tag:blogger.com,1999:blog-1842136564899097734.post2693401754904741265..comments2023-12-15T02:04:08.213-08:00Comments on meat: tax foreclosure auction 2010 and sticky subjectsBruce Kinghttp://www.blogger.com/profile/10995706761794063165noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-1842136564899097734.post-65966446150879511592010-12-13T18:25:25.013-08:002010-12-13T18:25:25.013-08:00Any updates on meeting with the former owners? Is...Any updates on meeting with the former owners? Is this new place in danger of flooding?Nancy - Olympia WAnoreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-8798241175423231282010-12-12T19:32:15.282-08:002010-12-12T19:32:15.282-08:00Can you write a post about the steps you went thru...Can you write a post about the steps you went thru with the auction? how did you find out about the auction? how did you research the properties? I have no idea how to start...<br /><br />thanksRobertnoreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-36069798945300934802010-12-12T10:51:56.778-08:002010-12-12T10:51:56.778-08:00I guess I may be wrong, but I think I'd take a...I guess I may be wrong, but I think I'd take a different perspective. Wow, the house is not trashed and it's in good condition. There are many who have trashed a house in these circumstances. He may have bad credit, due to unknown circumstances, but I would think he would be willing to pay reasonable rent in lieu of moving. Of course, that doesn't change your game plan. Hope it all works out the best for them and you.damaehttps://www.blogger.com/profile/02013544183482066326noreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-2179584725682268512010-12-11T22:25:08.106-08:002010-12-11T22:25:08.106-08:00Collie: I'm not sure what they're up to e...Collie: I'm not sure what they're up to either. I think maybe they thought that the bank would redeem it and they'd get another 6 months or whatever. Nope. I bought the property and was on their doorstep 20 minutes later.Bruce Kinghttps://www.blogger.com/profile/10995706761794063165noreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-62684963310364579022010-12-11T22:24:01.785-08:002010-12-11T22:24:01.785-08:00Gabriel -- that's a good point. I don't h...Gabriel -- that's a good point. I don't have any idea why they stopped paying their mortgage. As a landlord, I have to look at their willingness and ability to pay rent, and so far, I'm not seeing any evidence of either, based on the house being foreclosed on. Maybe there are some circumstances that made that the best decision for them -- but that's none of my business. I'd prefer a tenant who makes it a priority to pay the rent.Bruce Kinghttps://www.blogger.com/profile/10995706761794063165noreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-90227887847938727212010-12-11T22:13:43.930-08:002010-12-11T22:13:43.930-08:00It's mind-bending to think they were sayin'...It's mind-bending to think they were sayin' "hey, let's put up the Christmas tree" :-D when they were days away from a foreclosure sale. You wonder if they are just completely in denial, or heavily banking on the new owner just saying "aw heck, I'll rent it to you, you are so settled in,after all". Maybe the guy has a stragety, figuring he'd get by w/ no payments as long as possible, then buckle down and buck up rent again when necessary, reassured that he had all those months of savings in the meantime. Not a bad strategy, if you have no conscience! :-P<br />MichelleAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-36547925980998990412010-12-11T11:49:33.007-08:002010-12-11T11:49:33.007-08:00I'd love to have a mortgage free lifestyle - t...I'd love to have a mortgage free lifestyle - that's why we're paying off our land and house as fast as we can.Across The Creek Farmhttps://www.blogger.com/profile/00286366285047303252noreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-85455805854380191822010-12-11T11:47:09.576-08:002010-12-11T11:47:09.576-08:00Do you know the reason/s why they stopped making t...Do you know the reason/s why they stopped making their payments? Until you know, you should tread lightly on judgment. There are valid reasons sometimes and judging them by their belongings..is simply wrong. Karma dude. Be the better person. Find out the circumstances first!!Gabrielnoreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-38170045046443695922010-12-11T11:22:58.956-08:002010-12-11T11:22:58.956-08:00Anon: On monday I'll be presenting him with a...Anon: On monday I'll be presenting him with a three day pay-or-vacate notice to start the eviction clock ticking. If I don't reach an agreement with him about his tenancy, I'll serve him with eviction papers later in the week. My preference would be to rent it to him, but you're right. People get used to a mortgage-and-rent-free lifestyle, and then think they're entitled to it. Heck, I'd love to have no mortgage myself, wouldn't you?Bruce Kinghttps://www.blogger.com/profile/10995706761794063165noreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-78441446936024902052010-12-11T11:19:10.291-08:002010-12-11T11:19:10.291-08:00oh yea; the mortgage was held by citibank. I don&...oh yea; the mortgage was held by citibank. I don't know why they didn't redeem the property for the back taxes due -- about $10k -- it would have prevented a loss of $150k or so. Guess it slipped through the cracks.Bruce Kinghttps://www.blogger.com/profile/10995706761794063165noreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-48852651028801524062010-12-11T11:17:51.700-08:002010-12-11T11:17:51.700-08:00Dave asked who's on the hook for the 247k mort...Dave asked who's on the hook for the 247k mortgage: <br /><br /> First, I'm not a lawyer. This is my opinion ,but it's not a legal opinion. I'm not offering you legal advice, I'm offering my opinion only. You should consult an attorney before you make any decisions. <br /><br />Tax/government liens are senior to mortgage liens and senior to any other sort of liens (construction, collection agencies, whatever). So by buying this property at the tax auction, the mortgage holders lose their collateral and all other non-tax liens are wiped out. The mortgage holders still have a debt due to them, and they can try to collect against the guy who signed this mortgage as an unsecured debt, but they have no rights to the real property. I get it free and clear. Similar situation to first and second mortgages. if the first mortgage forecloses, the 2nd loses its claim. Tax liens are senior to 1st mortgages. <br /><br />That's different than in a traditional foreclosure, where there are two outcomes that are common: Either the bank gets the property back and the debt is extinguished, or the bank buys the property at auction for some price, and then pursues the borrower for any shortfall; eg the bank lends the guy $200k, guy defaults, bank buys the property at auction for $150k and then pursues the guy for the 50k shortfall. Judicial or non-judicial foreclosures, basically. <br /><br />There's all sorts of seminars that purport to teach people how to buy these properties and promise millions of dollars of profits. Don't bother. Hire a good attorney and ask your questions there. It's worth the investment.Bruce Kinghttps://www.blogger.com/profile/10995706761794063165noreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-1596711916749490382010-12-11T09:07:59.472-08:002010-12-11T09:07:59.472-08:00Unlike most repo'd properties, this one looks ...Unlike most repo'd properties, this one looks pretty much continually lived in, including the groceries on the counter and the Christmas tree in the living room. oml.oml.oml....yeah, it does make one wonder...(hm. good luck with this one, will be curious to see how this story ends...)Ruthhttps://www.blogger.com/profile/01243729980808445909noreply@blogger.comtag:blogger.com,1999:blog-1842136564899097734.post-10500538042023082342010-12-11T02:45:23.818-08:002010-12-11T02:45:23.818-08:00Trying to evict tenants who have kids or elderlies...Trying to evict tenants who have kids or elderlies can take months if not years. They think they have a case(in front of a judge)to stay there. And if the guy hasn't paid the mortgage then he won't paying the rent.<br /> The first thing to do is to get the paperwork going for eviction then talking to him. It sucks being a landlord.Anonymousnoreply@blogger.com