Oregon Real Estate Legal Questions

If you made the mortgage, that means you also signed a Note promising to pay the lender whatever the loan amount was together with interest.  The lender does not care whether you or your former wife makes the payments.  But if the payments cease to be made, the lender will either foreclose on the mortgage or sue on the Note -- or both.  Yes, if there is a foreclosure, there will almost certainly be a loss on the re-sale of the property -- and the lender can sue you for that loss. The fact that the lender has inquired about a deed in lieu of foreclosure is a good sign that it may be willing to accept the property in full satisfaction of the debt.  If your former wife got a deed from you in connection with the divorce, the deed in lieu of foreclosure will have to come from her -- but the lender may wish to get a quitclaim deed from you simply to have the comfort that you know of the transaction and that you support the transaction. Yes, I think you should return the lender's call.   an alternative course of action, if your former wife is agreeable, is for you to get a deed from your former wife and then pay the arrearage on the loan.  If there is a significant equity in the property, you might be able to sell the house and recover at least some of the equity. ... Read Answer

You do not say whether you are still in bankruptcy or whether you have been discharged.  If the bankruptcy is still on-going, you should confer with your bankruptcy attorney before undertaking any of the above.  Anyone in bankruptcy is forbidden to enter into any material sales or credit purchases while the bankruptcy is pending. If you have been discharged, your plans seem large -- and the costs associated with purchasing investment real estate will be substantial.  That is not consistent with saying you can't afford to have an attorney set up your organizational documents.  I do not know what the costs are in your state and community to set up a limited liability company (LLC), but I think it is not nearly what you fear it would be.  Use some of your own contacts and get several referrals to business attorneys in your area who have good reputations for competence and integrity.  Make an appointment just for a conference to get his/her guidance on what you should/should not do, and what his charges are for performing the paperwork.  If you don't like what you hear, make an appointment with another attorney.  Modest conference fees are well worth the mental stress of not knowing how to proceed and what the probable costs will be.   ... Read Answer