All Forum Posts by: William D.

Eric, you are right. You are the owner notwithstanding the fact that the deed is unrecorded. The interesting part of the situation is why the ML hasn't been filed. You said he called from his attorney's office so he obviously was not going to obtain a pro se ML.

My guess would be that he sat down with his attorney and the next thing his attorney did was do a quick title search. His search would obviously not reveal your ownership of the property. The attorney probably then told him not to file the ML for risk of slander of title (if they recorded the ML on property someone else owned.)CYA on the attorney's end.

On a side note, you really should record your deed even if you plan on flipping the property shortly thereafter. Depending on the law of your state your ownership interest could be compromised. Here is the nightmare example: Owner goes into foreclosure and you are the successful bidder and don't record your deed. Prior to you selling the property the previous owner sells the property (assuming it is an arm's length transaction). The buyer is unaware of your deed and completes the closing. He then goes and records his deed. Your ownership interest could at least be compromised to the extent of requiring litigation. It could all be avoided by simply paying the recording fee.

Shawn, in CT attorneys act as both title agent and settlement agent. We are not a title company closing state. I believe this will become a trend as I think Mass just swtiched to a attorney closing state.

Greetings BP,

I feel compelled to write an introduction post given the recent events that have transpired and the support I received from BP. And, in light of the fact that I never wrote one as a newbie.

I was a close follower and poster for a little over a year. During this time I had three projects going and in a perfect world was on a course to out pace my W2 income.

However, and as many can attest, the world is not perfect --in fact it is extremely imperfect. I was dealt one painful financial blow after another until I found myself face to face with insolvency. Through out the entire process I blamed luck and misfortune. However, in hind-sight many of the losses could have been avoided by heeding the conservative words of advice of Jon Holdman, Wil Barnard, or Bryan Hancock to name a few (there are many of you out there whom could easily have been named).

I found myself at a crossroads between giving up entirely on all 3 investments or continuing to fight and am happy to report that I chose the latter. I swallowed my pride, got loans from families, and doubled my work effort.

I am pleased to announce that as of 12/1 I am no longer in danger of insolvency and after paying back my "friendly" loans I am charted on a course in 2012 to be back to normal.

The reason I am posting is because I feel an obligation to acknowledge BP and the BP community. To draw on a loose paraphrse from the Corinthian's, I was knocked down but I was not destroyed.

I now look forward to 2012 to both help other investors and re-tool and re-vamp my own investment model; and BP is the perfect forum for both.

As a tangent, I'd like to personally thank Rob Gillespe who helped me out on a project (not one of the 3 referenced above). I called Rob on a whim and mentioned BP. Without ever having met me he put me in contact with someone that could assist me and for that I am grateful. BP gives you a friend in every town and that's an invaluable resource.

Sorry if my post was longer than expected. Thanks for obliging my soliloquy.

Best to all in 2012.

I dont see what the play is with an IRS lien? Why would you target someone who had an IRS lien recorded on their property? Is it just the fact that it may be an indicator of being a motivated seller or is there something in particular I am missing? If anything, I would avoid a deal with an IRS lien.

I could be wrong but I believe most states have a homestead exemption which would prevent you from being able to foreclose your involuntary lien on a primary residence. May want to look that up before you start making demands you cant back up.

Yesterday, the Ninth Cirtcuit Court of Appeals upheld a trial court's dismissal of a class action suit against MERS. In their complaint the Plaintiffs allege, most notably, fraud and improper foreclosure. This is a huge victory for MERS (assuming no petition for cert is filed/granted with the SCOTUS).

[/url]http://www.ca9.uscourts.gov/datastore/opinions/2011/09/07/09-17364.pdf

Perhaps the sellers show affordability and that is they the lender is reluctant to release without a note. Maybe the seller can resubmit financials to show unaffordability if that is more accurately the case.

I am not an accountant, but wouldn't your basis be your cost; thus your taxable gain be the sales price minus basis? Whether it is long term/short term and capital/ordinary would depend on your holding period and whether or not you are in the business of selling notes.

I believe the statute actually says something like "will not accept anything less than fair market value without the permission of the Secretary. The Secretary is the HUD Secretary. I have no personal knowledge of bidding on REO reverse mortgages but if you can substantiate your bid via your own contractor's bids or own appraisal I am sure there is some way to get your lower bid reviewed by a committee delegated authority.

You definitely would not close with the probate attorney as your representative. However, he or she may be involved in the transaction a number of ways. They could be the authorized agent of the estate for negotiation purposes. They could be the appointed fiduciary and thus would actually executed and sign the deed to provide to you. Depending on your state, they could be the probate judge and have to approve the transaction (although if this is the case then you should not be negotiating with them)

The point is is that I wouldn't necessarily discount the probate attorney as a non-factor. Depending on where he derives his source of authority he could be a major factor.