[Marshamoreno] holding the mortgage papers
chigorin at gmail.com
Sat Jul 2 14:26:42 PDT 2011
Susan and I have talked a bit on this we would like to leave all options on
the table. That is, if Jamie has a prospective buyer for whom that is the
sole issue, or a critical issue, let's have some discussions on terms. What
price, what interest rate, what monthly payments? Could we get a
combination of some cash and some paper? I think we want to see the whole
picture being offered but will not take anything off the table yet.
One of the possible advantages (I think) of holding paper is that those
future monthly payments could come in post-bankruptcy, if a bankruptcy must
Iggy, what are your thoughts on all of this? You are next in line and much
of this should be decisions between Marsha and you.
But, for Susan's and my share of the decision-making process on the land, we
prefer to leave all options on the table. Someone make an offer on the land
and let the discussions begin.
I am curious as to what we think is too little for the land. I know such a
figure exists. Say $20,000. Would we sell for $7K each before commission
and taxes? I would have a hard time saying yes to that. If we each have a
bottom line, it would probably be good to have that in our minds consciously
And I should point out that in our case, it was the value of the land that
was determining what kind of bankruptcy we would be facing. I think without
the land and its perceived emotional and financial value, that Susan and I
might have filed Chapter 7 bankruptcy a long time ago. It was only at the
end of our meeting with the Bankruptcy lawyer that I thought of the land and
how that caused so many complications.
So it is not just that if Marsha has to file bankruptcy that they will sell
the land, it is how it plays into what kind of bankruptcy must be filed.
And the different types are very different!
We can help gather resources and make phone calls and such, but ultimately
Marsha (if she is well enough) and Iggy have to make some decisions. How do
they want to play this particular hand? Remember, none of us can make any
of this happen without one or both of them. So I think we could really use
some guidance here from one or both of them. Even the land is community
property for all of our spouses, right? Iggy, Susan, John all have
community property interests in the land as it came into our possession
while each of us were married to our current spouses.
But selling the Rice Road house, filing bankruptcy, selling the land on the
hill under any conditions, all have to be done with the active consent of
Marsha and Iggy. Are they in a position of making those decisions?
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