All Forum Posts by: John Rooster

If the OP were to take title in his personal name, and take a purchase money loan then there is no recourse unless foreclosure were pursued judicially which, as a practical matter, isn't going to happen.

Just to be clear, the OP is from NJ, and I think it reasonable to assume he is buying a property in NJ. NJ does allow deficiency judgments. The CA law regarding deficiency judgments is almost certainly more burdensome on lenders than any other State.

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Maybe someone from FL can decode that register of actions, but I can not. The 4/2 action seems significant, but it is cut off, it might relate to a BK filing. I think you need to go to the Court and read the Court file. I am assuming that is public information in FL.

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Only fools give non recourse loans these days. Good luck finding such a fool. Non recourse loans exist primarily in the minds of people selling courses. Discussion of them serves two purposes, 1. it sounds impressive and sophisticated, 2. it mollifies nervous nelly types into taking action, at least enough action to buy their course.

1 Vote

Originally posted by Steve P.:

Has anyone ever refinanced and had the bank pay off the wrong mortgage?
But I was curious if I could just sell my house since I can cash out with no mortgage on it and just pay off the new house with that cash and a little extra that would be needed.

The bank would be left in second position on the townhouse and wouldn't have any real security. I feel bad about that but could they sue me? Could I be taken to court?
I have read foreclosure court files where this has essentially happened. You have compounded your problem since you contacted the loan officer about it, now it has been demonstrated that you have specific knowledge that it is an the error. Had you not done that, you could have sold the house with no mortgage, paid off the house you were building with the proceeds, and continued to make payments on the two DOTs. No one would have sued you as long as you continued to make payments on both DOTs, people only get sued in these circumstances when they stop making the payments. In theory you could still do the same thing now, but since the issue has now been brought to the attention of the mortgage company, they may offer to correct the problem in a few months, and you could be accused of fraud when selling the house that has no DOTs.
There is no simple solution. I will remind you that you did sign the loan docs that had the wrong address, you had a responsiblity to check that. It would seem to be, if you have the ability, that the most simple thing to do would be to refinance the house with no DOTs, and payoff the 1st DOT on the townhouse. But, there could be many reasons you can not do that, you do not say.

eta: and the second mistake you made was telling the loan officers for the retirement home about the error, they probably would not have cared if you did not mention it. Maybe you can start over on the retirement home refinance with another loan company

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I doubt you are going to find a broker that just brokers hard money loans. The market for hard money is just not big enough to support such a person. Some multi line brokers with broker it, but IMO, I would rather deal directly with the hard money lender if I were in need of a hard money loan. I believe Merchants Mortgage is another Colorado hard money lender, they have a website

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If she has a lease with the owner she probably has a right to pay the taxes, this would vary by State. Lol regarding taking ownership to the property just by paying the back taxes, that does not vary by State

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I work from Home. As has been said, it is a matter or personal situation and preference.

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I do not think you will find any properties listed under $25,000 in Springfield MA, let alone buy them for $5,000. But it does not seem like it would cost you anything to try, so why not.

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I did provide the tenant with a courtesy reminder at the beginning of August that they needed to move out by the end of August because the lease was ending. I don't want them to pay the Sept rent, I want them to move. As it is, I have already posted a three day notice to vacate, and told them I would not file an eviction till next Monday. But I would like to know, for future reference, whether a 3 day notice was required. So far the most on point response I have is from Mike Franco, but it is not clear to me whether he is saying in his last paragraph that a 3 day notice is or is not required

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Originally posted by Ganesh S.:

Thanks everyone! Now I wished I posted this earlier :-)
I have located the preliminary injunction and have left voicemails to couple of offices in the bar.

Thanks again

Preliminary injunction? You didn't mention that. Sounds kind of important. I suspect there is more you are leaving out

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All Forum Posts by: John Rooster

John Rooster has started 10 posts and replied 391 times.

Post: Recourse loan when poor to begin with

Post: Question about vacant house that the bank was unable to foreclose on.

Post: Recourse loan when poor to begin with

Post: Bank mistakenly pays off the wrong mortgage, advice needed.

Post: Colorado - Hard Money Mortgage Brokers

Post: back taxes

Post: Experienced Investors! Do you run your business from home or an office?

Post: If you get put on a realtors email list for properties under $25,000 can you get the bank to really sell them for around$5,000?

Post: Lease expired 8/31, tenant still there, can I evict without notice?

Post: Attorney taking us for a ride?