All Forum Posts by: Robert D.

Would you know why ARCH fault breakers keep tripping ? they trip over night, property is vacant. Nobody is switching on/off anything so there is no way the “arch” is the problem. Always the same breakers trip. My electrician told me that it is because comed delivers power in a way that is “not consistent” and that’s why the breakers on the same phase trip. I don’t buy that…is it because i have that hocuc pocus mikey mouse temp connection outside at the mast ? the socket outside is rated for 60amps...the panel is 100 amps..

 get the judgment with interest. run skiptrace every now and then. they might get a job 4 years from now. make sure the judgment does not expire (so renew it according to ur state law)..and viola ...4 years later you will collect. i have done it plenty of times ...

 don't let that entrepreneur mindset forge bank statements saying that you are a cash buyer and have $100K available balance with Citibank  (while in reality neither the balance nor the account number does not exist) I receive 2,3 offers daily from "wholesalers" who think they know what they are doing. you too pretty for jail...

 you are talking to the wrong bank. you need to find a local credit union, small bank and a smart guy in charge of business development. sit down talk ...and you should soon release 110K in the form of equity line of credit. you pay interest only when you draw, otherwise the loan sits dormant and money is always available. ohhh in case you get sued on lose ..record of deeds show almost no equity in the house ;-) since the credit line is recorded as a mortgage. 

 what type of insurance do you mean ? liability insurance (you causing damage to the property) or workers comp insurance (your guy getting hurt on someones property) ?

landlords don't care about your insurance because most of them are professionals who flip houses as well ...and carry their own workers comp insurance. some of them think that hiding an ownership of a house in LLC or trust protects them even better than insurance....they are wrong,

 Definitelly need to pull permits to correct old violations.....what about the fines though?  Will the city waive them, cut them in half? Anybody been there before?

Let’s say a property goes to court ordered judicial sale and 1st mortgage gets foreclosed. In general anybody who purchases the 1st mortgage should be fine as far as other liens but …lets say there are also 4 court dox recorded under the PIN that represent penalties for code violations. Legally all the city liens such as water or code violations should go away (except for fees for boarding up a property - that's not the case here)…how does it work in reality though ? will city of Chicago release the liens or they will ask you to pay it or else the title will be clouded. City of Chicago was named in the foreclosure suit and since there will be a deficiency after the sale all other creditors/lien holders should go home empty handed …again law and crook county don’t go hand in hand ..so if anybody had experience how those things work in reality I would appreciate feedback

thanks for the response. thesituation is the following. 1st mortgage in the amount if 48K, 16k left to pay off. no other liens. market value of the property - probably around 45K. the opening bid will be around 18K (mortgage balance + attorney cost), could be less ...you never know what plaintiff's attorney will come up. it will be sold probably for 25-30K at the most. its non owner occupied. the owner died. so possession of the property will be a challenge. in IL it means 90 days notice then eviction ..could be a year easily. that's a standard. question I have is : can probate mud the water and do something in court to extend the process of possession another year or two OR once the sale is confirmed by the judge the probate cannot do anything to postpone the possession?

I have a question regarding probate vs lis pendens. The property goes to the judicial sale (homeowner deceased, left balance on the mortgage) but looks like there is a probate involved as well (probate was recorded after lis pendens). what would happen if the 3rd party bidder other than a bank bid on the property and won at the auction ? are we talking about 2-3yrs battle in court or the probate would be wiped off the PIN just like any other lien ?

 can you recommend a good one that is familiar with the process ? thanks