2 bodies found in burning foreclosed house

[Zeitgeist]

Good for him! After all, it is his money and where is it written that he is supposed to leave anything to you. I know you are happy for him or you would not have posted this. Stop being nice or I will not have anyone to pick on.

[ucodegen]

[quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.

[ucodegen]

[quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.

[ucodegen]

[quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.

[ucodegen]

[quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.

[ucodegen]

[quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.

[patb]

[quote=ucodegen][quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.[/quote]

let us assume it was carrying a note for 400K
let us assume it was worth 200K today.

the reality is that the note for 400K was sunk, lost, wasted, shot, screwed. Gone.

The only value is the 200K now that it’s worth.

In a decent society, a bankruptcy judge would write the note down to the new value of 200K.

In a decent society, the real value is 150K (200- foreclosure cost).

If you write the note to 150K, then, they have a shot at paying the note.

I suspect that might have provided a better outcome then what we have today.

what do we have today?

– 2 dead people.

– 1 burned smoldering wreck.

– some group of shot at deputies.

– total loss on the property and note.

yes it may not appeal to people but the
cramdown is the best outcome.

[patb]

[quote=ucodegen][quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.[/quote]

let us assume it was carrying a note for 400K
let us assume it was worth 200K today.

the reality is that the note for 400K was sunk, lost, wasted, shot, screwed. Gone.

The only value is the 200K now that it’s worth.

In a decent society, a bankruptcy judge would write the note down to the new value of 200K.

In a decent society, the real value is 150K (200- foreclosure cost).

If you write the note to 150K, then, they have a shot at paying the note.

I suspect that might have provided a better outcome then what we have today.

what do we have today?

– 2 dead people.

– 1 burned smoldering wreck.

– some group of shot at deputies.

– total loss on the property and note.

yes it may not appeal to people but the
cramdown is the best outcome.

[patb]

[quote=ucodegen][quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.[/quote]

let us assume it was carrying a note for 400K
let us assume it was worth 200K today.

the reality is that the note for 400K was sunk, lost, wasted, shot, screwed. Gone.

The only value is the 200K now that it’s worth.

In a decent society, a bankruptcy judge would write the note down to the new value of 200K.

In a decent society, the real value is 150K (200- foreclosure cost).

If you write the note to 150K, then, they have a shot at paying the note.

I suspect that might have provided a better outcome then what we have today.

what do we have today?

– 2 dead people.

– 1 burned smoldering wreck.

– some group of shot at deputies.

– total loss on the property and note.

yes it may not appeal to people but the
cramdown is the best outcome.

[patb]

[quote=ucodegen][quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.[/quote]

let us assume it was carrying a note for 400K
let us assume it was worth 200K today.

the reality is that the note for 400K was sunk, lost, wasted, shot, screwed. Gone.

The only value is the 200K now that it’s worth.

In a decent society, a bankruptcy judge would write the note down to the new value of 200K.

In a decent society, the real value is 150K (200- foreclosure cost).

If you write the note to 150K, then, they have a shot at paying the note.

I suspect that might have provided a better outcome then what we have today.

what do we have today?

– 2 dead people.

– 1 burned smoldering wreck.

– some group of shot at deputies.

– total loss on the property and note.

yes it may not appeal to people but the
cramdown is the best outcome.

[patb]

[quote=ucodegen][quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.[/quote]

let us assume it was carrying a note for 400K
let us assume it was worth 200K today.

the reality is that the note for 400K was sunk, lost, wasted, shot, screwed. Gone.

The only value is the 200K now that it’s worth.

In a decent society, a bankruptcy judge would write the note down to the new value of 200K.

In a decent society, the real value is 150K (200- foreclosure cost).

If you write the note to 150K, then, they have a shot at paying the note.

I suspect that might have provided a better outcome then what we have today.

what do we have today?

– 2 dead people.

– 1 burned smoldering wreck.

– some group of shot at deputies.

– total loss on the property and note.

yes it may not appeal to people but the
cramdown is the best outcome.

