Should I Keep Making Payments Towards 20 acres... - Posted by Origen


#1

Posted by Lee in LA on July 21, 2011 at 24:43:06:

VERY WELL said Kristine!

The only thing that I would add is…

When /If Origen conveys (gives) the 20 acres back to the owner /lender, it must conveyed back to them “WITHOUT RECOURSE”.
Which (for those not familiar) means the lender /owner can’t collect the balance due.

http://www.realestatewords.com/?s=WITHOUT+RECOURSE
Without Recourse
Author: admin Published: July 20th, 2011
A without recourse endorsement especially refuses to assume any responsibility to subsequent holders for the payment of a debt instrument that gets
transferred by endorsement.

Comp in 2006
http://www.landparcels.us/texas/40hudspetha.html
40 Acres Gorgeous Ranch Land with Wonderful Mountain Views
Located in Beautiful Hudspeth County, West Texas near El Paso
SOLD! Price: $14,500 (3/18/06)
and
http://www.landwatch.com/Texas_land_for_sale/Hudspeth_County

One heck of a place for a solar farm.
btw a guy in my town has a patent pending for an air conditioner that runs totaly on solar.

Good luck with it Origen

Lee in LA


#2

Should I Keep Making Payments Towards 20 acres… - Posted by Origen

Posted by Origen on July 20, 2011 at 14:04:58:

Hello,

In 2005 I began making payments towards 20 acres of land from Sunset Ranches in Hudspeth CO, Tx (outside El Paso). I have not seen the land but I have been told that its mostly brush. I do not own any other form of real estate and I have made $12,000 in payments towards a $20,000 mortgage (with interest included). With the economy slowing down, I have been unable to keep up with the payments. I am several months behind and the land owner has threatened to sell my land at auction if I do not pay a certain amount in the form payment by August 2. Even if I pay the amount, I am afraid that the land owner would still proceed with the auction. The money is very hard to come by but I refuse to give up on this land. What is the value of 20 acres worth of land in Hudspeth County, TX. Do you believe this is a good investment?

Thank you,
origen


#3

S may be in Fed violation - Posted by John Merchant

Posted by John Merchant on July 21, 2011 at 14:33:31:

I’ve managed to kill a number of these land sale scams over the
years and long ago learned that the S is likely in violation of ILSA
(Interstate Land Sales Act*) because S likely didn’t give all the written
warnings required by that Fed law.

So find and read that Fed law and you’ll see what I mean.

To end this deal quickly I’d send S a certified letter offering to give
him/the co your Quit claim deed in return for complete release of
liability or else you’ll make legal complaint based on S’s failures
under that law.

*this maybe is not exactly the name of that law but you’ll find it
quickly enough.


#4

NO! - Posted by Kristine-CA

Posted by Kristine-CA on July 20, 2011 at 21:03:51:

This post makes me sad. I am familiar with “ranches” like Sunset. We
have them here in California too. The typical business model is an LLC
that owns thousands of tracts of desert land that will NEVER develop.
Or at least not in our lifetime. They sell their land via bus tours, ebay
auctions, and websites offering seller financing. No credit, nothing
down, etc. They prey upon seniors, immigrants, and people for whom
English is a second language. They love Asian and European retirees in
the US. They love people with fixed incomes and pensions and a wee
bit of savings. They are not land investors as much as masterful
marketers when it comes to selling the dream of land ownership.

No, 20 acres in Hudspeth county is not a good investment. If you send
me an email with the property info, I can send you a link to an arial
photo and you will see that there is NOTHING happening near your
land. No roads, no utilities, no houses. “Ranch” is often used in land
marketing and it means “in the middle of nowhere.”

Sometimes there are even model homes and/or recreational facilities
built just to sell the surrounding land. It’s used for pictures and
brochures, and for visitors and bus tours of potential “buyers”. And
ten years later, that’s still the only development within miles.

As for your situation: how much do you owe on the balance? Not the
amount to save it from foreclosure but the total balance due. Are you
clear about the terms of your loan or installment agreement? What
interest rate and what time frame? I’m thinking that you probably
owem more that 8K? If I were you, I wouldn’t pay another penny.

Feel free to write me off the board and I will look up the property and
see if it’s possible for you to get out of this with a little something for
you. Sometimes the lender/investor is hungry to get it back in order to
sell it again. You may be able to deed it back to him, for a fee. It
would save him the cost of the foreclosure. A few hundred dollars at
this point is better than nothing. Just my opinions and experience with
the dream merchants here. Kristine


#5

Re: NO! - Posted by Jeanne

Posted by Jeanne on July 21, 2011 at 12:28:21:

Thanks, Kristine.

Jeanne


#6

good job… - Posted by Ben(NJ)

Posted by Ben(NJ) on July 21, 2011 at 11:22:25:

nice of you to offer your help to a stranger probably being scammed. See, there’s still some good people out there!