HHM,
following your example, I also edited my heated post accordingly ;)
I thank you for taking the time to explain, and for giving me some terms to look up as well. I have been reading now on fraudulent conveyances. I do see where you are coming from.
Jeeze the lines are fuzzy, and this is what I am now trying to weed out.
Before you brought it up, I was only concerned with it being a 'preferential transfer of an antecedent debt"-because in my my, truly that it what it is--I had no previous knowledge on 'fraudulent conveyance'--But now upon finding out more through your suggestion, I am seeing where you are coming from.
Now I need to do some more research, and I have to figure out how to formulate my questions using newly learned terms and vocabulary.
I am wondering if this makes any difference with my situation if or when the fraudulent conveyance issue arises?:
One thing is that while I am "cash poor", even though I somewhat encumbered my property with the mortgage, I am not insolvent. And the mortgage did not render me insolvent either, as I still have 1 property free and clear, that if I cannot sell, maybe I will just surrender in BK. My assets are still more than my debts, but I can't access the value via liquidation in the real estate market, this is what's causing me all the distress.
Also now, after reading about fraudulent conveyances, I am worried about even trying to sell the 1 free and clear property--I bought it well below value because it was an REO, and I'd also have to sell way cheap because nothing here is selling for close to FMV, and remodeling is not finshed. Now I believe selling that prop would cause more hassel in the future if I needed to file BK--might be safer to let BK court liquidate and not have the hassel of avoidance? Even though that would bring next to nothing at auction--it would not bring me under fire-
-My thinking is: it would perhaps give the BK court something to liquidate to pay the unsecured debt of the 'deficiency judgement' should I get one after the foreclosure. Does this make any sense???
I do see that I need a good atty, and I just can't afford that right now--plus, I do need to familiarize myself better with the language of the new terms I am learning.
following your example, I also edited my heated post accordingly ;)
I thank you for taking the time to explain, and for giving me some terms to look up as well. I have been reading now on fraudulent conveyances. I do see where you are coming from.
Jeeze the lines are fuzzy, and this is what I am now trying to weed out.
Before you brought it up, I was only concerned with it being a 'preferential transfer of an antecedent debt"-because in my my, truly that it what it is--I had no previous knowledge on 'fraudulent conveyance'--But now upon finding out more through your suggestion, I am seeing where you are coming from.
Now I need to do some more research, and I have to figure out how to formulate my questions using newly learned terms and vocabulary.
I am wondering if this makes any difference with my situation if or when the fraudulent conveyance issue arises?:
One thing is that while I am "cash poor", even though I somewhat encumbered my property with the mortgage, I am not insolvent. And the mortgage did not render me insolvent either, as I still have 1 property free and clear, that if I cannot sell, maybe I will just surrender in BK. My assets are still more than my debts, but I can't access the value via liquidation in the real estate market, this is what's causing me all the distress.
Also now, after reading about fraudulent conveyances, I am worried about even trying to sell the 1 free and clear property--I bought it well below value because it was an REO, and I'd also have to sell way cheap because nothing here is selling for close to FMV, and remodeling is not finshed. Now I believe selling that prop would cause more hassel in the future if I needed to file BK--might be safer to let BK court liquidate and not have the hassel of avoidance? Even though that would bring next to nothing at auction--it would not bring me under fire-
-My thinking is: it would perhaps give the BK court something to liquidate to pay the unsecured debt of the 'deficiency judgement' should I get one after the foreclosure. Does this make any sense???
I do see that I need a good atty, and I just can't afford that right now--plus, I do need to familiarize myself better with the language of the new terms I am learning.
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