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My husband is a stockbroker in Florida. We have ...

My husband is a stockbroker in Florida. We have been hit very hard by the accelerated real estate crash in our area (2nd in the nation for foreclosures) and as a result of tenant vacancies and inability to liquidate investement properties ahead of the bow wave of declining values he now has nearly 7 properties in foreclosure. I am extremely concerned about the mortgage companies pursuing him for deficiency judgements. There is just no way he could pay all of them if they are granted to the creditor and goes to collection. He says he can't file for bankruptcy because he will lose his stock broker license. I think a bankruptcy is less risky then having all the foreclosures on his credit and the possiblity of judgements/collections against him. What can he do to protect his license?


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Jack McManus

Dual Action Cleanse

He is in a tough spot there.  Even though bankruptcy is less risky than all the forclosures, if he loses his license he'll have to find another line of work.  You should talk to somebody in the debt consolodation field that has experience with licensing and the such.
Posted 2008-08-12T14:52:52Z
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He needs to consolidate his debts as a business and have that business declare bankruptcy, not himself personally.

As for bankruptcy, I'm not sure if that would jeopardize his license...but let's walk through this.  If he and you do nothing, you will lose everything plus more (making payments with money you can't afford to lose), and be forced to declare bankruptcy with nothing to show for it, and he loses his license and your relationship might be affected by all of this.  If you plan this out now, get a good legal advisor familiar with this stuff(not an accountant)...you have the potential to save some of your assets and possessions, and may still lose his license.

You guys might want to cut your losses, and stop throwing good money after bad.
Posted 2008-08-16T01:49:30Z
JtotheA was invited by Yedda to answer this question.

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Thanks! We have stopped the bleeding and no longer are paying on any failing properties or assets.  We are in damage control mode right now.  We will contact an advisor!  Thanks so much!
Posted 2008-08-20T17:39:50Z
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Can you recommend what "brand" of legal advisor?  Would a bankruptcy attorney be the best?  Also, is there a central place for stockbroker licensing that may be able to provide some statistics correlating filing bankruptcy or having foreclosures vs. losing the license? One last question - I have heard of any fellow investors being pursued for deficiency judgements as a result of foreclosure on investment properties?  Has anyone?  So far in our county in Florida - NO foreclosure related deficiency judgments on the books at all that any of the clerks can see (the County Chief of Of Clerks made inquiries amongst his staff).  Have the banks just wised up that there is no use in throwing money at a lawsuit where they can't collect becuase there are no assets?
Posted 2008-08-20T17:43:55Z
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Can you recommend what "brand" of legal advisor?  Would a bankruptcy attorney be the best?  Also, is there a central place for stockbroker licensing that may be able to provide some statistics correlating filing bankruptcy or having foreclosures vs. losing the license? One last question - I have heard of any fellow investors being pursued for deficiency judgements as a result of foreclosure on investment properties?  Has anyone?  So far in our county in Florida - NO foreclosure related deficiency judgments on the books at all that any of the clerks can see (the County Chief of Of Clerks made inquiries amongst his staff).  Have the banks just wised up that there is no use in throwing money at a lawsuit where they can't collect becuase there are no assets?
Posted 2008-08-20T17:43:56Z
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In 2005 we held over 8 million in real estate, its all gone now. We have experience on this one. We are still cleaning up the mess. Any property or credit we may aquire moving forward will be held in LLC. NOT PERSONALLY. We all know now that's what we should have done in the first place.

Next, you know this but may not be ready to accept it. Start looking now for another business to get into....

This to shall pass.... however we gotta DO something in the meantime!

Mark Lumpkins

www.awonderfulnewlife.blogspot.com

 
Posted 2008-12-01T20:59:02Z
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My husband is also a stockbroker - in Illinois.  We really need to file but are afraid of because of his license.  What are others (and I know you are out there) doing?
Posted 2009-02-17T03:32:24Z
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Well, he just refused to file bankruptcy.  We are now divorced and unfortunate for him he suffered most of the losses.  I am blessed to have found a great job.  Thanks for all the inputs.  I hope Obama can help out in all the smartest ways possible.  We are in it for the long haul as a nation and participating soul on the planet!
Posted 2009-02-24T10:54:24Z
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