All Forum Posts by: Dustin DuFault

@Wayne Brooks 

Thanks Wayne. This is actually for Duval county, but I'm familiar with their site as well. It's similar in that you see motions, etc but no docs. I will take some time on Monday to go down there and tackle this.

I haven't looked at the complaint. As far as I know those aren't posted online. I can probably review that at the courthouse though, but will need to take off of work to do so, which is fine. You're right this probably should be my first course of action, I hand't considered it.

The lis pendens on the junior was closed by the court 'without prejudice for failure to prosecute'.

That's great insight, and thank you for your candor. When it comes to the mechanics of how things happen at the title company, I am definitely a newbie. I was not aware that I could request a payoff on that lien without raising it to the attention of the bank in a significant way. The LOC was for $71k. Let's hope it's on the low end of that balance :/

My point about it being an oversight is not about that being a part of a legal strategy - I understand that regardless they are in first position at this point. It's more that without me bringing it to their attention, I'd at least have the option of renting the property to recover some capital until it comes up down the road, when they take action (or maybe they never do, if it is in fact an oversight). 

It's not my favored option, obviously, but might be the best of some bad choices if I cannot work things out more favorably.

I haven't asked escrow to make that request for the payoff amount because I'm nervous about making the bank aware of this situation when they may not be already. 

If I'm reading the situation right --- I think there is a good chance that this was an oversight by the bank. I'd like to map out a few legal strategies and know about the likelihood that I'd prevail under those strategies (as a best guess, of course) before I approach the bank about an amicable resolution. That way I'd know what the game plan will be no matter what their response is.

Is my analysis and strategy correct??? I'm all ears to make sure I'm not overlooking anything, believe me.

As a point of interest - I have the lawyer from Miami looking at case law on 're-foreclosing' the original action. He says he's had it done with a 3rd party bank but is checking the implications of the bank being in both positions. That research is going to cost me $300, which I think is worthwhile. On the other hand my local lawyer/friend is suggesting I have him contact the bank's council that filed the original actions and see if they will go ahead and sign a release. This seems less strategic too me, but of course would be awesome if it worked....

Thank you all for your input!

@Chad U. 

I did speak to Dan. I like his style; thank you for the referral.

I realized I wasn't quite clear before and I'm unsure how to edit in this new system.... I meant that I had been renting for a while, had the eviction (my first ever btw - I'm on a real string of bad luck :P ) and then decided to renovate and flip... just wanted to clear that bit up.

@Chad U. Thank you for the referral, I will definitely give him a call.

@Account Closed Thank you for weighing in. I bought the property for $99k and put maybe $20k more into it.... a significant portion of my savings, unfortunately. ARV on the house was $150k. I was originally going to rent it out but decided it was a touch to far away from home base to be worth the trouble. When I had an eviction there I decided to do a mid range renovation and flip it............. little did I know I was throwing good money after bad :/

I'm wondering though if the bank might be clueless about this??? I think the strategy that's rising to the top in my mind is that I need to not 'poke the bear' by making a big deal about this at this point. Their legal action on the second was dismissed for inaction by the judge, and as I mentioned I've now owned the property for nearly 2 years (well in November anyway). If I lay low and rent it out, hopefully I can at least recoup some money over time that way, and who knows maybe I will be able to get their lien dismissed after some number of years???

@Wayne Brooks 

I see what you mean there, thanks for the insight.

Not a tax lien - just a certificate sale. I was using the taxes as a source of capital and figured we would clear it up at the closing table. Now of course I will just need to take care of them... fun fun. :P

This is where double entry accounting becomes useful (albeit still confusing at first).

Your mortgage payment would increase your 'owners equity' account and decrease your mortgage balance.