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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 4:31:08 PM

MrRodgers

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quote:

ORIGINAL: Termyn8or

"I am wondering if the problem is no one can find or figure out who the actual owners of the house now that the mortgage company is out of business. But "a" BANK has the Title yes? Someone has the title of that house and whomever does is the owners on a usual case. From what i understand based on that link explaining this -- all the owners have to really do is file an affidavit countering his or file a declaratory judgment action. "

Surely, that has crossed my mind. But then there have been a few cases in which people have avoided foreclosure because the banks didn't have all their ducks in a row. If this is the case here, the guy might prevail. People have won in court when lenders who ARE in business didn't file the proper paperwork, but this one is out of business.

Without having alot more details about the whole scenario of how and why this property became abandoned and whatever happened to this lein, I have to just say it's a fifty fifty chance. Ha, maybe the original guy got the loan from Silverado. If so it is probably his :-)

T^T

He has almost no chance of keeping this house. I doubt wimp.com will do a follow up on the settlement.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 4:35:30 PM

slaveluci

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quote:

ORIGINAL: littlewonder

Just because something is legal doesn't mean it's still not skeezy.

Indeed and "skeezy" is up to each individual's judgment. Like I said, labeling something that seems on the up and up "skeezy" is pretty presumptuous. Heaven only knows what our neighbors would think of us if our business was put into headlines.....luci

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 5:46:15 PM

outhere69

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quote:

ORIGINAL: MrRodgers
Well he does not 'own' the house...just yet.

I have fairly intimate knowledge of most standard state's real estate laws. What we see is a TV news segment that upon obtaining knowledge of the filers petition for 'adverse possession' based their story only upon his current and very likely...temporary possession. The fee happens to be $16.

First, the last note holder of record (on the deed of trust) still owns the property i.e., sold before failing. It or anyone who may have purchased that mortgage still has rights to the property and in fact still owns the house. The usual vultures are after that mortgage. Trust me kinkroids...nobody walks away from a $330,000 house. Nobody !

They have in Ohio (personal knowledge), and so have folks in California, Florida, etc. As a matter of fact, folks in CA have walked away from much more expensive homes.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 6:13:52 PM

DomImus

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quote:

ORIGINAL: outhere69
They have in Ohio (personal knowledge), and so have folks in California, Florida, etc. As a matter of fact, folks in CA have walked away from much more expensive homes.

We're not talking about mortgage payers. We're talking about mortgage holders.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 7:28:08 PM

littlewonder

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quote:

ORIGINAL: slaveluci

quote:

ORIGINAL: littlewonder

the whole thing sounds skeezy to me. If I had a neighbor like that I'd be always wondering what else he's more than willing to do to get what he wants. Don't think I'd trust the guy as my neighbor.

Do you know how many of your neighbors would think the whole "master" thing is skeezy, sleazy and scary if they knew? The fact that this "master" comes over to your place - right next door to them - and beats you and sticks needles in you and things like that? Do you know how many of them would think you're both crazy and sick and wouldn't trust you as far as they could throw you?

But that wouldn't make them right and it doesn't make your assumptions and judgments correct either..........luci

i'm not trying to take something that doesn't belong to me no matter how "legal" his paperwork may seem to be. What he's doing reminds me of the woman who is fucking married men and then turning around and saying "there's nothing illegal with what I'm doing. He walked away from his marriage. I'm just taking what's left".

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 8:27:28 PM

MrRodgers

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quote:

ORIGINAL: outhere69

quote:

ORIGINAL: MrRodgers
Well he does not 'own' the house...just yet.

I have fairly intimate knowledge of most standard state's real estate laws. What we see is a TV news segment that upon obtaining knowledge of the filers petition for 'adverse possession' based their story only upon his current and very likely...temporary possession. The fee happens to be $16.

First, the last note holder of record (on the deed of trust) still owns the property i.e., sold before failing. It or anyone who may have purchased that mortgage still has rights to the property and in fact still owns the house. The usual vultures are after that mortgage. Trust me kinkroids...nobody walks away from a $330,000 house. Nobody !

They have in Ohio (personal knowledge), and so have folks in California, Florida, etc. As a matter of fact, folks in CA have walked away from much more expensive homes.

Purchasers yes, note holders no.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 8:37:02 PM

MrRodgers

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quote:

ORIGINAL: littlewonder

Just because something is legal doesn't mean it's still not skeezy.

Quite correct and unfortunately you've also just described most of the American business community. It has created a culture...the culture of easy profits.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 8:41:13 PM

littlewonder

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quote:

ORIGINAL: MrRodgers

quote:

ORIGINAL: littlewonder

Just because something is legal doesn't mean it's still not skeezy.

Quite correct and unfortunately you've also just described most of the American business community. It has created a culture...the culture of easy profits.

