Volgograd, Russia - real estate?

[Satellite 1]

Ah... I understand. Not dischargeable. But it is counted toward financial obligations. As for the house, I still worry because her name's on the title. Did that to help with the AOS interview. Only chance of me keeping it is to get her to sign it back to me. Otherwise, $2000 in equity doesn't save the house.

So I take it the house was recently purchased that it has so little equity or you took a lot out during a refinance? Actually in a community property state two good things happen. (1) A bankruptcy by one spouse drags the community property share of any asset into the bankruptcy estate without their consent. (2) She would only be entitled to her share of the equity that occurred during the marriage whether you put her name on title or not during the marriage. And only payments made towards the principal would count, not say insurance or interest. But if the house went up in value in excess of the purchase price that would of course be split which is the usual case. But since you are talking about a possible foreclosure, which usually leads to a price below market, she might get nothing as your creditors would take everything.

[CarlosAndSveta 808]

Ah... I understand. Not dischargeable. But it is counted toward financial obligations. As for the house, I still worry because her name's on the title. Did that to help with the AOS interview. Only chance of me keeping it is to get her to sign it back to me. Otherwise, $2000 in equity doesn't save the house.

So I take it the house was recently purchased that it has so little equity or you took a lot out during a refinance? Actually in a community property state two good things happen. (1) A bankruptcy by one spouse drags the community property share of any asset into the bankruptcy estate without their consent. (2) She would only be entitled to her share of the equity that occurred during the marriage whether you put her name on title or not during the marriage. And only payments made towards the principal would count, not say insurance or interest. But if the house went up in value in excess of the purchase price that would of course be split which is the usual case. But since you are talking about a possible foreclosure, which usually leads to a price below market, she might get nothing as your creditors would take everything.

I had a similar situation in my first marriage. We had lived in our new house for less than a year before we decided to get divorced. I would have liked for her to keep the house but she couldn't afford the house payment by herself. If we sold the house we probably would have wound up owing money at closing. I decided to buy out her share of the equity in the house by using money from my 401(K) account. I was going to have to give her some money from my 401(K) account anyway so I just increased the amount to be distributed to cover her share of the equity in the house. The portion of the distribution from the 401(K) attributable to her equity in the house was grossed up to cover any income taxes she would pay on it if she decided not to roll it over into another 401(K) account. You should consider this if you want to keep your house but not incur anymore debt in buying out your wife's share of the equity in the house.

[1HappyGuy 45]

Regarding the possible foreclosure on your home, there might be a small silver lining. A new law just put into effect will lessen the tax consequences to you if this was your primary residence. In the past, if the home was foreclosed and later sold for less than your mortgage, the lender would send you a 1099 reflecting your income for the difference. It was really a sad situation but forgiveness of debt does create income. The worse part is what happens to your credit rating. But that is still better than trying to be married to this woman.

[Chuckles 0]

Sorry you got taken for a ride, Austin. Really I am. Good luck to you in the future.

This is definitly a cautionary tale that everyone lurking here considering a 'MOB' should think about! If a woman is begging for you to buy property in her name... you might want to put up a red flag.

[Danno 1,228]

I often time read these type of threads which I suspect something might be up..... but I usually keep my mouth shut unless the question pertains to "am I being had?"

I admire this guy for coming back and giving the "rest of the story"... or at least as much as he did.

I wish the guy well.

Danno

[slim 1,514]

Guys, when you see red flags on here or other things that are "scammer" type indicators, don't hold back.

Sometimes we need an outside eye looking in. I know none of us want to be that guy that's always pointing the finger and saying "your fiancee's a scammer" but there are some pretty obvious things going on and many of us have been on this site (and other sites) for long enough that we've seen or heard just about every scam. Between all of us on here, we have years of knowledge and experience and sometimes saying "hey dude, that doesn't sound right" isn't being rude or out of place. Sometimes that's exactly what someone needs.

Constructive criticism. It's not a bad thing, and if someone can't take it, what's that really saying about their relationship?