[analyst]

It remains to be seen what benefit is derived from a successful quiet title action, for the following reasons.

In a state with non-judicial foreclosure, the note documents the requirement to pay the debt, and the trust deed (or analogous document) documents the beneficiary’s right to foreclose if the debt is not paid.

The described events in Utah seem to render the trust deed invalid, and eliminate the right to non-judicial foreclosure. However, I have seen nothing that indicates the note was rendered invalid.

If the note is held by the original lender, or any legitimate successor to whom it has been transferred, or any legitimate successor to whom it may be transferred in the future, the debt may still be pursued.

Although the foreclosure option is gone, the note holder may still use available methods through the courts to collect the (now unsecured) debt. It is a lot more effort than calling up the trustee and telling them to auction the house, but for the amounts of money involved, I see no reason to expect that the note holder would not pursue it, by suing for non-payment, obtaining a judgment, and placing a lien on the house pursuant to the judgment.

There has been some speculation (evidence?) that original notes were mis-handled, and not endorsed and transmitted to subsequent buyers of the notes. If a note is located and makes its way to a legitimate holder with proper endorsements, it still documents a collectible debt, even without the associated trust deed.

If original notes were destroyed, as some have suggested, that obviously creates a serious, perhaps insurmountable obstacle to collecting the debt.

[analyst]

It remains to be seen what benefit is derived from a successful quiet title action, for the following reasons.

In a state with non-judicial foreclosure, the note documents the requirement to pay the debt, and the trust deed (or analogous document) documents the beneficiary’s right to foreclose if the debt is not paid.

The described events in Utah seem to render the trust deed invalid, and eliminate the right to non-judicial foreclosure. However, I have seen nothing that indicates the note was rendered invalid.

If the note is held by the original lender, or any legitimate successor to whom it has been transferred, or any legitimate successor to whom it may be transferred in the future, the debt may still be pursued.

Although the foreclosure option is gone, the note holder may still use available methods through the courts to collect the (now unsecured) debt. It is a lot more effort than calling up the trustee and telling them to auction the house, but for the amounts of money involved, I see no reason to expect that the note holder would not pursue it, by suing for non-payment, obtaining a judgment, and placing a lien on the house pursuant to the judgment.

There has been some speculation (evidence?) that original notes were mis-handled, and not endorsed and transmitted to subsequent buyers of the notes. If a note is located and makes its way to a legitimate holder with proper endorsements, it still documents a collectible debt, even without the associated trust deed.

If original notes were destroyed, as some have suggested, that obviously creates a serious, perhaps insurmountable obstacle to collecting the debt.

[analyst]

It remains to be seen what benefit is derived from a successful quiet title action, for the following reasons.

In a state with non-judicial foreclosure, the note documents the requirement to pay the debt, and the trust deed (or analogous document) documents the beneficiary’s right to foreclose if the debt is not paid.

The described events in Utah seem to render the trust deed invalid, and eliminate the right to non-judicial foreclosure. However, I have seen nothing that indicates the note was rendered invalid.

If the note is held by the original lender, or any legitimate successor to whom it has been transferred, or any legitimate successor to whom it may be transferred in the future, the debt may still be pursued.

Although the foreclosure option is gone, the note holder may still use available methods through the courts to collect the (now unsecured) debt. It is a lot more effort than calling up the trustee and telling them to auction the house, but for the amounts of money involved, I see no reason to expect that the note holder would not pursue it, by suing for non-payment, obtaining a judgment, and placing a lien on the house pursuant to the judgment.

There has been some speculation (evidence?) that original notes were mis-handled, and not endorsed and transmitted to subsequent buyers of the notes. If a note is located and makes its way to a legitimate holder with proper endorsements, it still documents a collectible debt, even without the associated trust deed.

If original notes were destroyed, as some have suggested, that obviously creates a serious, perhaps insurmountable obstacle to collecting the debt.

[analyst]

It remains to be seen what benefit is derived from a successful quiet title action, for the following reasons.

In a state with non-judicial foreclosure, the note documents the requirement to pay the debt, and the trust deed (or analogous document) documents the beneficiary’s right to foreclose if the debt is not paid.