Yes I know. It's one of the big reasons I left my last job. I couldn't morally abide by the ethics no matter how legal it was.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 8:55:25 PM

DarkSteven

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The owner has renounced all claim to the property and the mortgage company does not exist.This is exactly why the law was written - to permit someone to take possession of he house. The reason he is getting it for so little is because there is nobody to take a payment for it.

More power to him.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 9:22:00 PM

tj444

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quote:

ORIGINAL: DarkSteven

The owner has renounced all claim to the property and the mortgage company does not exist.This is exactly why the law was written - to permit someone to take possession of he house. The reason he is getting it for so little is because there is nobody to take a payment for it.

More power to him.

Which means that if he didnt step forward and take possession then the city would have eventually taken it for back taxes (after it sat empty, unkept, for a few more years). The city in turn would have auctioned it off and then someone would be living in it. At least this guy isnt a flipper..

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 11:17:34 PM

Termyn8or

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"Quite correct and unfortunately you've also just described most of the American business community. It has created a culture...the culture of easy profits. "

I agree 412%. But it's getting old that the people who already have a shitload of money and the world by the balls are the only ones to do it.

If you really know what the fucking banks did to this country in the last thirty years +, you would want to burn them at the fucking stake. The people at the top of this scheme think long term. They PURPOSELY caused the housing price bubble, they PURPOSELY did that by loaning out too much money. Incidentally that money wasn't theirs, many people miss that point. Then by foreclosures they cause a glut in the market, but use more of other people's fucking money to speculate etc., which prevents the natutral deflation which should have occured, yet let it fall on the housing market, meantime scooping up all these properties. I can tell you what happens next, the market will bubble again, and who is going to own all this foreclosed property ? They can hold on long enough as long as they use other people's money. And the actions of their bought and paid for government are going to cause the prices to go up by doing the same stupid shit they did with FHA. But it ain't stupid from that side of the desk.

Have you ever considered planning a scam ? Lots of people do. Even if you don't really run the scam, it'll give you some insight into the scams that are currently running. All of these are legal. We got people hoarding aluminum. they are probably descendant from the Hunt brothers and have refined their technique. Learn it, not to run a scam but just to be able to see one coming.

And to get started, those three magic words apply in spades - FOLLOW THE MONEY. Nobody can earn all that much money, even in a perfectly well balanced economy unless they invent something truly revolutionary. What the fuck have they done for us ?

Of course they don't have to but we seem to do for them. You've been gypped, we all have. By inflation and deflation you will end up homeless in the land for which our forefathers fought and died. A guy knew it could happen over two hundred years ago y'know. It may have been Jefferson, not sure and don't care enough to look. I am more concerned with the words than the author's name.

T^T

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 11:40:11 PM

MrRodgers

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quote:

ORIGINAL: DarkSteven

The owner has renounced all claim to the property and the mortgage company does not exist.This is exactly why the law was written - to permit someone to take possession of he house. The reason he is getting it for so little is because there is nobody to take a payment for it.

More power to him.

As I wrote, the 'owner' is the prevailing note holder. (recorded) I'd like to meet the note holder that can just walk away from a $300,000 house. Even then such a renouncement would have to be on paper and often in the form of a 'quit claim' deed. Never heard of one being signed without a pretty substantial check in return.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 11:52:56 PM

MrRodgers

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quote:

ORIGINAL: littlewonder

quote:

ORIGINAL: MrRodgers

quote:

ORIGINAL: littlewonder

Just because something is legal doesn't mean it's still not skeezy.

Quite correct and unfortunately you've also just described most of the American business community. It has created a culture...the culture of easy profits.

Yes I know. It's one of the big reasons I left my last job. I couldn't morally abide by the ethics no matter how legal it was.

In addition to that, not until the last few years have I delved deeply in contracting being now a partner with state gen. contractor, we had to sue a Marriott property manager. (mechanical lien) When at the courts, discovered it was as busy as the damn DMV. One could easily get the thought that almost everybody...was suing almost everybody else.

Come to discover and disproving the medical tort expense ruse, 90% of all tort law in this country is businesses suing other businesses.

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RE: Man Acquires $300,000 Home for $16 - 8/1/2011 12:12:24 AM

rulemylife

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quote:

ORIGINAL: DomImus

quote:

ORIGINAL: LinnaeaBorealis
Seriously???? Everything he has done is within the letter of the law. So you'd be worried about his not breaking laws to get what he wants??? I think your thinking is a little weird. But that could just be me.

He''ll be a great neighbor... until he digs up some legal loophole to acquire your automobile. The guy is a deadbeat any way you slice it. The technical legality of it doesn't hide the fact that he's a squatter. If you want to applaud him for that, go for it. I will give him credit that he is an ingenious deadbeat.

I doubt this whole thing is going to work for him.

This is just one more story being blown up by the media.

