Notice of Pendency of Action - Info. Needed - Posted by Jodi

Posted by JPiper on March 08, 2000 at 08:31:46:

The best way out is:

  1. Get a new tenant in the property. Have your ex-husband quit-claim any remaining interest he has in the property. Make the mortgage payments.

  2. Sell the property and pay the mortgage off.

The easy way out is to allow the bank to foreclose. This carries long term implications…one of which is that your credit will be harmed. You don’t need an attorney to allow the bank to foreclose on the property…they’ll do it all without any further input from you or your husband.

Without knowing your state laws or the details regarding the property, it’s impossible to know whether a foreclosure might result in a deficiency judgment. If it does, you can follow up the foreclosure with a bankruptcy.

The combination of the foreclosure and the bankruptcy will trash your credit for a number of years. Like I said, the best solution is one of the two options above.


Notice of Pendency of Action - Info. Needed - Posted by Jodi

Posted by Jodi on March 07, 2000 at 19:32:10:

Several years ago I purchased an income property with my (now) ex-husband. After our parture, he no longer wished to secure his portion of the debt.

To make a long story short, I was served “Notice of Pendency of Action” papers today. My ex-husband still refuses to satisfy his portion of the debt and I am not capable of fulfilling the entire obligation on my own.

My ex-husband plans to consult a Bankruptcy attorney, but I have several of my own assets I wish to retain (home, vehicle etc) and would like ot retain my excellent credit rating.

What exactly is this “Notice of Pendency of Action”?

Could anyone provide me with any information as to what my options are at this point and how I should proceed?

Thank you for any advice you may have to offer.

Re: Notice of Pendency of Action - Info. Needed - Posted by J.Exner

Posted by J.Exner on March 08, 2000 at 20:02:35:

I’m not attorney, but I believe this document is also recorded. Which means your title is now clouded. It will be difficult for you to sell to a new buyer without title ins. This will have to be cleared up before closing. Please seek professional legal advice asap.

sell it. - Posted by tang-0-rang(CO)

Posted by tang-0-rang(CO) on March 08, 2000 at 08:37:13:

I would say at this point you should try and sell it. Get your ex-husband to sign a document releasing his half of the obligation. And since he is a tenent evict his A$$. find someone interested with a little money down(I say a little but get as much as you can) and offer owner financing. Use the money to catch the mortgage up to date, use a title company to cover your rear from any further problems with the new owner.
hopw this helps
Todd Williamson

Re: Notice of Pendency of Action - UPDATE - Posted by Jodi

Posted by Jodi on March 08, 2000 at 07:42:07:

This WAS an income property, but at the time my ex-husband was a tenant making rent payments with a portion of that contributing toward a “buy out” of my half …(hence the long story short) Without getting into peasonal details (another long non-pertinent story) the dwelling is NO LONGER an income property.
In addition to my previous post, I do not want to keep the home, I cannot afford it on my own, nor do I want this to affect my credit rating (although obviously it may).
What I am looking for is advice on the easiest way out at this point. I was willing to continue to satisfy MY PORTION of the mortgage but couldn’t satisfy his portion at the same time on my own.
It is obvious I will lose the home so where do I turn from here? What should I do if I decide to do this on my own without an attorney?

Re: Notice of Pendency of Action - Info. Needed - Posted by JPiper

Posted by JPiper on March 07, 2000 at 23:33:53:

Sounds like the bank is about to file a foreclosure action…meaning you haven’t been paying the mortgage payment.

One thing puzzles me. If this is an “income property”, why isn’t the payment being made?

The solution to this problem, notwithstanding whatever your ex-husband decides to do, is to make the payment on the income property.


pending action will be thus - Posted by RR Smith

Posted by RR Smith on March 07, 2000 at 19:39:50:

My friends is in the same boat as you, so I am very interested in this question also. From what I know of personal bankruptcy you CAN shelther certain assets from it, but a bankruptcy will still ruin your credit. Your options are to go to a non-lawyer arbit. before things got this bad, you seem to be past that at this point.

Re: Notice of Pendency of Action - UPDATE - Posted by steve

Posted by steve on March 08, 2000 at 17:03:00:

Is it no longer an income property because he’s living in it and not paying?

I don’t know if you can evict him, since he’d be an owner-occupant, but you CAN sue him to sell the property. That will preserve your credit (mostly), get you out from under the obligation, and sever him from your assets as well. It’s called a partition action. Talk to a good RE attorney.