To sell or not to sell
Hi! New to this site and now contemplating on whether or not it would be a good move to do BK. Husband owns a business which borrowed 100K from a pvt. individual. Make a long story short, husband's other partner got into a fight with lender's caretaker and 'lo and behold we were sued for 58K, anyway now there is a summary judgement against husband for 95K, and the lender is now filing a lien on our property. We are in the process of selling our house and we think we are getting about 412K for it, we owe the mortgage co. 210K. State of Nevada homestead protects up to 200K, my question is......if we sell the house and lender has a lien on it, will his lien automatically be paid off? or is the proceeds from the house sale still be protected? Would we be better off the pull the house off the market and just have him lien it and try to make a settlement offer with him?
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I am not a lawyer, but if I were you, I would sell it fast. I don't think that someone can put a lien on your house if it isn't your house anymore. That is a lot of money to make on a sale. Are you planning on buying another house? If so, I would do all of that before filing for bk. If not, the trustee may use some of your profits to pay off creditors. Then again, don't listen to me for financial advice...I'm here... if you know what I mean?
Maybe Todd or HHM can chime in? I really just wanted to say good luck. -
Once they have the lien, it is a cloud on the title and MUST be paid or otherwise disposed of as part of the closing in order to tranfer clear title to the house.Comment
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