[SK in CV]

I’m a bit confused by your descriptions of what the current status is, but a couple things that might help….

Almost all non-residential loans (including apartments of more than 4 units) written in the last 20 years are due on sale. Since you say the property is newer, it’s highly unlikely that the loan is assumable by contract. That doesn’t meant it can’t be assumed, just that it would require negotiation with the lender, probably involve the payment of points/fees and underwriting just as if it is a new loan.

There is no way you will be able to assume an existing loan at foreclosure by that loan. The possibility exists that you may be able to negotiate with the lender prior to TS, including negotiating the arrearages. Since you already hold the junior loan, you obviously have leverage as well as the 2nd most to lose.

If you were to foreclose on your note, the whole thing may be different. It sounds like it’s too late for that to happen? I’m not familiar with AZ law, so it is possible that a foreclosure of a junior lien does not trigger a due on sale event, but in any case, it does put you in a stronger negotiating position.

Be careful, if you’re not in the right place at the right time, with the right amount of cash on hand, you could easily be wiped out. And be careful not to throw good money after bad. While Yuma hasn’t been hit near as bad as the Phoenix area (it never went up as much either), the rental market in most parts of Yuma really sucks right now. Lots of vacancies. And there is no good reason to assume that it will ever come back. It is over-built and there is almost no good reason for anyone to ever want to buy (or live) there.

[SK in CV]

I’m a bit confused by your descriptions of what the current status is, but a couple things that might help….

Almost all non-residential loans (including apartments of more than 4 units) written in the last 20 years are due on sale. Since you say the property is newer, it’s highly unlikely that the loan is assumable by contract. That doesn’t meant it can’t be assumed, just that it would require negotiation with the lender, probably involve the payment of points/fees and underwriting just as if it is a new loan.

There is no way you will be able to assume an existing loan at foreclosure by that loan. The possibility exists that you may be able to negotiate with the lender prior to TS, including negotiating the arrearages. Since you already hold the junior loan, you obviously have leverage as well as the 2nd most to lose.

If you were to foreclose on your note, the whole thing may be different. It sounds like it’s too late for that to happen? I’m not familiar with AZ law, so it is possible that a foreclosure of a junior lien does not trigger a due on sale event, but in any case, it does put you in a stronger negotiating position.

Be careful, if you’re not in the right place at the right time, with the right amount of cash on hand, you could easily be wiped out. And be careful not to throw good money after bad. While Yuma hasn’t been hit near as bad as the Phoenix area (it never went up as much either), the rental market in most parts of Yuma really sucks right now. Lots of vacancies. And there is no good reason to assume that it will ever come back. It is over-built and there is almost no good reason for anyone to ever want to buy (or live) there.

[SK in CV]

I’m a bit confused by your descriptions of what the current status is, but a couple things that might help….

Almost all non-residential loans (including apartments of more than 4 units) written in the last 20 years are due on sale. Since you say the property is newer, it’s highly unlikely that the loan is assumable by contract. That doesn’t meant it can’t be assumed, just that it would require negotiation with the lender, probably involve the payment of points/fees and underwriting just as if it is a new loan.

There is no way you will be able to assume an existing loan at foreclosure by that loan. The possibility exists that you may be able to negotiate with the lender prior to TS, including negotiating the arrearages. Since you already hold the junior loan, you obviously have leverage as well as the 2nd most to lose.

If you were to foreclose on your note, the whole thing may be different. It sounds like it’s too late for that to happen? I’m not familiar with AZ law, so it is possible that a foreclosure of a junior lien does not trigger a due on sale event, but in any case, it does put you in a stronger negotiating position.

Be careful, if you’re not in the right place at the right time, with the right amount of cash on hand, you could easily be wiped out. And be careful not to throw good money after bad. While Yuma hasn’t been hit near as bad as the Phoenix area (it never went up as much either), the rental market in most parts of Yuma really sucks right now. Lots of vacancies. And there is no good reason to assume that it will ever come back. It is over-built and there is almost no good reason for anyone to ever want to buy (or live) there.

[SK in CV]

I’m a bit confused by your descriptions of what the current status is, but a couple things that might help….

Almost all non-residential loans (including apartments of more than 4 units) written in the last 20 years are due on sale. Since you say the property is newer, it’s highly unlikely that the loan is assumable by contract. That doesn’t meant it can’t be assumed, just that it would require negotiation with the lender, probably involve the payment of points/fees and underwriting just as if it is a new loan.

