All Forum Posts by: Account Closed

 What is it you are wanting to do? You haven't stated your purpose for taking my valuable time. You haven't stated how I benefit from it. You haven't stated a compelling offer. ;-) Are you sure you are in sales? Just funnin' you. But, the questions are legit.

That's a Madison specific question. Talk to a local eviction attorney.

Not all people are covered by the eviction moratorium

It's important to read what it covers and what it DOESN'T cover:

1. The person has to prove they can’t pay the full amount because of loss of work RELATING TO COVID-19
2. The person has to make every attempt to pay rent on time
3. The person has to APPLY under Oath, under penalty of perjury
4. It is not automatically granted
5. If the renter has some other place to move to, they can be evicted
6. The renter STILL OWES all rents, they have to be paid at some point
7. This does not include foreclosure on a home mortgage
8. They can still be evicted for violating OTHER TERMS on the lease agreement

Here is the Actual Wording:

“Covered person” means any tenant, lessee, or resident of a residential property who provides to their landlord, the owner of the residential property, or other person with a legal right to pursue eviction or a possessory action,

a declaration under penalty of perjury indicating that: (See Page 9)

https://s3.amazonaws.com/publi...

Some people die in Phoenix in extreme heat without air conditioning. The options include putting them up in a hotel until the problem is fixed, picking up a portable AC at Lowes (about $400 which covers about 500 sq ft), so it cools the size of a bedroom or a livingroom but won't cool the whole house, or an emergency visit by an AC company.

With various houses in the Phoenix area I had: 1. Most AC problems are a capacitor blow out which should be in the $120 range to replace. 2. If the freon is low it will blow hot. So depending how low the freon is it could be a couple of hundred bucks to add freon. 3. If there is a leak in the coil, I think it was about $600 to replace. 4. Replacing a blower fan ran about $75. I had a new unit installed in a emergency on a week weekend (it does get hot in Phoenix ;-) and with the crane cost it was about $4500.

Advice on Bigger Pockets is valued at the amount you paid for it. ;-)

The comment: "(Even if a lawyer tells you it is OK and it is not, it is YOUR butt on the line... not the lawyer's)."

Is exactly right.

An attorney will tell you his "legal theory" and that's a carefully worded phrase since only a "finder of fact" ( a judge or jury) can ultimately tell you the answer. That is a long, hard road to take.

 Before you do anything you should read page 9 of the CDC order about eviction moratorium released yesterday:

Temporary Halt in Residential Evictions -
DEPARTMENT OF HEALTH AND HUMAN SERVICE BILLING CODE: 4163-18-P

https://s3.amazonaws.com/publi...
 Some evictions are allowed but apparently not all

There are a lot of unknowns until you can read what has actually happened along the way. But, filing the 2nd time instead of converting may have been to buy time to arrange for funds to make agreed upon payments to stop the foreclosure. Another possibility is that the bank may not immediately act on the relief to go forward with a foreclosure because they believe (with new information and some funds on the debtor's behalf) that they are better off working out a modification and then it doesn't show on their books as "un-performing". The bank still has the ability to foreclose if the borrower doesn't meet the agreed upon payment and the bank gets to keep the additional funds. Foreclosure Law & Bankruptcy Law and the various strategies are "squishy" depending on the experience and chutzpah of the players.

 One other word of caution, in WA a foreclosure auction purchaser is given a "Special Warranty Deed". That basically means the bank won't guarantee anything regarding clear title. So, it's possible (though usually  not likely, ) to win the bid at auction and have someone later challenge the transfer. The bank won't guarantee clean title.

In almost all WA foreclosures, but not in every single case, a foreclosure wipes out any interest anybody had in the property. In a theoretical scenario, since there is a pending Quiet Title Action in progress, it is unclear what would happen if the foreclosure went forward and the successful bidder took possession and then a previously unknown "rightful" owner was determined to exist. It's very rare and I don't have any insight on how the court would rule. I would ask your title company for direction on that one.

It depends. Your seller may not even have the right to sell if someone else is determined to have ownership of the property. As you probably know by now, a Quiet Title Action is to remove known or unknown claims of ownership. It could be a probate, an ex spouse, a friend or relative that has an inheritance right or a contract to buy that never completed. If someone pops up and contests the Quiet Title, it's a long battle.

That is actually an interesting question. For a trustee's sale to proceed, all parties on title and all parties on the mortgage have to be "properly" notified. A Quiet Title action indicates that someone thinks that may not have happened.

However, depending on a lot of factors, (which lender, how much is owed, how far along in the foreclosure process, the attorney doing the foreclosure) It probably won't affect the trustee's sale. The trustee's sale is about not getting paid. Quit Title is about proper ownership. Two very different issues. A successful foreclosure removes ownership from the property and transfers ownership to the winning bidder at auction. (The lender bids the amount they are owed, so if no one else bids, the lender's bid wins and the property becomes REO - real estate owned - by the bank - That is NOT what the bank wants.) So, if no one responds to the Quiet Title before the auction, the auction will probably proceed and the Quiet Title will be dropped or proceed, again determined by the attorney's and plaintiffs involved. It is a Grand Dance. Each play and counter play.

However, if the attorney files a Lis Pendens, that will "probably" stop the sale. (at least briefly.)

Or, the lender can see that their path to foreclosure may become a lawsuit and they will simply postpone the foreclosure sale until the Quiet Title is dropped or resolved then they will file foreclosure proceedings again. They will still want to get paid regardless of who actually owns the property.

All the while the unpaid mortgage payments, late fees, legal fees, property taxes accumulate and become part of the arrears which has to be paid at escrow if you still want to buy and if you can actually buy the property when the dust settles.

And to make things more exciting, the borrower can file bankruptcy 10 minute before the sale and then watch heads explode. That stops everything, at least for a few months.

Meanwhile, normally if there wasn't a Quiet Title nor a Lis Pendens you can negotiate with the seller to bring the loan current, so that you have time to close. It's a risky approach and you have to trust the seller since you have no way to collect if they take the money to get out of foreclosure and then refuse to sell to you. It would take a lawsuit to force them to comply.

Are you ready for the drama? 

Is this the best way to spend your time and money?

Could be, if there is a ton of money to be made,

But normally it's best to "pass " and move onto a better deal.

Well, the reports are that's already happening in New York, San Francisco and Seattle. Might just be the violence and riots tho'.