Quote:
Originally Posted by gleem
if it is transferrable, how do I structure the deal so I don't go upside down in the property without leaving him owing alot of money,.
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The first step is realization. Admit that this "friend" is you, and that you are flat ass broke with creditors harassing you. What some alcoholics may call that "moment of clarity".
Strip the house of any valuables, live there for the nextr 6-9 months mortgage free and let the bank take it eventually. Then file Chapter 7 and within a year - year and a half you will be back in golden. Think about it is $15,300.00 in his pocktet ($1700.00 X 9 months). He can use this money to pay for BK attorneys and reaffirm on debts that he chooses.
It happens to the best of them, hence the reason that the protection laws exist in the first place. No, it is not the ideal situation or resolve for most people, however it may be some people's only way out. You must protect yourself and your family before going belly up with nothing on the ass end.
The way the economy is right now, there will be a time in the very near future where banks will be making the same risky loan decisions that they made 2 years ago only due to the fact that so many people have gone beyond 30 days + and that their client base will diminish.
Even the rich are "poor" right now for the most part. I don't mean flat ass broke poor, but not where they were a few years ago that's for sure.