Real Life 101 and more questions.....(looong)..... - Posted by David Alexander

Posted by Ben (NJ) on February 04, 2000 at 20:33:31:

you made an offer to buy a tax lien awhile back from a municipality, what was the outcome?

Real Life 101 and more questions…(looong)… - Posted by David Alexander

Posted by David Alexander on February 01, 2000 at 21:05:47:

Ok, the second I bought here while back.

Their attorney called me and said he was filing bankruptcy on their behalf, never heard a word since and have never recieved anything stating so. Was it BS??

Called the mortgage company, (pulling teeth since I didnt have their SS#‘s or an authorization) and explained I was the second lien holder and Needed the figures so that I can decide whether or not to protect my interest etc, etc. Got em’. Think I will start a new Corp in the near future and give it a name as in yada yada Mortgage company to make this easier in the future.

Ok, have decided to protect my interest.

Anyway I have till April sale before this will finished by them (first lien forecloses). Believe I should have plenty of time to foreclose myself if necessary.

Question is about working it out.

My first and only contact with them is to the boyfriend and he isnt on the note. He said they intend to make the payments because they want to keep the house but I havent recieved any since I purchased it.

I sent them a Late Notice, a copy of the assignment, and this letter with no response.

the letter as follows below

XXXXXX,

Recently I was informed that you were in the process of filing bankruptcy. I haven’t received anything stating such. If you and XXXXXX would like to set up a time for breakfast or dinner I would very much like to talk to you before you file this bankruptcy, as there are other alternatives.

When you get to the place where you involve a lot of attorneys the meters start running up and sometimes it seems like there is no end to the expense.

I am aware that you want to keep the house and could possibly offer you some alternatives other than bankruptcy to help you reach a solution. All people in life run into problems, it’s just a matter of how we deal with them.

Anyway, I would like to help if I can and the most you have to lose is a breakfast or dinner. Hope you call me and we can set up a time to talk, I wont know if I can help unless we talk.

David Alexander

Well no response, it’s been a week, called the attorney, no return phone call. Would you still try to amicably handle this, another letter, try to go back and talk to them, when do you say enough?

My absolute best position would be to get a deed in Lieu and then resale using the new downpayment to cure before the sale but I would need an open line of communication for this

Talk to me, help put the puzzle together with experience.

David Alexander

Re: Real Life 101 and more questions…(looong)… - Posted by John Behle

Posted by John Behle on February 01, 2000 at 22:25:03:

I’d first verify any possible bankruptcy. Check it at the federal court. Many have that online now, so it may not be hard.

If they have not filed, I would file your notice of default immediately, but still try to get with them. They may be undecided right now. Sounds like they threatened the bankruptcy out of uncertainty or just as a stall. Whatever you do from a “friendly”, let’s work it out standpoint, don’t stall any legal action.

Yet, if you do get ahold of them, be very careful of any commitments.

Let’s say you do get ahold of them. I would check their credit to see the extent of the damage (you don’t need their permission). Get a financial statement from them. One way to do this is bring a mortgage broker into the situation to “see about a refinance”.

You very likely could not finance them for at least 6 months. Most are 12 months AFTER the default is cured. Yet, you want to assess the possibility of working with them. This could be a scenario where you might bring it current and then refinance them later, but you need to make sure that - 1) LTV’s are ok 2) There is a good possiblity they could continue the payments if given a “chance” 3) You’re not just pro-longing the problem. You don’t want to give them time, put more money in and THEN have them pull a bankruptcy. It’s a tough call. I had one today that did a 13 on me after I bailed them out on the first. Yet, I bought the second at a HIGH discount and will come out ok in the long run.

AND…AND…AND…AND… - Posted by John Behle

Posted by John Behle on February 01, 2000 at 22:27:44:

Absolutely make sure you get the proper legal advice. I took that as a given, but didn’t mention it in the previous post (4 seconds ago).

Look for an attorney that knows both real estate and bankruptcy.

Just want that to be VERY clear.

Re: AND…AND…AND…AND… - Posted by David Alexander

Posted by David Alexander on February 01, 2000 at 22:45:07:

Thanks, John

Just what I was looking for.
When you said…
"One way to do this is bring a mortgage broker into the situation to “see about a refinance”.

I think this is the foot in the door I can use. Have an attorney in mind but will start looking talking to a few others also tommorrow.

Again, Thanks.

David Alexander

An easy way to check for bankruptcies… - Posted by Ben

Posted by Ben on February 01, 2000 at 22:52:24:

The federal bankruptcy court for the District of NJ
has an interactive voicemail system where you just punch in the person’s name and they tell you if and when they filed, what chapter , their attorney’s name, etc. I’m sure other states have the same thing.

Re: An easy way to check for bankruptcies… - Posted by Wilson Foods Corp

Posted by Wilson Foods Corp on January 29, 2001 at 19:19:11:

Interested in details of this bankruptcy.

Re: An easy way to check for bankruptcies…Ben do you have that phone number handy…Thanks! NT - Posted by JohnB_NJ

Posted by JohnB_NJ on February 03, 2000 at 21:34:28:

.