All Forum Posts by: Daniel Hart

I thought about writing a check and getting a release, but there are too many parties involved. What if the E&O writes a check, and they are the ones to come after me, what if it's the title co, or the 25% guy? Do you know what I mean?

The guy is crazy, you wouldn't even want to talk to him at the door, let alone forcefully move in. He's addicted to something (heroin?).

If I were the buyers I would try the eviction again and demand better proof for their denial of possession. I'll mention that to them and maybe they'll attempt it.

I'm not sure I understand your comment about the ex-owners. They have no interest in the property anymore, it was lost with the foreclosure.

I'm partially involved, in that I'm communicating with everyone, assisting voluntarily. However, no attorney is actively verifying the legitimacy of the 25% interest, so that will remain a mystery for a bit. I think the only way to verify that at this stage is to get the 25% guy to provide more proof.

You're right, I don't know if the 25% interest is real, but I'm also not in a position to demand proof from him. The 75% group is working on that because the court took something vague as proof to deny his removal.

It's safe to say that I want a solution for everything, but it's also good for me to learn how even if you have an attorney things can go awry.. that's the real lesson learned here.

Well, the appraisal on the house was $87k, which in it's condition is fairly accurate. When rehabbed it will be worth $225-235k, but that's going to take $75k in work. So as is, the son wants like $35k, which doesn't seem reasonable. The current 75% owners are exploring that option, and they will make certain that this guy really does have the ability to convey that 25%. I don't know what specifically he had to convince the court he had a share, and that is one area that I'm not entirely clued in on.

I agree, they should own up to it and sue the E&O, but companies now a days don't do the right thing, they do the profitable thing. Also, it was mentioned to me that just because the fee is on the HUD doesn't mean the policy is actually in force. I believe they never put it in place because they didn't like what they saw.

The 3 borrowers were 3 of the 4 owners of the property. The 4th was the one left off the mortgage (the father) who later died, after the mortgage was taken out, but not foreclosed on, and his interest passed to his son who now occupies the house, both before and after the foreclosure. The clerk of court felt his share was legal enough to deny eviction by the new buyers, but there still are some questions as to whether or not his interest is valid, but I don't have enough info to speak to that.

Basic Timeline; in late 1980's or early 90's 4 people own a house, only 3 sign a mortgage, mortgage runs for 20+ years. Somewhere during that time the 4th non signing person dies and his son moves into the house. Son is supposed to pay mortgage, but doesn't. Son supposedly inherited the fathers interest. Bank forecloses for non payment, closing attorney is unable to validate sons claim of 25% ownership at the time and deems it OK to proceed and gets title insurance. New owners are denied possession as clerk of court feels "Son" has a valid claim to ownership. Title co. points finger at closing attorney, E and O for attorney points finger at me and buyers. Buyers are stuck with 75% of house and no possession.

I only did my primary, I didn't do any rentals yet. Most of the local banks I called were eager to refinance my rentals with commercial products. That doesn't seem to be an issue anymore..

I'm going to stop posting in this thread, because quite honestly, I'm tired of hearing people say "I'm not at attorney, go hire an attorney, don't take advice on the internet, etc etc". If I wanted the advice of an attorney, I'd hire one. I posted here because I wanted unique perspectives from creative people, and I'm quickly learning that most people here just want to promote their guru followings or their ego's, with the exception of a helpful few - thank you to those who did help.

I refi'd my primary, but when it came to doing the rentals I had a huge headache with a local lender. What it all boiled down to is that if I had 10 loans or less I could do rate and term refi's. If I had 4 loans or less I could do cash outs. So, in order to show 4 or 10 houses, I'd have to deed houses into a corporate entity.

I decided that the headache was too large and that a commercial product is more appropriate for what I have, so after this years tax return I'll just be going to a commercial lender.

K Marie you are the only person here that understands my perspective!

Also, the 25% share is worth about $22k.