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SD Realtor
Participantsdr you are right… it could be the strategy used by any and everyone…
nsr – I do not believe the home will ever be sold so they most likely do not sweat it. As for the percentage of how they split the interests, again, it is something I just learned about so I don’t have an answer but I agree with your premise, why not just use 1%…
As far as the loan, there is a first and a second. The NOD and NOT were for the original purchase yes.
SD Realtor
Participantsdr you are right… it could be the strategy used by any and everyone…
nsr – I do not believe the home will ever be sold so they most likely do not sweat it. As for the percentage of how they split the interests, again, it is something I just learned about so I don’t have an answer but I agree with your premise, why not just use 1%…
As far as the loan, there is a first and a second. The NOD and NOT were for the original purchase yes.
SD Realtor
ParticipantYes this is in a nutshell fraud, (IMO but I am not a lawyer)… Please note, it does seem to me that this can be applied to any asset, not just homes.
Yeah I would agree Perry this is a tool for the more savy distressed seller…I am assuming your post about small businesses closing down is orthogonal to this post. In this case these small holding companies were just shells. this Also this particular strategy seems to apply to deadbeats who have higher loan amounts. Thus they are just making the lender jump through more hoops. However the lender will do whatever it takes to get the foreclosure back on track.
SD Realtor
ParticipantYes this is in a nutshell fraud, (IMO but I am not a lawyer)… Please note, it does seem to me that this can be applied to any asset, not just homes.
Yeah I would agree Perry this is a tool for the more savy distressed seller…I am assuming your post about small businesses closing down is orthogonal to this post. In this case these small holding companies were just shells. this Also this particular strategy seems to apply to deadbeats who have higher loan amounts. Thus they are just making the lender jump through more hoops. However the lender will do whatever it takes to get the foreclosure back on track.
SD Realtor
ParticipantRankandfile the lender will first file a relief from stay but it has to be done at the county court where the bankruptcy is filed. If the seller keeps playing the shell game then the lender can then file for the IM REM. To me, and again I don’t know this to well, the IM REM will effectively disabled the asset protection process that the bankruptcy protection provides. Again, the IM REM will need to be filed in the same county court as the bankruptcy was done at.
I do not know what happens if another shell company is formed but then they claim bankruptcy in yet another county. My impression is that the IM REM will protect the asset and enable the lender to move forward.
sdr – Yeah I had seen these odd title transfers here and there. I would look at the grant deeds and see partial interests for a really low price to wierd named holding companies and never knew what the heck was going on. I even asked my title officer and his answer was sketchy but he referred me to an associate of his and she nailed it in a matter of like 5 minutes. She went to county records in surrounding counties and found the bankruptcy filings of the companies that were granted the partial interests and explained it to me.
SD Realtor
ParticipantRankandfile the lender will first file a relief from stay but it has to be done at the county court where the bankruptcy is filed. If the seller keeps playing the shell game then the lender can then file for the IM REM. To me, and again I don’t know this to well, the IM REM will effectively disabled the asset protection process that the bankruptcy protection provides. Again, the IM REM will need to be filed in the same county court as the bankruptcy was done at.
I do not know what happens if another shell company is formed but then they claim bankruptcy in yet another county. My impression is that the IM REM will protect the asset and enable the lender to move forward.
sdr – Yeah I had seen these odd title transfers here and there. I would look at the grant deeds and see partial interests for a really low price to wierd named holding companies and never knew what the heck was going on. I even asked my title officer and his answer was sketchy but he referred me to an associate of his and she nailed it in a matter of like 5 minutes. She went to county records in surrounding counties and found the bankruptcy filings of the companies that were granted the partial interests and explained it to me.
SD Realtor
ParticipantWell said Counselor.
SD Realtor
ParticipantWell said Counselor.
SD Realtor
Participantmyito –
I understand your situation perfectly. Your position is not unique. I would pretty much agree with what everyone has said. In my situation, I would much rather buy a few years down the line, then when I will end up buying.
Your point about your mom not buying is well taken, however I do not view the prevailing opinion of most on this blog to be in that vein. I think the prevailing opinions here are well thought out and based upon real data. Thus most of the people here who will indeed wait for a few more years will most likely get fantastic deals. I do not believe they will be on the sidelines forever.
SD Realtor
Participantmyito –
I understand your situation perfectly. Your position is not unique. I would pretty much agree with what everyone has said. In my situation, I would much rather buy a few years down the line, then when I will end up buying.
Your point about your mom not buying is well taken, however I do not view the prevailing opinion of most on this blog to be in that vein. I think the prevailing opinions here are well thought out and based upon real data. Thus most of the people here who will indeed wait for a few more years will most likely get fantastic deals. I do not believe they will be on the sidelines forever.
SD Realtor
ParticipantYeah I know… in many private investments and such the accredited status of the investor is generally subject to amounts set by the SEC and is scrutinized. If it is found that investors do not meet the requirements set for accreditation there are liability issues involved…
Well understood and realized…
Yep the rich will profit off the average joe as you stated… note though… they are profiting off of average joe because average joe bit off more then he could chew…
SD Realtor
ParticipantYeah I know… in many private investments and such the accredited status of the investor is generally subject to amounts set by the SEC and is scrutinized. If it is found that investors do not meet the requirements set for accreditation there are liability issues involved…
Well understood and realized…
Yep the rich will profit off the average joe as you stated… note though… they are profiting off of average joe because average joe bit off more then he could chew…
SD Realtor
ParticipantPD the appreciation rate is determined by the median correct? Now common sense would dictate that with longer inventory the median should go down because those on the market longer would lower the price.
Remember though that for high end property the expectation is a much longer period on the market. Also if the property was not priced correctly to begin with, then they lower the price after being on the market several months, they still may sell and it still may pull the median up…
Maybe what this realtor told you is true… maybe not. You know that stats can always be manipulated…
SD Realtor
ParticipantPD the appreciation rate is determined by the median correct? Now common sense would dictate that with longer inventory the median should go down because those on the market longer would lower the price.
Remember though that for high end property the expectation is a much longer period on the market. Also if the property was not priced correctly to begin with, then they lower the price after being on the market several months, they still may sell and it still may pull the median up…
Maybe what this realtor told you is true… maybe not. You know that stats can always be manipulated…
SD Realtor
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