I Swear ..I'm not making this up!! - Posted by bvmp

Posted by Lisa Jones on February 15, 2001 at 21:31:26:

Think of the peace your soul can enjoy. I don’t know about the rest of you but if I had paid on a house since 1974, was beaten by a man then had a man steal my house from up under me while I laid fighting for my life I might very well interpret those events as an inviation to do some reall a** kicking and I ain’t talking about with me feet either. No…not me I would follow the examples of some of our most nortoriuos criminals or some of our most entertaining violent television shows. I would do this knowing full well that any average prosecuter could argue I was suffering from temporary insanity. If I had to go to jail at least it would be paid for.

I Swear …I’m not making this up!! - Posted by bvmp

Posted by bvmp on February 15, 2001 at 24:31:51:

Really…I’m not making this up! Got a hold of a good deal today but I have a problem and I wonder if anyone has ever run into anything like this before:

There is a nice 3 br / 2 ba house that the bank has a final judgment on for $49,000. The House is valued at about $75,000 and is in move in condition. It is in such good condition, it even has furniture and clothes hanging in the closet and dishes on the dining room table!!

About 6 months ago, the woman who owned the house met up with a fellow and he moved in with her. A couple of months later he got drunk and beat her in the head with a baseball bat. He’s in jail and she’s in the hospital in a coma!!

The bank never has checked (spoke to next door neighbor) they think she abandoned the property and are auctioning it off in two weeks, obviously unbeknownst to the now incapacitated owner. The woman has no local relatives and when you call her number you still get a recording (not sure who is paying the phone bill.

It get’s beeter, she has an old mortgage from 1974 and her balance is only 30k ( difference is added junk fees from the bank) and her payments are only $280.00 a month. Homes in this neighborhood rent easily for $900.00 per month.

Without being an ambulance chaser is there any ETHICAL way of getting this house purchased, and if not should’nt the bank at least be aware that it’s not abandoned but rather she is in the hospital in a coma?

Are the banks that ruthless that they would take her house away from her? What if she wakes up in a month or year from now and wants to go home and there is no home to go to.

I am kind of stuck here, I’d love to make a deal but I’m struggling with ethics here. Please help me out.

Also, if they do go ahead with the auction, and she wakes up, will she have any recourse afterwards. I don’t know, maybe it’s just me but this one gives me the creeps …but oh what a creampuff deal. What do you think.

Re: I Swear …I’m not making this up!! - Posted by Rob FL

Posted by Rob FL on February 15, 2001 at 08:20:33:

From the bank’s point of view I don’t see any moral or ethical problems. It’s terrible what happenned to this lady, but the bank is a business not a compassionate person. They probably deal with several cases with similar scenarios every single year. The bank should foreclose. They do not know if this poor lady will wake up tomorrow, next year, twenty years from now, or never. If I was in the same situation as the bank, I would feel sorry for the lady and her family but I would not allow my feelings of sorrow for her to make me lose my shirt too.

Now from an investor’s point of view, I would probably either (1) try to contact some guardian or attorney-in-fact for the lady and work out a reasonable deal or (2) pass on this one.

Re: I Swear …I’m not making this up!! - Posted by Irwin

Posted by Irwin on February 15, 2001 at 04:02:46:

Consult a good real estate attorney before doing anything. It’s very possible that she’s under guardianship, conservatorship, POA or something similar. The hospital probably knows, but whether they’ll give this info to anyone is another question.
Who’s paying the utility and phone bills? Call the phone number and leave a message for someone to contact you. That might get something started. Beyond that, if no one does anything to stop the sale, (my guess is that the bank knows where the lady is) someone will certainly bid it in. Whether they get good title, or not, is something your lawyer (or title company) will have to decide.

Re: I Swear …I’m not making this up!! - Posted by Jim IL

Posted by Jim IL on February 15, 2001 at 03:35:59:

You said that you “got ahold of a good deal today”.
Frankly, if there are problems like this, then in my opinion this is not a “Good deal”.
I know that many people think we as investors are simply out to steal homes from people in bad situations.
And for most of us, this is simply not true.
I have to be hinest with you.
I would not buy this house with your money or anyone elses for that matter.
Rather, I’d take time out of my day to see what I could do to help this woman.
First, how did you find out about this womans situation?
If this is someone “in the know”, then perhaps they have more info that you do not have yet?

If this were me, I’d first call the hospital and see if anyone there knows whether or not this woman has anyone appointed as her guardian or POA.
If they do, ask for that persons contact info and let them in on the fact that her home is about to be auctioned off.
If there is someone and the hospital will not give you there contact info, at least try to leave a message for this person to contact you.
if nothing comes of that, I’d call the lender and tell them what you know.

Your local government may have a department that handles “Human affairs” and they may be able to help as well.
I do not mind a good deal, but as I tell all my sellers, friends, and anyone else I talk to, I will NOT do a deal at the expense of anyone.

Think about it.
What if you find out from an attorney or someone that this woman could have recourse against the lender when she comes to?
IF you buy the home, knowing what you know, would she not have the same recourse against you?

Either way, I know that I could not sleep at night knowing that I had taken advantage of this woman just to get a deal.

So, if this were me, I’d leave this home alone, or do what I could to help this poor soul.

Good luck with your dilema,
Jim IL

I knew I liked you Jim… - Posted by Brandi_TX

Posted by Brandi_TX on February 15, 2001 at 13:22:43:

I read this post when it first came up and it had no reponses. I was SO dumbfounded that I couldn’t think of how to “tone down” the reply I wanted to make.

To give you an idea of how I reacted, the only response title I could come up with was something to the affect of, “Why you disgusting little…” - you get the idea.

Sometimes it is better to wait to respond until more constructive words come to mind. LOL

Anyway, ditto to your reply.

Take care, yap at ya soon,

You’re a GOOD person, Jim. - Posted by SusanL.–FL

Posted by SusanL.–FL on February 15, 2001 at 07:57:17:

…But I always knew that…

This was excellent advice.


Bottom Feeding? - Posted by bvmp

Posted by bvmp on February 15, 2001 at 07:20:04:

I agree whole heartedly. I spoke to my wife after I posted the info on the website and we are going to try and intervene even to the point of calling the local newspaper, radio and television stations and letting them know about this.

I think this type of situation gives us a bad name and anyone who would buy the house under these conditions is a bottom feeder.

My reason for posting was to see if what I was feling inside was compassion or greed. Compassion has won out.

I LOVE THIS SITE!!! - Posted by Harley-CA

Posted by Harley-CA on February 15, 2001 at 23:24:58:

Man!!! I love you guys! Everytime I come to this site my appreciation for the calibre of people in the CREI industry skyrockets!

WOW!!! (tears welling up)

Thank you all for doing what you do!


Compassion is good… - Posted by Lisa Jones

Posted by Lisa Jones on February 15, 2001 at 21:24:37:

Thanks for doing the right thing. You have an opportunity to make a difference in someone’s life. This woman has been paying on her mortgage since 1974!! A clear indication she intends to live in this house through retierement.

Thanks once again for doing the right thing. Please don’t let the ball fall.

Re: Bottom Feeding? - Posted by Terry (Houston)

Posted by Terry (Houston) on February 15, 2001 at 11:57:06:

Think of the negative exposure you would have received.

Now look at the positive, free, publicity you can receive for your good deed. It can go a long way for your company!

Way to go.