Neighbor, what to do??
Neighbor came to me last night. She owes 80K mobile on home which is falling apart plus owes student loans. She is filing for bankrupt. She wants to stay around here since her sis, mom live within 1/4 mile. In fact, we have our own community here. She wanted to buy some land from me to put a mobile home on but I am a little hesitant.I want to help her out and was going to give her 1/2 acre but got to thinking, (yeah shoudl have not) Why not give her an acre but have a 10 (or whatever) time, like the Panama Canal??
I want to help her and will do whatever it takes but I don't want her to be taken in again by sharks or her to lose what I may give her. Any suggestions appreciated. Tom
I want to help her and will do whatever it takes but I don't want her to be taken in again by sharks or her to lose what I may give her. Any suggestions appreciated. Tom
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quote:Originally posted by tccox
Neighbor came to me last night. She owes 80K mobile on home which is falling apart plus owes student loans. She is filing for bankrupt. She wants to stay around here since her sis, mom live within 1/4 mile. In fact, we have our own community here. She wanted to buy some land from me to put a mobile home on but I am a little hesitant.I want to help her out and was going to give her 1/2 acre but got to thinking, (yeah shoudl have not) Why not give her an acre but have a 10 (or whatever) time, like the Panama Canal??
I want to help her and will do whatever it takes but I don't want her to be taken in again by sharks or her to lose what I may give her. Any suggestions appreciated. Tom
No good deed goes unpunished. Think about it.0 -
You can sign a Usufructuary agreement with her, that would give her use of a portion of your property without you giving up ownership of that portion of your property.
Usufructuary agreements are often done between parents and their children. The parents put the property in the children's name, but reserve use of the home for a certain period of time, usually it ends at the death of the parent.
Hope that helps,
DSM0 -
How is she buying a mobile home if she is filing bankruptsy? Don't let that slip out in an interview. 0 -
I would lease her an acre for a penny a year for however long you wanted to,I know one of the questions they ask you when filing bankrupcy is if you have bought or sold any land in the last year,it would be bad if you gave her an acre and the court decided to take it,plus if you gave it to her she can turn around at a later date and sell it to whom ever she wants too,,,but thats just MHO 0 -
quote:Originally posted by sharpshooter039
I would lease her an acre for a penny a year for however long you wanted to,I know one of the questions they ask you when filing bankrupcy is if you have bought or sold any land in the last year,it would be bad if you gave her an acre and the court decided to take it,plus if you gave it to her she can turn around at a later date and sell it to whom ever she wants too,,,but thats just MHO
I agree...your kindness is cool and she might have the best intentions but as my mother used to say, the road to h3ll is paved on good intentions.0 -
A lease is different than a purchase. The courts would't be able to touch anything she is renting. 0 -
Lease, year to year, is the BEST way for both of you. 0 -
that is a very nice offer you are thinking about makeing. I would not do it though. If she is in BR then the court can and most times will take anything that is owned free and clear. If you want to do something nice then rent her the land at fair market and then give her a gift every month. The BR court will take into consideration her living expense in how much she can pay back. if it shows that she is living for free she will end up havgin to pay more monthly.
I have had a bad day dealing with pissants but now your generosity has set my mind at ease that there are still some of the nice people out there. I may be able to get some sleep after all.0 -
Hairy, GaGirl et all, Believe me I have thought about it all!! On top of it all, her mom hd to got to hispital yesterday for heart pains!!
I think I will go with some sort of lease agreement, say buck a year for 20 years or until she moves trailer from plot or whatever. Tom0 -
kindness is cool...obviously she cannot even begin to manage money..she doesnt need to buy ANYTHING...move in with her own family....almost a guarantee that this will turn into a nasty experience with you on the recieving end when the poopF some short time down the road....the burden placed on you now will seem small compared to later..my 2 cts 0 -
Spasmcreek Et al" Brothers and sisters I have thougfht of that and hopefullymy lot will be covered, but I will do my best to helpo her ouut. Thanks for all input, Tpm 0 -
quote:Originally posted by tccox
Hairy, GaGirl et all, Believe me I have thought about it all!! On top of it all, her mom hd to got to hispital yesterday for heart pains!!
I think I will go with some sort of lease agreement, say buck a year for 20 years or until she moves trailer from plot or whatever. Tom
I prefer GaGirl's solution. Lease at fair market with a gift every month. That will help her out in bankruptcy court, and not cost you any more.
It also gives you a potential out if she turns out to be really problematic: you can cut off the gift and then evict her if she fails to pay.0 -
Ask her if she wants to move to S.E. Tn , I have plenty of property ?
Thanks !!!
d.a.stearns
Gunsmith / LEO
Niota , Tn
P.S. Lease,Lease,Lease is the word of the day..................0 -
...only a year lease at the rate you think is fair. If she was to turn into a problem...any lease longer than a year, is bad thing.
Your land, your terms...[;)]
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I agree with Bloviator. You never know when things might turn bad. 0 -
Again, thanks to all who replied. I am really leaning toward the lease solution. At least I will still own the property and help her out too. One of the sad aspects of this too, she is a school teacher!! Why in god's name don't they teach some sort of economics to college students. She signed up for an ARM at a very low interest rate and as soon as the honeymoon period was over, they started raising the rate to the maximum. I think she is up to about 10%.
As for her buying another trailer, I think her mom is(was) going to buy it. Now that her mom has had the heart problem (she is still in hospital) I don't know what is going to happen.
This is the thing you could write s Soap Opera about. Who could possibly come up with all the ins and outs of real life!!
HAIRY: Believe me son, your words never leave my mind!! Tom0 -
I hope for both of your sakes everything works out okay. 0 -
Sounds like the best for her is to move in with Mom or Sis. Since Mother is sick and only 1/4 mile away it would seem the logical thing to do.
That she can't keep up her present mobile home tells me she can't manage to live alone and wont keep up the new home either.
How and who will move and dispose of her present MH ? If she doesn't have a title, it can't be legally disposed of. You wouldn't want to have that problem on your property in the future.
There are social organizations that settle with creditors and work out a payment plan for people facing bankruptcy. If she's not willing to seek counselling and to set up a budget plan I'd steer clear of her.
Get a hold of AARP Bulletin Nov.2006 pgs 18-19 on personal bankruptcy for some guidance. Also Personal Bankruptcy For Dummies by Caher and see www.aarp.org/bulletin for debt reduction planning.
P.S. There are lots of home forclosures now due to ARMs and property tax hikes.0 -
Well, friend, you need some "3rd party" confirmation (a banker, an insurance agent, the part of the community she and her family do business with, and definitely not her family members or her friends) on the facts of her story. Infatuation and chemistry are one thing, and committing real estate or taking in a tenant is quite another. Ask around a little, get your head cleared up. This thing sounds "foggy" to me, but then I'm a well-worn cynical old fort. I've been around the block so many times I've worn a trail in the sidewalk.[:D][:I][:D]
Good luck!0
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