There is no way you will be able to assume an existing loan at foreclosure by that loan. The possibility exists that you may be able to negotiate with the lender prior to TS, including negotiating the arrearages. Since you already hold the junior loan, you obviously have leverage as well as the 2nd most to lose.

If you were to foreclose on your note, the whole thing may be different. It sounds like it’s too late for that to happen? I’m not familiar with AZ law, so it is possible that a foreclosure of a junior lien does not trigger a due on sale event, but in any case, it does put you in a stronger negotiating position.

Be careful, if you’re not in the right place at the right time, with the right amount of cash on hand, you could easily be wiped out. And be careful not to throw good money after bad. While Yuma hasn’t been hit near as bad as the Phoenix area (it never went up as much either), the rental market in most parts of Yuma really sucks right now. Lots of vacancies. And there is no good reason to assume that it will ever come back. It is over-built and there is almost no good reason for anyone to ever want to buy (or live) there.

[SK in CV]

[quote=SD Realtor]I agree with you jp. We pay the second highest state income tax in the country. Anyone who thinks that the issue is lack of revenue has a severe misunderstanding of how to balance a checkbook. This is a spending problem and until our legislature figures out how to run the state on a budget then the state will indeed continue to suffer.

Raising taxes whether you repeal prop 13 or raise the income tax level yet again is not the answer.[/quote]

California is actually the 8th highest all inclusive tax per capita (including all taxes, income, sales, property), but it’s also in the bottom 10 for federal tax expenditures for each dollar paid in federal tax.

[SK in CV]

[quote=SD Realtor]I agree with you jp. We pay the second highest state income tax in the country. Anyone who thinks that the issue is lack of revenue has a severe misunderstanding of how to balance a checkbook. This is a spending problem and until our legislature figures out how to run the state on a budget then the state will indeed continue to suffer.

Raising taxes whether you repeal prop 13 or raise the income tax level yet again is not the answer.[/quote]

California is actually the 8th highest all inclusive tax per capita (including all taxes, income, sales, property), but it’s also in the bottom 10 for federal tax expenditures for each dollar paid in federal tax.

[SK in CV]

[quote=SD Realtor]I agree with you jp. We pay the second highest state income tax in the country. Anyone who thinks that the issue is lack of revenue has a severe misunderstanding of how to balance a checkbook. This is a spending problem and until our legislature figures out how to run the state on a budget then the state will indeed continue to suffer.

Raising taxes whether you repeal prop 13 or raise the income tax level yet again is not the answer.[/quote]

California is actually the 8th highest all inclusive tax per capita (including all taxes, income, sales, property), but it’s also in the bottom 10 for federal tax expenditures for each dollar paid in federal tax.

[SK in CV]

[quote=SD Realtor]I agree with you jp. We pay the second highest state income tax in the country. Anyone who thinks that the issue is lack of revenue has a severe misunderstanding of how to balance a checkbook. This is a spending problem and until our legislature figures out how to run the state on a budget then the state will indeed continue to suffer.

Raising taxes whether you repeal prop 13 or raise the income tax level yet again is not the answer.[/quote]

California is actually the 8th highest all inclusive tax per capita (including all taxes, income, sales, property), but it’s also in the bottom 10 for federal tax expenditures for each dollar paid in federal tax.

[SK in CV]

[quote=SD Realtor]I agree with you jp. We pay the second highest state income tax in the country. Anyone who thinks that the issue is lack of revenue has a severe misunderstanding of how to balance a checkbook. This is a spending problem and until our legislature figures out how to run the state on a budget then the state will indeed continue to suffer.

Raising taxes whether you repeal prop 13 or raise the income tax level yet again is not the answer.[/quote]

California is actually the 8th highest all inclusive tax per capita (including all taxes, income, sales, property), but it’s also in the bottom 10 for federal tax expenditures for each dollar paid in federal tax.

[SK in CV]

No, I’m not particularly troubled by it.

I haven’t seen any compelling evidence that WWII like internment camps are in anyone’s plans. No funding, no facilities, no apparent motivation. Yes, i’ve seen the videos of the so called facilities. And the debunking of those same claims. I have no idea if those that are concerned about these camps believe that I will be the first resident or you will be. Will we both be in there because both our views are outside the mainstream? (roomie! I hope you don’t snore.)

The want ads that i’ve seen are more logically for military prisons and/or foreign facilities. I have problems with both of those, but no current fear that US citizens are going to be rounded up for no particular reason.

To be sure, I’m not dismissing your concern about the idea of internment camps. I will be at the front of the crowd screaming and protesting their existence if they come to be, regardless of their intended occupants. But it confuses me. Who is behind it? Who are their targets? What is their motivation? What is their wherewithall to implement? (the only character on the political scene with both the tiny balls needed and the position of power to actually move things along is no longer the vice president.) Those are questions that, at least for me, have not been adequately answered.

