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Q: Poor credit in California ( Answered,   0 Comments )
Subject: Poor credit in California
Category: Family and Home
Asked by: fairdad-ga
List Price: $50.00
Posted: 09 Jul 2006 18:07 PDT
Expires: 08 Aug 2006 18:07 PDT
Question ID: 744776
1. My wife and i have live together fo the past 13 1/2 years
2.We have only been married for 6 1/2 of those years.
3. i owned a property that i inhearited from my mother.
4. My wife deeded off because i had sibblings involved .
5. I took my income and repaired the property about 16,000 in repairs
and curb appeal.
6 Then i refinanced and paid off my sibblings. and rented the house out.
7. We live in a house that belonged to a friend that lived out of town.
8. We also have two foster kids and were running out of room so we began 
to look for a larger home.
8. We found a three unt complex that was a great deal so we decieded to get it
and wait for the new home.
9.We both have real estate licence but alsohave a nine to five we need
medical/dental/vision (plus ncome in a slow market)
10. I had a few lates so the rate was high on the loan so at the time
of purchase i signed off and allowed her to purchase as her sole and
seperate property.
11 I also was the agent on this deal on contract yet i allowed the commission
to got to her to apply toward the purchase price.
12. two years later we are looking again. the kids are growing and
it's getting tight.
13 We deciede to take one of the units and add 1800sq ft to a 900 sq ft unit
with three baths and 4 bedrooms.
14. she refinanced and took out 70,000 and we were running short 
15. I wanted to keep my property but my credit only allowed 80%LTV So
i sold it to her and she deeded it back to me i paid the mortgage but
we took the proceeds and finshed the project.
16 we move in i pay the utilities and we get the rents from the two
tenants and i pay the balance of the mortgage(payroll check)
17 we hire a gardner and i do the regular maintenance unlee its over my head.
and the we pay the home warranty
18. she is saving for the next purchase.
18 i use my payroll checks to pay repairs, she uses her
commission(payroll) for repairs.
and finished the project
19. one contractor files a lawsuite for none payment and files a mechanics lien
I we sell the first property to settle out of court and paid him about 20.000
20. he drops the lawsuite.
21.Now she has decieded that this marriage is not working and that this is her
seperatet property.
                   Please reply Poor credit in california
Subject: Re: Poor credit in California
Answered By: gregaw-ga on 12 Jul 2006 11:22 PDT
This articles has some good information:

I'm a little confused as to which property you are referring to at
some points in your question, but it comes down to two main factors:

1. Did you, or she, give up this property in writing to the other? 
I'm thinking of either the time you "signed off and allowed her to
purchase" or when she "deeded it back to me".

"Separate property can also include anything that one spouse gives up
to the other spouse in writing."

2. Was the money used to purchase, make payments on, or improve the
property NOT "Community Money" (money earned by either one of them
from the beginning of the marriage until the date of separation).

I'm thinking specifically of the "first property" you sold to settle
the lawsuit.  If that was a property that you owned before your
marriage then you should be able to get that money back from her if it
is her "separate" property.

"For example, a husband may have put in the down payment for a house,
got married, and then paid off the mortgage with community property.
In this case, the husband would be reimbursed for the down payment if
he could prove that his separate funds were used to pay it."

Or if the funds that she used to purchase the property were earned
during your marriage.

Either way it looks like you need a lawyer.

Let me know if this answers your question sufficiently.  If you would
like additional information, please let me know specifically what
needs to be clarified.

There are no comments at this time.

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