Lien on a house for money owed?

[Taxing Matters]

Would a judgement against them (the husband and the employed wife) prevent purchase of another house etc with this judgement against them?

No. But it would likely create a real problem getting a mortgage for the purchase at any kind of decent interest rate, if the lender is willing to make the loan at all. A large downpayment on the home would be incentive for the lender, though the may still be high and at any rate it doesn't seem like they'd have the cash to make a large down payment.

At this point it’s now about principle for the church member that loaned the money.

I've encountered others who have said it's about the principle involved, not the money. But in truth, it is all about the money. It's not a good idea to expend more money chasing a debtor than you'll likely ever collect. Sometimes you just have to cut your losses and move on. Or as Kenny Rogers put it in song: "You have to know when to hold 'em, know when fold 'em, know when to walk away, know when to run".

 

[bcr229]

Would a judgement against them (the husband and the employed wife) prevent purchase of another house etc with this judgement against them?

Maybe. It would hurt their credit score so they might have to come up with a larger down payment to qualify for a mortgage, and they would have to pay a higher interest rate than someone with good credit. The interest rates they pay on any credit cards or new auto loans would be higher as well.

Credit scores are also used to calculate your insurance score, and a low insurance score = higher insurance premiums.

Of course, if the bank forecloses on their house then they won't care about their credit score.

If the wife is still working and you get a judgement against her then garnishing her wages also becomes an option, unless she files bankruptcy.

Overall, how badly a court judgement hurts them depends on whether they really are having money issues or whether they are scammers who told your friend a sob story to get $11k out of him.

 

[Bali Hai Again]

No. But it would likely create a real problem getting a mortgage for the purchase at any kind of decent interest rate, if the lender is willing to make the loan at all. A large downpayment on the home would be incentive for the lender, though the may still be high and at any rate it doesn't seem like they'd have the cash to make a large down payment.



I've encountered others who have said it's about the principle involved, not the money. But in truth, it is all about the money. It's not a good idea to expend more money chasing a debtor than you'll likely ever collect. Sometimes you just have to cut your losses and move on. Or as Kenny Rogers put it in song: "You have to know when to hold 'em, know when fold 'em, know when to walk away, know when to run".

No. But it would likely create a real problem getting a mortgage for the purchase at any kind of decent interest rate, if the lender is willing to make the loan at all. A large downpayment on the home would be incentive for the lender, though the may still be high and at any rate it doesn't seem like they'd have the cash to make a large down payment.



I've encountered others who have said it's about the principle involved, not the money. But in truth, it is all about the money. It's not a good idea to expend more money chasing a debtor than you'll likely ever collect. Sometimes you just have to cut your losses and move on. Or as Kenny Rogers put it in song: "You have to know when to hold 'em, know when fold 'em, know when to walk away, know when to run".

Amen Brother!

 

[doucar]

If the wife is still working and you get a judgement against her then garnishing her wages also becomes an option, unless she files bankruptcy.

Just a note, you cannot garnish wages in Texas.

 

[bcr229]

If the wife is still working and you get a judgement against her then garnishing her wages also becomes an option, unless she files bankruptcy.

Just a note, you cannot garnish wages in Texas.

The deadbeats live in Ohio.

 

[quincy]

Following up as it’s been a few months. Still no communication.

Friend hired PI. Knows whereabouts and wife’s job location etc. she’s still employed. They’restill living in the house that was about to be foreclosed in when the money was lent to them.

If lawsuit is filed in ohio, and the friend won, obviously they wouldn’t pay.

Would a judgement against them (the husband and the employed wife) prevent purchase of another house etc with this judgement against them?

At this point it’s now about principle for the church member that loaned the money.

Bankruptcy certainly may be in the couple’s future.

Was the original loan negotiated between your church-friend and the husband only, or was the wife a part of the loan agreement that was made?

 

[Litigator22]

What is the name of your state? Texas but person stealing the money is in Ohio

I have a friend at church that loaned someone $11,000 to help them bridge a gap after losing a job. They were getting a 2nd mortgage on their house and the money was to be loaned for < 1 month while the mortgage funds were delivered.
The person then a month later said that fell through and is now not responding, ostensibly to steal the money.

What recourse does the person have that loaned the money way? Everything is documented in writing.
Can a lien be taken out on their home in Ohio? Any other or better steps that the lender of the cash should take?

Is there a better sub forum to put this question in?

Your church friend should have his head examined.

Is he really so naive as to think that a mortgage lender would approve a loan app form an unemployed applicant? Much less to be secured by a subordinate lien?

 

[quincy]

... Is he really so naive as to think that a mortgage lender would approve a loan app form an unemployed applicant? Much less to be secured by a subordinate lien?

“Naive” is a nice word to use to describe the church friend.

 

[Bali Hai Again]

I say love brother love’s
Say brother love’s
Traveling salvation show

Bring all your dough
Cause he needs it you know
And to brother love’s show
Naive Dopey does go

Starting soft and slow
Like a small earthquake
When he escapes with the dough
Half the valley shakes!

refrain

 

[baylor3217]

Your church friend should have his head examined.

Is he really so naive as to think that a mortgage lender would approve a loan app form an unemployed applicant? Much less to be secured by a subordinate lien?

he was unemployed his wife wasn’t. She’s still a pharmacist in Columbus. Pharmacists are paid pretty well. From his PI research, it appears she makes over $100,000 per annum

 

[quincy]

he was unemployed his wife wasn’t. She’s still a pharmacist in Columbus. Pharmacists are paid pretty well. From his PI research, it appears she makes over $100,000 per annum

To ask again ... Was the original loan negotiated between your church-friend and the husband only, or was the wife a part of the loan agreement that was made?

 

[Litigator22]

he was unemployed his wife wasn’t. She’s still a pharmacist in Columbus. Pharmacists are paid pretty well. From his PI research, it appears she makes over $100,000 per annum

Just keep piling on these little tidbits/after thoughts. Who knows? You might end up with a story approaching plausibility.

Maybe the truth of it is that your "beneficent" friend was engaged in a bit of usury and in anticipation of a quick profit let his guard down.

Anyway, we'll anxiously await your response to Q's pointed inquiry as to whether or not wifey pharmacist is signatory to "everything documented in writing".

 

[baylor3217]

I’m hearing the lendee may have filed bankruptcy. His wife hasn’t. Is it possible to confirm that as part of public record?

 

[baylor3217]

To ask again ... Was the original loan negotiated between your church-friend and the husband only, or was the wife a part of the loan agreement that was made?

there’s not a signed loan. There’s just the documented text messages of what was being lined and when it would be paid back between the husband and the church friend.

my guess is the thief was trying to hide it from the wife and use the mi eu to bridge a payment (if any of the story is true). He probably tried to get the cash out refi but failed as he was becoming unemployed and couldn’t do it without the wife finding out. She then likely found out and the house of cards collapsed.

all that is my speculation from asking a few questions to the church friend. That’s the latest I know.

 

[baylor3217]

Just keep piling on these little tidbits/after thoughts. Who knows? You might end up with a story approaching plausibility.

Maybe the truth of it is that your "beneficent" friend was engaged in a bit of usury and in anticipation of a quick profit let his guard down.

Anyway, we'll anxiously await your response to Q's pointed inquiry as to whether or not wifey pharmacist is signatory to "everything documented in writing".

Could be. I only know them from church so anything’s possible. I think he just wants the money back that was stolen.