[bearishgurl]

[quote=briansd1]The investors who bought at auction gambled and lost. Comes with the territory. No big deal.

A winning bid of $267,100 was made for Christenson’s property at public auction June 3, with unpaid debt and costs of $173,228, county records show. Court records show the first of two five-day notices to vacate the house were served June 4.

[/quote]

patb, the scenario you are painting isn’t what happened here. No doubt the winning bidder thought he/she got a “good deal” on the courthouse steps as the property was located in an “upscale” neighborhood and had been owned by the mom for “decades.” (The older ‘hoods in Reno ARE/WERE “upscale.”) The new owner had to OVERBID on what was owed (in competition with other bidders) to obtain the trustees deed. The lender owed the $173,228 was paid in full. We don’t know if the balance went to a second trust deed lender or back to the “now dead” trustor(s).

We don’t know this but it’s very possible the son used the balance to pay a gambling debt. His life may have been threatened regarding his gambling debts and he was too ashamed to tell his mom they were being evicted.

[bearishgurl]

[quote=briansd1]The investors who bought at auction gambled and lost. Comes with the territory. No big deal.

A winning bid of $267,100 was made for Christenson’s property at public auction June 3, with unpaid debt and costs of $173,228, county records show. Court records show the first of two five-day notices to vacate the house were served June 4.

[/quote]

patb, the scenario you are painting isn’t what happened here. No doubt the winning bidder thought he/she got a “good deal” on the courthouse steps as the property was located in an “upscale” neighborhood and had been owned by the mom for “decades.” (The older ‘hoods in Reno ARE/WERE “upscale.”) The new owner had to OVERBID on what was owed (in competition with other bidders) to obtain the trustees deed. The lender owed the $173,228 was paid in full. We don’t know if the balance went to a second trust deed lender or back to the “now dead” trustor(s).

We don’t know this but it’s very possible the son used the balance to pay a gambling debt. His life may have been threatened regarding his gambling debts and he was too ashamed to tell his mom they were being evicted.

[bearishgurl]

[quote=briansd1]The investors who bought at auction gambled and lost. Comes with the territory. No big deal.

A winning bid of $267,100 was made for Christenson’s property at public auction June 3, with unpaid debt and costs of $173,228, county records show. Court records show the first of two five-day notices to vacate the house were served June 4.

[/quote]

patb, the scenario you are painting isn’t what happened here. No doubt the winning bidder thought he/she got a “good deal” on the courthouse steps as the property was located in an “upscale” neighborhood and had been owned by the mom for “decades.” (The older ‘hoods in Reno ARE/WERE “upscale.”) The new owner had to OVERBID on what was owed (in competition with other bidders) to obtain the trustees deed. The lender owed the $173,228 was paid in full. We don’t know if the balance went to a second trust deed lender or back to the “now dead” trustor(s).

We don’t know this but it’s very possible the son used the balance to pay a gambling debt. His life may have been threatened regarding his gambling debts and he was too ashamed to tell his mom they were being evicted.

[bearishgurl]

[quote=briansd1]The investors who bought at auction gambled and lost. Comes with the territory. No big deal.

A winning bid of $267,100 was made for Christenson’s property at public auction June 3, with unpaid debt and costs of $173,228, county records show. Court records show the first of two five-day notices to vacate the house were served June 4.

[/quote]

patb, the scenario you are painting isn’t what happened here. No doubt the winning bidder thought he/she got a “good deal” on the courthouse steps as the property was located in an “upscale” neighborhood and had been owned by the mom for “decades.” (The older ‘hoods in Reno ARE/WERE “upscale.”) The new owner had to OVERBID on what was owed (in competition with other bidders) to obtain the trustees deed. The lender owed the $173,228 was paid in full. We don’t know if the balance went to a second trust deed lender or back to the “now dead” trustor(s).

We don’t know this but it’s very possible the son used the balance to pay a gambling debt. His life may have been threatened regarding his gambling debts and he was too ashamed to tell his mom they were being evicted.

[Author]

Posts