The described events in Utah seem to render the trust deed invalid, and eliminate the right to non-judicial foreclosure. However, I have seen nothing that indicates the note was rendered invalid.

If the note is held by the original lender, or any legitimate successor to whom it has been transferred, or any legitimate successor to whom it may be transferred in the future, the debt may still be pursued.

Although the foreclosure option is gone, the note holder may still use available methods through the courts to collect the (now unsecured) debt. It is a lot more effort than calling up the trustee and telling them to auction the house, but for the amounts of money involved, I see no reason to expect that the note holder would not pursue it, by suing for non-payment, obtaining a judgment, and placing a lien on the house pursuant to the judgment.

There has been some speculation (evidence?) that original notes were mis-handled, and not endorsed and transmitted to subsequent buyers of the notes. If a note is located and makes its way to a legitimate holder with proper endorsements, it still documents a collectible debt, even without the associated trust deed.

If original notes were destroyed, as some have suggested, that obviously creates a serious, perhaps insurmountable obstacle to collecting the debt.

[analyst]

It remains to be seen what benefit is derived from a successful quiet title action, for the following reasons.

In a state with non-judicial foreclosure, the note documents the requirement to pay the debt, and the trust deed (or analogous document) documents the beneficiary’s right to foreclose if the debt is not paid.

The described events in Utah seem to render the trust deed invalid, and eliminate the right to non-judicial foreclosure. However, I have seen nothing that indicates the note was rendered invalid.

If the note is held by the original lender, or any legitimate successor to whom it has been transferred, or any legitimate successor to whom it may be transferred in the future, the debt may still be pursued.

Although the foreclosure option is gone, the note holder may still use available methods through the courts to collect the (now unsecured) debt. It is a lot more effort than calling up the trustee and telling them to auction the house, but for the amounts of money involved, I see no reason to expect that the note holder would not pursue it, by suing for non-payment, obtaining a judgment, and placing a lien on the house pursuant to the judgment.

There has been some speculation (evidence?) that original notes were mis-handled, and not endorsed and transmitted to subsequent buyers of the notes. If a note is located and makes its way to a legitimate holder with proper endorsements, it still documents a collectible debt, even without the associated trust deed.

If original notes were destroyed, as some have suggested, that obviously creates a serious, perhaps insurmountable obstacle to collecting the debt.

[analyst]

[quote=Scarlett][quote=Raybyrnes]You better start looking seriously at new places. Idle threats don’t go very far. But if you have a couple of comparable properties then you may be able to plead your case.[/quote]
I’d rather not move as I moved in from an apt 1 yr ago and I’m tired of moving. There are VERY few equivalent townhomes for rent in LJ colony, and I don’t know what they ACTUALLY rented for. My point is, wouldn’t they rather keep the current tenants with a ‘concession’ (1 month free rent) and not have to deal with the hassle of cleaning, putting it on the market, showings, may be vacant for more than a month? Apartment complexes have those deals all the time, at least for new tenants.[/quote]

The rental agent knows that you, like all people with more than minimal belongings, are resistant to moving.

You must make a threat to move that is credible to the rental agent. Which means you must demonstrate knowledge of a comparable rental that is going for a rent similar to what you are demanding.

Even then, the rental agent will factor in knowledge of what it will cost for you to move, and use it as rebuttal. (How much of what you save on rent will be lost to moving costs?)

It’s a poker game, and the rental agent is in the game every day.

[analyst]

[quote=Scarlett][quote=Raybyrnes]You better start looking seriously at new places. Idle threats don’t go very far. But if you have a couple of comparable properties then you may be able to plead your case.[/quote]
I’d rather not move as I moved in from an apt 1 yr ago and I’m tired of moving. There are VERY few equivalent townhomes for rent in LJ colony, and I don’t know what they ACTUALLY rented for. My point is, wouldn’t they rather keep the current tenants with a ‘concession’ (1 month free rent) and not have to deal with the hassle of cleaning, putting it on the market, showings, may be vacant for more than a month? Apartment complexes have those deals all the time, at least for new tenants.[/quote]

The rental agent knows that you, like all people with more than minimal belongings, are resistant to moving.

