Decided to Sell

[ando]

I have spoken with my attorney and decided to sell house and negotiate payment with my creditors.As you all know from my previous posts that I am in the process of relocating to another country, should I bank the proceeds from sale of house in my wife's name , or both , will it matter ? I don't know if creditors can get their hands on that money during my negotiation with them if I have overseas bank account?

[bluemartini]

I have spoken with my attorney and decided to sell house and negotiate payment with my creditors.As you all know from my previous posts that I am in the process of relocating to another country, should I bank the proceeds from sale of house in my wife's name , or both , will it matter ? I don't know if creditors can get their hands on that money during my negotiation with them if I have overseas bank account?

Good luck selling your house. It's not pretty out there.

[BigJohn]

I have spoken with my attorney and decided to sell house and negotiate payment with my creditors.As you all know from my previous posts that I am in the process of relocating to another country, should I bank the proceeds from sale of house in my wife's name , or both , will it matter ? I don't know if creditors can get their hands on that money during my negotiation with them if I have overseas bank account?

Let us say you owe $200,000 on the house and you sell the house for $210,000.

The bank will automatically get their $200,000 and you will get $10,000.

If you short sale - you get nothing.


Now, if you end up with some money, I assume your wife will be party to the sale so I would assume she would like to get her half of the money.

When you leave the country, remember each of you can carry less then $10,000 out of the country.

[BigJohn]

Let us say you owe $200,000 on the house and you sell the house for $210,000.

The bank will automatically get their $200,000 and you will get $10,000.

If you short sale - you get nothing.


Now, if you end up with some money, I assume your wife will be party to the sale so I would assume she would like to get her half of the money.

When you leave the country, remember each of you can carry less then $10,000 out of the country.

I don't know what country you are going to, but in some countries, foreigners can open accounts but receive close to if not zero interest on their money.

What I would do is find an expat forum for your particular destination country. The expats seem to have all the ends and outs of how to deal with the host country. I lived overseas for several years and got so I could help others.

If you know somebody overseas, you might want to transfer cash by electronic wire.

We send money overseas each month and in many cases, the other party gets the money within 10 minutes. Worse case scenario is about three days. If you have the option in what format the money can be received in, have it received in US dollars. The reason for this is if the money arrives in their exchange rate, you receive a lousy exchange rate but if you send it in US dollars and have it exchanged at the destination, you almost always get a lot higher exchange rate.

As for carrying cash, make sure you stay under $10,000 dollars per person. If asked how much cash you have, always tell the truth. Some people in Arizona trying to go to Mexico have gotten in trouble in regards to this matter.

If you want to carry a considerable amount of 'cash' out of the country, convert the cash to traver's checks. The last I knew, you can carry more then $10,000 out of the country without any trouble this way. To be on the safe side, you might want to check with Homeland Security, the rules seem to be always changing.

As for putting money on debit cards and transferring that way - very expensive in most countries. A problem most people run into when doing it this way is the debit card doesn't work in the foreign country. If I don't notify my bank that using my debit card overseas, it doesn't work.