Perfect time of year for a fireworks mishap.

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Once she is squatting. Is he trespassing if he enters his apartment unannounced? I landlords for seven years, thankfully I never it bit by one of these. I would be in jail.

Update time


We took possession back yesterday(July 1). It is FUCKED up in there. About $4000 to get it back to renter quality. So the wife has finally realized after me telling her for a few years, that we need to foreclose.

That sucks. Sorry to hear it. Too bad the bitch has nothing to give should you sue her.

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Elections have consequences.

What did she do?

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"Play until it hurts, then play until it hurts to not play."
http://soundcloud.com/darkside124 HOF 2013, MM Champion 2014

Where to begin....It is a condo on the 3rd floor, so it has wall air conditioners. She took one, we just purchased 1yr ago, which we are filing a police report for that. The carpet needs to be ripped out. She cracked a bathroom sink top in 2 places, like the corners off and glued them back on. Water damage to the bathroom vanity. Walls are all torn up. The appliances all need to be replaced. Kitchen cabinets are fucked up. Need to replace kitchen floor, and possibly bathroom floor. So at this point, we roughly lose $300 renting it, so $4000+$300 a month is just not worth it.

if you're walking away from the mortgage, you don't need to shell out for the repairs. a shitty move, to some extent, but it won't matter any more or less if you walk away from a property in need of repairs vs a fixed up condo. afaik. a lot of short-sales / foreclosures i've looked at have been trashed or at least needing a few $k worth of TLC.

don't going throwing good money after bad, i guess is what i'm saying. as shitty as it might feel.

seems like just about any house on the market that the owners haven't moved completely out of and then given it a once over before putting it on the market needs a few thousand worth of repair/painting/cleaning/updates.

Check first, I believe the bank can come back at you for the balance of the mortgage and the final sale price. Unless a bankruptcy is also in the plans.

If you do fix it up, I believe you can rent it out while going through forclosure and pocket the rent while not paying the mortgage.

Sorry this happened to you. It fucking blows.

I called an attorney yesterday, and he sounded surprised I was calling him. I was trying to be proactive in seeing what would happen. Spend 30min on the phone with him for him to tell me he doesn't do foreclosures, but gave a little advice. Said they could come back for the difference, and since I am not on this mortgage they could put a lien on the wife paycheck no more than 15% per month. Which is totally fine, no headache and paying off quicker than what we have on the mortgage. The problem will come with the association which he said could game access to our unit, rent it to pay the association fee. So we are thinking of carrying insurance on the property as we go through this process.

In no way shape or form am I going to repair anything.

back in the go-go days of the housing crisis, banks had so many foreclosures to deal with, landlords could rack up rent for months/years while waiting for lenders to take proper possession / sell the property; or, if the tenants got wise, they'd stop paying rent to anybody.

Sorry to hear how it ended up Cashman.

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Start a fire or accidentally leave the water running everywhere in the house.

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Be well

GO BEARS!!!

You in Cook County?

No judge in Cook Co. is letting a bank slap a deficiency judgement. Highly doubtful in any suburban county too given circumstances.

Wife and I went trough the SAME EXACT scenario you're going through down to me not being on the note on that mortgage. We stopped paying and talked to the bank. They wanted to try a short sale before foreclosing. An investor gobbled up the property as the association was cool with rentals.

I suspect the same exact thing will happen to you.

Also, if you need a lawyer/realtor throughout the process, let me know and I can guide you to some of the best in the business.

Good luck.

Dupage


Loan is through BMO, we talked to them a couple years to see if we could do something. They told us, they didn't do short sales.

Get vacant property insurance and call a guy to flood or torch the place.

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Be well

GO BEARS!!!

You'll still be fine as long as you're not sitting on a shit load of cash.

You didn't talk to the right people. BMO absolutely approves them. They may require you to be delinquent before agreeing but they certainly do them. Speak with the default resolution department or loss mitigation department. They will look at recent financials and may require a seller contribution but you can get out from underneath it.

You will take a tax hit, however, you'll more than likely be able to claim insolvency (that's what the CPA did for us that tax year).

Depending if you ever claimed the property and rental income on previous tax returns, you may not even have to go the insolvency route. You may just qualify under the Mortgage Debt Relief ACT.

In any event, if you plan to stop paying the mortgage and the assessments...do it sooner than later. Don't waste a few months thinking about it and drain a savings account like my wife did.

With all this Harp stuff the bank makes out better not going after you.

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Elections have consequences.

Can I snag the copper first?

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Good people drink good beer - Hunter S. Thompson

<º)))><

Waiting for the time when I can finally say
That this has all been wonderful, but now I'm on my way

Nope. Vacant property insurance will ONLY pay for vandalism. They don't cover stolen property. Learned that the hard way in Englewood.

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Be well

GO BEARS!!!

As far as I know, it is not a government backed loan.

The problem is, the association can sue us to rent it, to reclaim the association fee we are not paying. That is what I am worried about, if they get a tenant and rent it.

Leave a cigar lit near a big box of newspapers.

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Good people drink good beer - Hunter S. Thompson

<º)))><

Waiting for the time when I can finally say
That this has all been wonderful, but now I'm on my way

HARP has nothing to do with your situation at all. It stands for Home Affordable Refinance Program. You're looking to let it go, not refinance it.

HAMP stands for Home Affordable Modification Program. That is to modify the terms of the mortgage, ie. defer money due until later, basically just extending the loan out in most cases. Some cases they will lower the interest rate or if you're really lucky even do a principal reduction.

Get a good realtor over. Get an idea the value of the place. If you're underwater more than what you can bring to the table, stop paying the mortgage/assessments and short sale it. If BMO doesn't approve a short sale offer (or you don't receive any offers at all), let them foreclose. If they do approve a short sale, make sure the approval includes them waiving their right to a deficiency judgement. Chances of a deficiency judgement in a foreclosure case are extremely minimal.

You can tax care of your tax consequences via insolvency or the Mortgage Debt Relief Act.

I wouldn't worry about the association acting of their Right of First Refusal. That never happens especially in non-luxury situations. Yes, they have the right, they just choose not to as the property has a lien holder who is going to foreclose it's interest anyways.

This is all very interesting. I'm very sorry you've had to go through all of this and wish you the best. Sounds like you're getting good advice.

We had my brother in-law occupying my wife's old house. I very bluntly told them to GTFO by June 30. Much to my surprise, they did. She owns the shack outright and will lose money on the sale, but still pocket some. I'm really glad we didn't have to go the route of the Sheriff...so glad those morons are out.

My biggest headache is getting the equity loan. The first bank denied it because it was fuzzy on if it was her primary residence. The mortgage industry has become a cluster.

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"Disclaimer"

Management doesn't actually condone the commission of a felony. Let alone two felonies. This is merely a topic of conversation, not an actual suggestion.

Sincerely,
Management

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You must act as a man, not a boy.

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Elections have consequences.

update



So, wife talked to another attorney, who set us up with a real estate agent he works with that does short sales. He sales, banks do not want these properties and that a short sale is very likely. Will have the bank sign something with the short sale that they can not come after us for the difference in balance. This is all pending they accept the short sale, and that we find a buyer/investor.

miserable situation, what a Caller Bob renter. Is your involvement with the renter done? Or can you go after her some more and make her feel the pain for her actions for an extended period of time? sue and garnish a small percentage whatever she makes