Posted by Chuck - TX on February 09, 2002 at 08:03:10:
We could go and do a deal with the IRS. If this happens, they are not going to get anywhere near 90K.
I think you give too much credit to the legal department. Having been in skirmishes with attorneys ranging from NY to TX, I’ve never been impressed. I have a pretty good guy on my side (i.e. he has successfully sued the lender we are now dealing with in the past and is board cert in RE).
There was the case where Fidelity National Title screwed up some documents and I directly challenged their lawyer on it. Guess who called me and apologized? I’m not impressed. The best legal minds argument is more anecdotal than anything else.
Also, the assumption that the property is homesteaded is wrong. None of the homestead laws would apply.
Jury is still out on the judgment.
Why do you presume that the title company would get into the RE business? If that were so, banks would just turn around and rent out their foreclosures, but they don’t for the most part. My guess is that the title company would want to recover their loss rather quickly and not deal with renting. For that matter, we could rent it out since we have possession.
Nevertheless, it appears you have some experience with this. Why don’t you e-mail me your telephone number? I would like to discuss this further out of band.