The truck was repoed 5 months ago and now I am selling my home and will recieve enough money to buy a new home. But The truck was sold at an auction and they say he owe’s the balance on the truck which is half what he had it financed for. We have no intentions on paying this debt our credit is bad any way.
Can my money from my home when sold be taken ?
what do you do with a large sum of money I need to buy another home but have not decided on one yet. I’m renting now in a location that i want to live in but, have not found the right home to buy and need to save my money for when I find the home I want.
The truck loan was not in my name just my husbands. the house we are selling is in both our names.
The truck was used as collateral for itself. I did not have to have any other collateral for it.
Originally posted 2009-04-13 00:36:19.
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Did your husband use your house as collateral to purchase the truck? A lender can go after those proceeds since he is going to get money from the house sale.
Check with a tax person regarding purchasing a house again. I think you have one year to reinvest that money back into a house without a tax penalty, but after that you are looking at capital gains for the profit.
WAS THE TRUCK PURCHASED BEFORE OR AFTER YOU WERE MARRIED? DID THEY SUE YOU ON IT? DO THEY HAVE A JUDGMENT AGAINST YOU?
THIS IS INFORMATION THAT I NEED TO GIVE YOU AN EDUCATED ANSWER.