You'll also want to check with your CPA about the tax implications of moving the house in and out of entities.Be sure that you also check your hazard insurance and title insurance each time you re-title the property to be sure that the proper entity is insured.

Who is responsible for the balance - Me?

I just logged into my CJ account, got a 98.00 balance, Its pretty cool.

When default occured the penalty was added to the balance and I received 22K from them to avoid forclosure and extend the loan for an additional 12 mos. at 10%.

This usually occurs when the debtor has declared bankruptcy or the cost of pursuing further action in an attempt to collect the debt exceeds the debt itself.The debt is immediately written off by crediting the debtor 's account and therefore eliminating any balance remaining in that account.

You’ll want to utilize the card regularly and pay at least part of the balance off each month in order to generate positive credit report entries on a monthly basis. •Personal loans – By going to one of your local banks and explaining that you’re trying to re-establish credit after a bankruptcy you should be able to convince your banker to lend you a small amount of money, say $1,000 or so, backed by a corresponding savings account or Certificate of Deposit (CD) account.

One thing to remember is that if you have budgeted properly for vacancy, the money used to money used to carry these properties when they do go vacant will come from the reserves you have created not from your pocket.

I've placed 2 posts this being the first and I don't think that I mentioned on here that the house is a deed in dieu so we're assuming that they are now reforeclosing on the house because it was not done properly.

If you're thinking about subject to, you need to evaluate the value of the house vs. the loan balance.

They can not cover the CDO's, much alone the stuff on the Balance sheet.