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RE: Man Acquires $300,000 Home for $16 - 8/1/2011 12:29:55 AM

Termyn8or

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It indeed might just amount to some free rent for a while. But then what's it cost to rent a $300,000 single home ? If it takes anyone with the right paperwork to come and lay claim a year to do so, he is still ahead. And he doeasn't have to worry about a lawsuit if he doesn't wreck the place. If it's proven he doesn't own it he owes no taxes on it. And he has no contract to rent from anyone.

As I said before, this publicity is not a good thing for him. If nobody shows up for three years he might just get it. But I think they will. If I did something like that I would do my damndest to keep it out of the news. All it takes is time.

But yes, most likely within about a year he will be put out and there will be no news of it and everyone will forget. Most likely.

T^T

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RE: Man Acquires $300,000 Home for $16 - 8/1/2011 4:15:11 AM

LadyConstanze

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quote:

ORIGINAL: Steven00140

To me in the UK, I find this totally fascinating. There are similar laws here too, but I haven't heard of them being used.

Not sure if it is really such an issue, but when we bought the house, we were told to make sure that we move our stuff in ASAP and not leave it empty, as once you get squatters in, they're almost impossible to get rid of, that it's an expensive and lengthy procedure as physical possession counts a lot and they can actually prosecute you if you're trying to get into your own house and you're the one who needs evidence that they have actually broken in, if there are no witnesses they can claim it was vandalism and they just saw that a backdoor was open and they walked in.

It's a bit different than somebody owning a house, but still, we weren't going to take a risk.

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RE: Man Acquires $300,000 Home for $16 - 8/1/2011 6:12:05 AM

tj444

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quote:

ORIGINAL: MrRodgers
In addition to that, not until the last few years have I delved deeply in contracting being now a partner with state gen. contractor, we had to sue a Marriott property manager. (mechanical lien) When at the courts, discovered it was as busy as the damn DMV. One could easily get the thought that almost everybody...was suing almost everybody else.

It is always a good idea (imo) to do a search at the courthouse when doing such business with a company new to you (& a search on the principals), no matter who they are... That can be very revealing and taking a few minutes (or having an underling take a few minutes) is worth it when you run into situtations of this type, to decide if one actually wants to take the risk of doing the work... a signed contract with a hefty deposit and especially personal guarantees.. see how they react... lol

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RE: Man Acquires $300,000 Home for $16 - 8/1/2011 6:17:51 AM

tj444

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quote:

ORIGINAL: LadyConstanze
Not sure if it is really such an issue, but when we bought the house, we were told to make sure that we move our stuff in ASAP and not leave it empty, as once you get squatters in, they're almost impossible to get rid of, that it's an expensive and lengthy procedure as physical possession counts a lot and they can actually prosecute you if you're trying to get into your own house and you're the one who needs evidence that they have actually broken in, if there are no witnesses they can claim it was vandalism and they just saw that a backdoor was open and they walked in.

I have read in Costa Rica, if you buy a property/land and there are squatters you can not evict them at all, they are there for life if they wish. Your best bet is to simply hire them to caretake the property for you... (to keep other potential squatters away)..

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RE: Man Acquires $300,000 Home for $16 - 8/2/2011 3:23:30 AM

hlen5

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quote:

ORIGINAL: MrRodgers

quote:

ORIGINAL: DarkSteven

The owner has renounced all claim to the property and the mortgage company does not exist.This is exactly why the law was written - to permit someone to take possession of he house. The reason he is getting it for so little is because there is nobody to take a payment for it.

More power to him.

..... Even then such a renouncement would have to be on paper and often in the form of a 'quit claim' deed.........

I thought quit claim deeds were just that. the mortgage payer relinquishes all claim to the house and the lender takes the property back, and sells it.

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RE: Man Acquires $300,000 Home for $16 - 8/2/2011 3:49:26 AM

MrRodgers

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quote:

ORIGINAL: tj444

quote:

ORIGINAL: MrRodgers
In addition to that, not until the last few years have I delved deeply in contracting being now a partner with state gen. contractor, we had to sue a Marriott property manager. (mechanical lien) When at the courts, discovered it was as busy as the damn DMV. One could easily get the thought that almost everybody...was suing almost everybody else.

It is always a good idea (imo) to do a search at the courthouse when doing such business with a company new to you (& a search on the principals), no matter who they are... That can be very revealing and taking a few minutes (or having an underling take a few minutes) is worth it when you run into situtations of this type, to decide if one actually wants to take the risk of doing the work... a signed contract with a hefty deposit and especially personal guarantees.. see how they react... lol

I am thinking you misunderstand. Our co. was adding a lien and trust me, no owner wants a mechanical lien on his property, it removes all flexibility...can't sell or mortgage it. The management company is who we were dealing (contracting) with and it was they who didn't pay us until...

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