joint Tenancy with Right of Survivorship is not a trust. It means that you and your Mom each have an equal interest in the house and your half is attachable. Link to comment Share on other sites More sharing options...
broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 Hello John. What does "attachable" mean? Does this mean I need to get this out of my name now? Link to comment Share on other sites More sharing options...
PayCutHurtMe Posted March 29, 2004 Report Share Posted March 29, 2004 Attachable means they can put a lien against your half if they get a judgement. I don't know what the legal ramifications are of getting it out of your name at this point. Link to comment Share on other sites More sharing options...
broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 I don't understand this. My mother's attorney did this specifically so that none of her children could put the houses in risk (selling). I feel sick again. Any idea where I need to start looking on what I need to do? I can't risk my mother's home. She's an invalid and terminally ill. That rent is what keeps her in the retirement home. Link to comment Share on other sites More sharing options...
Methuss Posted March 29, 2004 Report Share Posted March 29, 2004 I don't understand this. My mother's attorney did this specifically so that none of her children could put the houses in risk (selling). I feel sick again. Any idea where I need to start looking on what I need to do? I can't risk my mother's home. She's an invalid and terminally ill. That rent is what keeps her in the retirement home.Call the attorney that executed the paperwork. Just ask. It shouldn't cost anything. Link to comment Share on other sites More sharing options...
broke okie Posted March 29, 2004 Author Report Share Posted March 29, 2004 Just called the attorney. I'll go there in the morning and get it taken out of my name. He said it shouldn't be a problem after that. I'll know more tomorrow. Link to comment Share on other sites More sharing options...
Shawnimal Posted March 29, 2004 Report Share Posted March 29, 2004 It's my thinking they would be MORE likely to settle a large debt than a small debt, since people are more likely to declare bankruptcy or just "give up" on trying to pay larger debts. But they are probably more likely to sue over the debt as well, since lawyer cost to debt ratio would better.My guess is that the single most important factor is what they determine to be your ability to pay.If you make $20k a year.... they are definitely gonna settle for what they can get. But if you make $250k a year.... they are gonna want the whole thing.Just my 2 cents. Link to comment Share on other sites More sharing options...
broke okie Posted March 30, 2004 Author Report Share Posted March 30, 2004 Hey guys, check this out. I was looking at my CR and noticed something odd........ Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec * 30 60 60 60 * * 30 60 90 120 120 2001 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec * * * * * * * * * * 30 * Did you notice how they repeated the "60 days late" THREE TIMES IN A ROW?! Man, am I ever glad I paid extra money to request those bank records. I'll let you know what I learn there, but I just had to show this to you guys. Weird stuff. Link to comment Share on other sites More sharing options...
broke okie Posted March 30, 2004 Author Report Share Posted March 30, 2004 Oh, and HI SHAWN!!!! I don't make 250$ a year so I hope that means I'm safe. And this is my official face to all this CA stuff from here on out.... Link to comment Share on other sites More sharing options...
broke okie Posted March 30, 2004 Author Report Share Posted March 30, 2004 Another quick update!Went to the attorney's office this morning and got the house out of my name. He said that since it was a "living will" that I had no claim to it - this means that the fact that I put it in another's name doesn't matter because at this time I have no interest in it at all. I asked him specifically if someone could come after me in regards to this house and he said no - that there was no way they could until after my mother is deceased.A HUGE weight off my shoulders and I'm so grateful to J_Snow for bringing it to my attention in the first place. Thank you. I'd also like to thank Methuss and John for their advice as well. It's because of you guys that I went today and got this property out of my name and I just can't thank you enough. Link to comment Share on other sites More sharing options...
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