Flipper/Rehabber 路 Bloomfield CT 路 Member since 2020 路 1k+ posts 路 408 votes
In analyzing past dflips acquired through foreclosure auction, Mr profit was always higher when the tenant was dead compared to living tenants who would create pain via an eviction process. Of course the trash out often costs more but other expenses were much lower
Investor 路 VA 路 Member since 2015 路 21k+ posts 路 19k+ votes
4mo
We buy non-performing loans. We had a deceased borrower show up in court to contest a foreclosure filing. It caught me off guard when my attorney made the comment that the borrower appeared in court, and I said, "That's interesting. How did that happen since he's dead?" The look on my attorney's face, realizing they completely screwed up. It was actually the borrower's son who had the same name, claiming to be the borrower. It cost us three months, but it is a good story to tell people that a dead borrower showed up in court.
We buy non-performing loans. We had a deceased borrower show up in court to contest a foreclosure filing. It caught me off guard when my attorney made the comment that the borrower appeared in court, and I said, "That's interesting. How did that happen since he's dead?" The look on my attorney's face, realizing they completely screwed up. It was actually the borrower's son who had the same name, claiming to be the borrower. It cost us three months, but it is a good story to tell people that a dead borrower showed up in court.
We've had applicants with the same name as their parent, other than Sr vs Jr, apply and try to fraud their way to an approval.
Fortunately, our background check usually includes the date a SSN was issued.
Real Estate Broker 路 Atlanta 路 Member since 2024 路 1k+ posts 路 604 votes
4mo
@Chris Seveney That is wild. Definitely a reminder to verify identity early. Same name heirs can derail timelines fast. Costly delay but a great story to tell.