Posted by B.L.Renfrow on June 14, 2000 at 11:45:04:
LOL! Homesteaded boat…who knows, might even work!
Re the “lost and found” T/Bers: Nada…not worth the effort. After all, they DID forfeit their $3k option consideration (on a $40k house).
Anyway, what reminded me of them in the earlier post was the fact that they kept a boat trailer in the yard while they were in my property. Never saw a BOAT, but that trailer was always there…maybe their version of a lawn ornament.
Brian
Subject to/Foreclosure/Divorce/BK? - Posted by Chicago Steve
Posted by Chicago Steve on June 13, 2000 at 11:07:39:
I’m working on acquiring a property from a couple in foreclosure and headed for divorce. Mr. Seller is willing to sign off on everything (the house, wife, kids…everything) in exchange for the speed boat. Mrs. Seller is working with me and says take the boat.
Mr. Seller is willing to take the boat and move 6/14/00. Mrs. Seller will take a little longer.
My question, should I have Mr. Seller deed to the trust to be created or deed AND/OR quit claim to Mrs. Seller and just deal with her?
He thinks he may file BK in the future to get the speed boat free & clear. (a real rocket scientist) My concern is a BK judge unravelling the deal. I’m thinking if he signs off to the wife for the boat it’s a mater for a divorce judge since she will have sold the house.
Any input is appreciated
Re: Subject to/Foreclosure/Divorce/BK? - Posted by Stacy (AZ)
Posted by Stacy (AZ) on June 13, 2000 at 17:14:58:
Hey Steve-
You may want to review the following thread regarding Subject-to and BK:
http://www.creonline.com/wwwboard/messages/75751.html
Also, my suggestion is to have the husband quit-claim the house to the wife now, then have the wife deed it to your land trust when she’s ready to get out.
Good luck. BK and Divorce…what a combination.
Stacy
Re: Subject to/Foreclosure/Divorce/BK? - Posted by Chicago Steve
Posted by Chicago Steve on June 13, 2000 at 20:42:01:
I Agree! Seeking support in my thoughts or others I may not have considered.
Great to hear from you Stacy. Hope all is well with you and yours. Thanks!
Re: I get a kick out of this mentality. - Posted by Stacy (AZ)
Posted by Stacy (AZ) on June 14, 2000 at 01:41:01:
Thanks for the well wishes, Steve. The boy said “da-da” for the first time today. Kind of made all my “property from hell” problems fade away.
Anyway, ya know if Bubba decides to declare BK to get a free boat, the lenders will go for the wife to pay-off the loan. I’m sure they both signed for the boat loan. Maybe not. Then again, it’s not really your problem, is it?
Hope all is well with you.
Stacy
Dad’s first words - Posted by Chicago Steve
Posted by Chicago Steve on June 14, 2000 at 09:47:38:
Congrats! I’m surprised you can assemble thoughts with such life experiences all around you. Happy to hear he’s doing well.
It’s not my problem until a BK judge starts to unravel their life and turns up my deal.
I’m discussing with my lawyer today.
Re: I get a kick out of this mentality. - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 14, 2000 at 08:56:17:
Hi Stacy,
OK, what am I missing here? I don’t see how Bubba is going to come out of this proposed BK with a free boat. Either he files Chapter 7 and the boat is seized and sold by the BK trustee, or he files Chapter 13 and has to keep paying on the loan…either way, no free boat for Bubba 
Incidentally, I concur with your advice to the original poster. If the husband quit-claims his interest in the property to the wife and heads for the hills, with or without his boat, she should be fine to deed it into the trust down the road – assuming she is not also planning on filing BK.
That story reminds me of some brain-surgeon types who bailed from one of my L/Os last fall…disappeared, literally. Even though they stuck me with an unpaid water bill and swiped my washer and dryer, I made no effort to locate them, since they had nothing to go after anyway.
Got a call a few weeks ago from a young woman who said her parents had a MH for sale, and they were “desperate” and planning on filing BK…guess who? Apparently Dimwit Daughter didn’t recognize my phone number, or my voice on the answering machine!
Brian (NY)
Re: I get a kick out of this mentality. - Posted by Stacy (AZ)
Posted by Stacy (AZ) on June 14, 2000 at 10:40:22:
Brian, you forgot something. Bubba LIVES in the boat…it’s homesteaded.
Just kidding. I guess you’re right, no free boat for Bubba. What will you do with your found T/Bs?
Stacy