Posted by tg on November 15, 2006 at 11:38:00:
Expensive little “seminar” but there’s been worse. Lots of “do not assume anything” lessons to be learned in this business and most of us have the scars to prove it. Thanks for sharing - you might save others from making that particular mistake. Keep on truckin’.
lesson learned never assume - Posted by tom kirby¶
Posted by tom kirby¶ on November 14, 2006 at 06:49:57:
About 2 years ago my friend filed bankruptcy & stopped foreclosure. His attorney filed the papers late, so his place was bid up to 80,000. Any who the judge accepted the papers & over turned the sale. He had 1 year to cure the rears.
During that year he did nothing. He owed 60,000 total with 20,000 in a rears.He was even offered 110,000 for the place & turned it down! (can you believe that! )
He owed me 2,100 & with three weeks to go before the second foreclosure I used Bronchicks forms & put a mortgage on the property & note for 2,100. I didn’t attend the sale to protect my interest because I thought the property would go for at least the 80,000 it brought the year before. boy was I wrong! It sold for 1 dollar more than was owed & I got wiped out.
Two days later I talked to the new owners. They would of bid to 90,000 if I had pushed the issue.
Tom K