You must make a threat to move that is credible to the rental agent. Which means you must demonstrate knowledge of a comparable rental that is going for a rent similar to what you are demanding.

Even then, the rental agent will factor in knowledge of what it will cost for you to move, and use it as rebuttal. (How much of what you save on rent will be lost to moving costs?)

It’s a poker game, and the rental agent is in the game every day.

[analyst]

[quote=Scarlett][quote=Raybyrnes]You better start looking seriously at new places. Idle threats don’t go very far. But if you have a couple of comparable properties then you may be able to plead your case.[/quote]
I’d rather not move as I moved in from an apt 1 yr ago and I’m tired of moving. There are VERY few equivalent townhomes for rent in LJ colony, and I don’t know what they ACTUALLY rented for. My point is, wouldn’t they rather keep the current tenants with a ‘concession’ (1 month free rent) and not have to deal with the hassle of cleaning, putting it on the market, showings, may be vacant for more than a month? Apartment complexes have those deals all the time, at least for new tenants.[/quote]

The rental agent knows that you, like all people with more than minimal belongings, are resistant to moving.

You must make a threat to move that is credible to the rental agent. Which means you must demonstrate knowledge of a comparable rental that is going for a rent similar to what you are demanding.

Even then, the rental agent will factor in knowledge of what it will cost for you to move, and use it as rebuttal. (How much of what you save on rent will be lost to moving costs?)

It’s a poker game, and the rental agent is in the game every day.

[analyst]

[quote=Scarlett][quote=Raybyrnes]You better start looking seriously at new places. Idle threats don’t go very far. But if you have a couple of comparable properties then you may be able to plead your case.[/quote]
I’d rather not move as I moved in from an apt 1 yr ago and I’m tired of moving. There are VERY few equivalent townhomes for rent in LJ colony, and I don’t know what they ACTUALLY rented for. My point is, wouldn’t they rather keep the current tenants with a ‘concession’ (1 month free rent) and not have to deal with the hassle of cleaning, putting it on the market, showings, may be vacant for more than a month? Apartment complexes have those deals all the time, at least for new tenants.[/quote]

The rental agent knows that you, like all people with more than minimal belongings, are resistant to moving.

You must make a threat to move that is credible to the rental agent. Which means you must demonstrate knowledge of a comparable rental that is going for a rent similar to what you are demanding.

Even then, the rental agent will factor in knowledge of what it will cost for you to move, and use it as rebuttal. (How much of what you save on rent will be lost to moving costs?)

It’s a poker game, and the rental agent is in the game every day.

[analyst]

[quote=Scarlett][quote=Raybyrnes]You better start looking seriously at new places. Idle threats don’t go very far. But if you have a couple of comparable properties then you may be able to plead your case.[/quote]
I’d rather not move as I moved in from an apt 1 yr ago and I’m tired of moving. There are VERY few equivalent townhomes for rent in LJ colony, and I don’t know what they ACTUALLY rented for. My point is, wouldn’t they rather keep the current tenants with a ‘concession’ (1 month free rent) and not have to deal with the hassle of cleaning, putting it on the market, showings, may be vacant for more than a month? Apartment complexes have those deals all the time, at least for new tenants.[/quote]

The rental agent knows that you, like all people with more than minimal belongings, are resistant to moving.

You must make a threat to move that is credible to the rental agent. Which means you must demonstrate knowledge of a comparable rental that is going for a rent similar to what you are demanding.

Even then, the rental agent will factor in knowledge of what it will cost for you to move, and use it as rebuttal. (How much of what you save on rent will be lost to moving costs?)

It’s a poker game, and the rental agent is in the game every day.

[analyst]

Galvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.

Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)

Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.

If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.

A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.

A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.

[analyst]

Galvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.

Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)

Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.

If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.

A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.

A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.

[analyst]

Galvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.

Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)

Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.

If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.

A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.

A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.

[analyst]

Galvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.

Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)

Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.

If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.

A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.

A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.

[analyst]

Galvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.

Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)

Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.

If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.

A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.

A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.

[Author]

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