All Forum Posts by: Barry Schwartz

TO Michael Gessner- The lien for $200,000.00 is from the Suffolk County department of Social Services (welfare) NOT Social Security. The approximate amount is somewhere in the $5,000.00 area. This is was so that they could keep the electric on. From what the owner said they put a large lien amount in case you need more money. 

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As of a few minutes ago the high bid is now at $90k  with 1 day and 20 hours remaining.  In past auctions almost all of the bids were placed during the last few minutes.  It would always stay below $55k. 

The property was foreclosed in 2016 and after 8 years closed the case and ruled in favor of the bank (NY Supreme Court Suffolk County). 

2 weeks ago the homeowner got a judge to sign an order to show cause (or something to that effect) and both parties are supposed to return back to court on April 6th 2018.  The bank was served with legal papers signed by the judge before the current auction started. 

Again thanks for everyone's input.

    WHAT HAPPENS TO THE JUDGMENTS? iF YOU ARE THE LUCKY BIDDER AND WIN THE AUCTION AND THERE ARE SEVERAL judgments ON THE PROPERTY WHAT HAPPENS NEXT?

     One of the judgments is from the Suffolk county department of social services. It is for $200,000.00 this being the standard amount that they put on all of the liens. There are also judgments from the town for building code violations that were never paid. This is an occupied home that  has been foreclosed and has a judgement on it but no amount was given. This is the 3rd time that it is being listed. Every time the reserve was not met.  Any thoughts?

     House is worth approx $150k, the bank ia\s owed $130k and the last auction was $in the neighborhood of $103k and was rejected. Thank you. 

Auction.com - This is my opinion. I did a Google search on AUCTION.COM REVIEWS. Almost all of the reviews were negative.  It looked like a lot of people had bad experiences with this auction site. I went to many of the review sites and it was pretty clear that almost all were not very good. People had various problems. That doesn't mean that all of the employees that work for auction.com are bad. I like Auction.com, it has a fantastic website where the user can do a search and find everything. Some reviews say that there is a lot of misinformation. Maybe there is some but it's up to the user (bidder) to do their due diligence. This is the information age. I read a few reviews that said auction.com had a 100 page contract that was geared to the seller. If for whatever reason a sale did not happen and you were the winning bidder it took a long time to get your money back. The list goes on and on. How accurate are these? Who really knows but almost every review was not good. 

     About my friend. I agree that his not paying a mortgage for so long is ethically wrong and if the New York courts weren't so back logged he would have lost his home several years ago. I told him to sell it and walk away with $125,000. He had a better idea, save his house but no real plan. How smart is he to not only NOT retain an attorney but also never show up to any of the court proceedings. That is called pure stupidity. He had plenty of renters that skipped without paying. One renter left the water on for 3 days and caused a lot of damage that he had to fix. No insurance. I told him to do a background check on his tenants but he never did, again stupidity on his part. Will I hire a truck to move him? NO! Will I put him up? Absolutely not because I would end up evicting him. I won't lend him any money because that worse then throwing  money away. 

     Today he called me. I asked him if he saw a REAL ESTATE LAWYER  who specializes in FORECLOSURES. He didn't. 

Barry

David,

Thank you for your comment. This is his problem that he brought on all by himself. I

His wife passing  was something that hit him hard. He had an obligation to pay his mortgage. It was a very affordable amount. He did get screwed by some of his renters but that's called Karma.  I'm not in the real estate business but I told him to sell his house. It's not in the best area but he would have been able to pay off what he owed plus walk away with at least $50k. Today his house is listed on the scam site auction.com and I believe that the bank will in the very near future list it in the newspaper. The house is in good shape so someone will get a pretty good deal. If my friend listened to me he would still be in his house.  He also lived in the house so he was in effect living rent free. 

Thanks for not giving a snotty answer.  Again Karma got him. 

Still looking for some answers so if anyone knows that would be helpful.  

A former employee and still a friend has screwed up big time. His last mortgage payment was made in 2009. At that time he owed only  $57,000. The house was worth about $200k if not more. I told him not to worry the first year since the courts were backed up, he had no money to pay up and his wife died and she was the main bread winner. He never hired a lawyer nor has he appeared at any court hearing. Needles to say that in 2016 the supreme court judge made his final ruling in favor of the  bank.

My friend asked me what was going to happen next. I said that they will probably publish everything in the newspaper for 4 weeks and then auction it off. My friend was also collecting rent from his tenant which more then covered the mortgage. He is broke.

His tenant gets a letter that says f she moves that she will get $$3,000. A sort of cash for keys.

My friend asks me to check to see if his property is listed on line. Sure enough it is. The website is auction.com and it's a PRE AUCTION that starts on Oct 21 and ends on the 24th. The pre auction price is $35,000 which if it's sold for that is legalized stealing.

The title report shows a few liens. According to my friend the Department of Social Services made him sign the standard lien of $200,000, that was to pay the electric bill.  It turns out it was only a few thousand dollars. There were also some small past due hospital bill.

What if anything can be done? Claiming bankruptcy will only buy a few months.

The  house is occupied and is in good condition,