Home › Forums › Closed Forums › Buying and Selling RE › Corporation Using UCC-1 to Stall Foreclosure for up to 36 months
- This topic has 30 replies, 6 voices, and was last updated 16 years, 7 months ago by patb.
-
AuthorPosts
-
March 17, 2008 at 11:09 PM #12156March 18, 2008 at 12:09 AM #172157SD RealtorParticipant
Deal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 12:09 AM #172490SD RealtorParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 12:09 AM #172493SD RealtorParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 12:09 AM #172516SD RealtorParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 12:09 AM #172595SD RealtorParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 7:16 AM #172197MayerParticipantSounds like a variation of this crap that’s been going on since 1999 to me:
http://www.splcenter.org/intel/intelreport/article.jsp?pid=145
March 18, 2008 at 7:16 AM #172530MayerParticipantSounds like a variation of this crap that’s been going on since 1999 to me:
http://www.splcenter.org/intel/intelreport/article.jsp?pid=145
March 18, 2008 at 7:16 AM #172537MayerParticipantSounds like a variation of this crap that’s been going on since 1999 to me:
http://www.splcenter.org/intel/intelreport/article.jsp?pid=145
March 18, 2008 at 7:16 AM #172555MayerParticipantSounds like a variation of this crap that’s been going on since 1999 to me:
http://www.splcenter.org/intel/intelreport/article.jsp?pid=145
March 18, 2008 at 7:16 AM #172635MayerParticipantSounds like a variation of this crap that’s been going on since 1999 to me:
http://www.splcenter.org/intel/intelreport/article.jsp?pid=145
March 18, 2008 at 11:23 AM #172707sdduuuudeParticipantI have always wondered if you couldn’t use a corporation to avoid the property tax increase.
Use a corporation to buy the house, then instead of selling the house at an increased basis, sell the corporation to the new owner.
I have always assumed something in the law prevents this, but always wondered.
March 18, 2008 at 11:23 AM #172810sdduuuudeParticipantI have always wondered if you couldn’t use a corporation to avoid the property tax increase.
Use a corporation to buy the house, then instead of selling the house at an increased basis, sell the corporation to the new owner.
I have always assumed something in the law prevents this, but always wondered.
March 18, 2008 at 11:23 AM #172732sdduuuudeParticipantI have always wondered if you couldn’t use a corporation to avoid the property tax increase.
Use a corporation to buy the house, then instead of selling the house at an increased basis, sell the corporation to the new owner.
I have always assumed something in the law prevents this, but always wondered.
March 18, 2008 at 11:23 AM #172712sdduuuudeParticipantI have always wondered if you couldn’t use a corporation to avoid the property tax increase.
Use a corporation to buy the house, then instead of selling the house at an increased basis, sell the corporation to the new owner.
I have always assumed something in the law prevents this, but always wondered.
-
AuthorPosts
- The forum ‘Buying and Selling RE’ is closed to new topics and replies.