[SK in CV]

No, I’m not particularly troubled by it.

I haven’t seen any compelling evidence that WWII like internment camps are in anyone’s plans. No funding, no facilities, no apparent motivation. Yes, i’ve seen the videos of the so called facilities. And the debunking of those same claims. I have no idea if those that are concerned about these camps believe that I will be the first resident or you will be. Will we both be in there because both our views are outside the mainstream? (roomie! I hope you don’t snore.)

The want ads that i’ve seen are more logically for military prisons and/or foreign facilities. I have problems with both of those, but no current fear that US citizens are going to be rounded up for no particular reason.

To be sure, I’m not dismissing your concern about the idea of internment camps. I will be at the front of the crowd screaming and protesting their existence if they come to be, regardless of their intended occupants. But it confuses me. Who is behind it? Who are their targets? What is their motivation? What is their wherewithall to implement? (the only character on the political scene with both the tiny balls needed and the position of power to actually move things along is no longer the vice president.) Those are questions that, at least for me, have not been adequately answered.

[SK in CV]

No, I’m not particularly troubled by it.

I haven’t seen any compelling evidence that WWII like internment camps are in anyone’s plans. No funding, no facilities, no apparent motivation. Yes, i’ve seen the videos of the so called facilities. And the debunking of those same claims. I have no idea if those that are concerned about these camps believe that I will be the first resident or you will be. Will we both be in there because both our views are outside the mainstream? (roomie! I hope you don’t snore.)

The want ads that i’ve seen are more logically for military prisons and/or foreign facilities. I have problems with both of those, but no current fear that US citizens are going to be rounded up for no particular reason.

To be sure, I’m not dismissing your concern about the idea of internment camps. I will be at the front of the crowd screaming and protesting their existence if they come to be, regardless of their intended occupants. But it confuses me. Who is behind it? Who are their targets? What is their motivation? What is their wherewithall to implement? (the only character on the political scene with both the tiny balls needed and the position of power to actually move things along is no longer the vice president.) Those are questions that, at least for me, have not been adequately answered.

[SK in CV]

No, I’m not particularly troubled by it.

I haven’t seen any compelling evidence that WWII like internment camps are in anyone’s plans. No funding, no facilities, no apparent motivation. Yes, i’ve seen the videos of the so called facilities. And the debunking of those same claims. I have no idea if those that are concerned about these camps believe that I will be the first resident or you will be. Will we both be in there because both our views are outside the mainstream? (roomie! I hope you don’t snore.)

The want ads that i’ve seen are more logically for military prisons and/or foreign facilities. I have problems with both of those, but no current fear that US citizens are going to be rounded up for no particular reason.

To be sure, I’m not dismissing your concern about the idea of internment camps. I will be at the front of the crowd screaming and protesting their existence if they come to be, regardless of their intended occupants. But it confuses me. Who is behind it? Who are their targets? What is their motivation? What is their wherewithall to implement? (the only character on the political scene with both the tiny balls needed and the position of power to actually move things along is no longer the vice president.) Those are questions that, at least for me, have not been adequately answered.

[SK in CV]

No, I’m not particularly troubled by it.

I haven’t seen any compelling evidence that WWII like internment camps are in anyone’s plans. No funding, no facilities, no apparent motivation. Yes, i’ve seen the videos of the so called facilities. And the debunking of those same claims. I have no idea if those that are concerned about these camps believe that I will be the first resident or you will be. Will we both be in there because both our views are outside the mainstream? (roomie! I hope you don’t snore.)

The want ads that i’ve seen are more logically for military prisons and/or foreign facilities. I have problems with both of those, but no current fear that US citizens are going to be rounded up for no particular reason.

To be sure, I’m not dismissing your concern about the idea of internment camps. I will be at the front of the crowd screaming and protesting their existence if they come to be, regardless of their intended occupants. But it confuses me. Who is behind it? Who are their targets? What is their motivation? What is their wherewithall to implement? (the only character on the political scene with both the tiny balls needed and the position of power to actually move things along is no longer the vice president.) Those are questions that, at least for me, have not been adequately answered.

[SK in CV]

[quote=Zeitgeist]No doubt. Intemperate, irreverent and an anti- authority dissident. I sure hope the camps have disabled access or I will sue them under ADA.[/quote]

Nevermind. Catch and release. Not worth the trouble of catching, cleaning and filetting. 🙂

[Author]

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