Hi everyone,
I'll keep this short. I helped someone get loans on 5 investment homes, and they are all in foreclosure right now in FLORIDA. I also have a homestead, and an investment home. I don't have a job, but get 1099'ed at the end of the year (make income monthly, but as an independent consultant).

I know my credit is bad now, and since I'm being sued by these companies I have to do something. I don't want to lose my other non-homestead house and I don't want to file for bankruptcy, since my debt is real-estate only. I am paying my credit cards on time, and have never been late (although the % went up lately).

My questions:
- is there a time frame after the foreclosure sales at the court house from the time the judge says "lien" to the time they have to attach the lien to something (I don't want to put $ in my bank acct. if they are going to freeze it, but for how long, and what about my income tax return?) This is in case WAMU decides to wipe out my account (same bank who is foreclosing on 1 has my account).

- If I go the bankruptcy route, and lose one of my houses (and keep my homestead), how do I kee my unpaid for car? I need it for transportation. Owe 2.5 k on it, worth maybe 5 k.

- How long will I need to play this bandit game before I can go back to having a bank account and get direct deposits again? Anybody been in my shoes before?

I realize that this is going to be a bumpy ride, but I'd rather have bad credit than declare bankruptcy right now...

Thanks for your help.

I believe you need to communicate with someone familiar with the Florida homestead, foreclosure, and exemption laws and bankruptcy. A competent bankruptcy lawyer should also know how to advise you on a non-bankruptcy work out. When you write that you "helped someone get loans", you mean you are a co-signer?

Ok, your credit is in the toilet and will be for a while. They may or may not go after a judgement for you, many lenders do not go after anyone for the balance although more are doing it now than before.

If they get a judgement against you and come after you, yes, your personal investments and your bank accouints will be at risk. A judgement in most areas are for 7 to 10 years, some longer but most can be renewed for up to 20 years. So if they get one, you are basically messed up for a long long time.

In a bankruptcy you are allowed several exemptions and can normally keep your car, you will merely reaffirm that debt as you would reaffirm the debt on your personal home. You should have had your investment properties in their own LLC but that is water under the bridge

As noted if they get the judgement and would come after you , you only have to play the bandit for about 20 years.

Well, If they come after me, I will go the bankruptcy route. Hate to do it, but I can't live with a bank account, or too much headache over my head. I'm taking all my money out of my bank account for now, and will probably cash my checks elsewhere for now.

My other question is: Do the banks wait too long to decide whether they want to put a lien on assets after foreclosure? I mean, don't they just do it within a couple of months or so, or do they decide much later?

I am not certain what you are asking where you write: "Do the banks wait too long to decide whether or not they want to put a lien on assets after foreclosure?" They would put a lien on you to get their money if it were legal to do so. A bank or any creditor can obtain a judgement lien on all of your property after it successfully sues you. It's anyone's guess how long a bank might wait. Since your questions are so specific, I believe you need a legal consultation with a competent lawyer in that field of practice.