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07-17-2008, 09:49 PM
| | Junior Member | | Join Date: Jul 2008
Posts: 1
| | | Help! In-Laws being sued!
What is the name of your state (only U.S. law)? Texas
About 2 years ago, my MIL was involved in a at fault accident. She hit a man on a motorcycle. I'm not sure of the details, but now she is being sued directly by him. I think it was decided that she was "under insured" and now the person she hit is suing her.
Her insurance company will not be paying her legal fees and the amount the person suing for is greater than she is insured for. She's getting nervous.
Here's the bad part. They own their home and two other houses all three here in Texas. We rent one from them and other family members rent the other. I know in texas your homestead is protected, but other property is not. Can we sign a contract as a "owner finance" and will that protect the homes incase of a judgement? They do not have any other major assets besides the two rental property's. No money, etc. As a matter of fact, they don't make a profit from the rentals - they only collect the amount of rent that is owed. |
07-17-2008, 10:30 PM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 39,559
| | Quote:
Originally Posted by rbridwell13  Can we sign a contract as a "owner finance" and will that protect the homes incase of a judgement? | No... and it will get your ass in trouble. Ever heard of fraud??
__________________
There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).
Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
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07-17-2008, 11:40 PM
| | Senior Member | | Join Date: Feb 2006 Location: Philadelphia, PA
Posts: 17,858
| | | They should hire a lawyer. Most likely, all they will be able to do (once a judgement is granted) is put leins on the property, not force a sale. I hope they (and you!) have learned a lesson about carrying minimum insurance when you have vulnerable assets! |
07-18-2008, 12:32 AM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 39,559
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Originally Posted by ecmst12 They should hire a lawyer. Most likely, all they will be able to do (once a judgement is granted) is put leins on the property, not force a sale. | And of course, that is 100% crap.
They can force the sale of the non-exempt property (that not protected by homestead), which the OP clearly already knew from his post.
__________________
There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).
Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
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07-18-2008, 07:30 AM
| | Senior Member | | Join Date: Feb 2006 Location: Philadelphia, PA
Posts: 17,858
| | | Well they should still hire a lawyer. If a judgement is granted, taking out 2nd mortgages on the properties might be an alternative to having them seized. You and your relatives should prepare to have your rent increased. |
07-18-2008, 05:21 PM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 39,559
| | Quote:
Originally Posted by ecmst12 Well they should still hire a lawyer. If a judgement is granted, taking out 2nd mortgages on the properties might be an alternative to having them seized. | More crap.
The Texas Constitution is very clear as to what property is allowed homestead exemption. Clearly, you do NOT know what you are talking about. Please stop posting erroneous crap. It is NOT helping the OP.
__________________
There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).
Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
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07-18-2008, 06:15 PM
| | Senior Member | | Join Date: Feb 2006 Location: Philadelphia, PA
Posts: 17,858
| | | I wasn't talking about the homestead, I was talking about the rental properties. And I meant they might be able to take out mortgages on the rentals in order to PAY the judgement voluntarily. |
07-18-2008, 06:45 PM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 39,559
| | Quote:
Originally Posted by ecmst12 I wasn't talking about the homestead, I was talking about the rental properties. And I meant they might be able to take out mortgages on the rentals in order to PAY the judgement voluntarily. | Even more crap.
Let ne help you with some REAL legal education... if I were the judgment creditor or his/her attorney, I would IMMEDIATELY start seizure against those 'unprotected' property's. The fact that they may have a sham mortgage or not is NOT relevant to the rights of a Texas judgment creditor.
So, like I said before.... for the sake of the forum and the OP.... stop making erroneous posts on a subject that you have clearly have NO knowledge of.
__________________
There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).
Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
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07-18-2008, 06:59 PM
| | Senior Member | | Join Date: Feb 2006 Location: Philadelphia, PA
Posts: 17,858
| | | So one could NOT borrow against property in order to get cash to pay a debt, to avoid losing said property entirely? |
07-19-2008, 12:09 PM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 39,559
| | Quote:
Originally Posted by ecmst12 So one could NOT borrow against property in order to get cash to pay a debt, to avoid losing said property entirely? | Agreed. Texas only allows ONE homestead exemption. Any properties over and above that one are subject to judgment seizure. Any property's that are not 'protected' by homestead can be forced into sale, with the 'mortgage' if one paid first, then the judgment. Even the one homestead (or any other property) is still subject to judgment lien.... which require payment in the event of a sale or refinance.
Also, I suggest you do some research on 'fraudulent conveyance'.
__________________
There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).
Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
|
07-19-2008, 05:35 PM
| | Senior Member | | Join Date: Feb 2006 Location: Philadelphia, PA
Posts: 17,858
| | | I wasn't suggesting that the owners try to sham-sale/give the properties to the tenants to try to avoid them being taken. I just thought they would be given some opportunity to raise money to pay any judgement granted before more drastic measures were taken. But I'm sure you know more then I do on the subject. You are saying there is no way for them to avoid losing their rental properties once a judgement is ordered against them, well then they should have had better insurance coverage. | |
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