Legal Question in Credit and Debt Law in Washington

Financial

The Financial Situation:

My ex-husband had a loan for his business during our marriage. It was a credit line.

We where separated for several years before the divorce and the divorce agreement says that he is responsible for the loan.

He had the value of this loan in his inventory and I suggested that he returned the goods and pay of the debt. He didn�t do that, and he left the inventory for years without wanting to do something with it and the value declined.

I believe he got $ 25,000 for it.

Last fall I learned that some lawyers have taken lean in my house on the amount of

$ 160,000.

$ 100,000 is from my ex-husbands credit line and $ 60,000 for fees.

During the process I wasn�t informed about the lean on my house, neither from my ex-husband or those lawyers. As an owner of the house, the children and I was considered invisible in this matter.

Because of this lean, the mortgage rate as increased with

$ 1000 a month and I�m forced to abandoned the home.

The house has a worth of $ 350.000.

Loan amount $ 260.000.

The reason I have been staying in the house is because my son has Tourette syndrome and its recommended that I don�t create any changes in his life because severe stress will worsen his symptoms.


Asked on 4/07/07, 5:10 am

1 Answer from Attorneys
Elizabeth Powell ELizabeth Powell PS Inc

Re: Financial

You really, REALLY need to go talk to a bankruptcy attorney - as soon as possible.

The lien attached to your real property *may* be there wrongfully and you may be able to get it removed, which would clearly lessen your stress.

Why didn't you take action when you learned of the lien?

After you have consulted with bankruptcy counsel, you need to talk to a family law attorney. If you don't know one, email me and tell me where you are and I will recommend somebody for you to talk to.

The family law attorney can move the court where your dissolution action happened to force your ex to take responsibility for his debts as ordered in the decree. Depending on whether this was a property settlement/debt allocation or a way of providing support for you and your son post-decree will tell the attorney what they need to do to enforce it and get you relief.

If you were not informed of the lien how did you learn about it?

The paper you have to watch for is called the "Notice of Trustee's Sale". That document is your final warning that you have twenty (20) days to file suit to contest the sale of your house or you lose the opportunity to object to any sale to get the proceeds.

Don't delay. I don't mean to be ordering you around, but I cannot understand why you didn't take steps to protect your interests last fall.

The judgment lien on your property is accruing interest at 12% per annum, so if it was $160K last fall, it is a LOT more now.

Please speak with a lawyer who specializes in this area as soon as possible.

Hope this helps. Elizabeth Powell

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Answered on 4/07/07, 10:19 am


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