All Forum Posts by: Jim Wineinger

So true, Jon. The post was just a reminder that these type things are not really as uncommon as the OP might seem to make them. There have been several variations of these things over the years. And as things get tighter, I'll bet we begin seeing more of them.

S&H was probably the most universally accepted one over the years. Nowdays the "points and miles" might be its rival.

It's funny that I would not come up with that one!!! I work 11-7 as a night auditor at HAMPTON!!!

Take care, from one old coot to another!

You could come to that conclusion. But if you have done your due diligence properly before the sale, the odds of something like that happening is on the rare side. When you flip to someone else you would give a warrenty deed to them which helps clean up the title for them. The price difference can be so great that many do take the risks involved.

Once you identify what can happen you know how to watch out for the properties that have those type of downfalls possible. At anyting something can jump up and bite you, but that is part of the risks. If you do it on an ongoing procedure than you will build a safety net into your plans. It has happened to all of us, but it is not as often as one might think. Just be prepared for its possibility. That is the real meaning of these posts of mine.

I believe it to be a great way to do things,overall.

Jon, your post reminded me of some of the things that we used to see. Not quite the same as printing your own money, but they were able to be used in the same manner, and in many more places.

Remember the "S&H" stamps often referred to as gold stamps?

And a similar "green stamps" program?

That would be because the owners and lienholders have XXX amount of time to contest the tax sale as being valid for a number of reasons. The title search will identify those, but you still do not know if they have been properly contacted before the sale so that they have an opportunity to prevent the property from going into the sale in the first place.

That is just one example of many that can an do sometimes occur. For this reason many of the title serch comanies will do you a title search but will not guarantee that title search. And without that guarantee they usually will not issue title insurance.

The same thing is true for almost any type of quit claim deed. They want to see a warranty deed.

How does a short lease work for a fixer property?

By defination the fixer would have to be fixed up which takes XXX amount of time before someone can recieve a certificate of occupancy for the property?

In other words, how can he lease the property to someone when it cant be legally occupied?

Mike, sounds like to me that she made a newbie mistake in that she relied upon the renter make her loan for her with her rent check. And any decent rent 800-1000 could easily get to 14K in rent only in the time period she mentioned.

I will bet you that from now on she will watch things more closely.

But as for as collecting, that is why I told her to rely on her attorney's expertise in these matters. Even if she is able to collect some of the money (which would have to include the attorney's fees) will it really be worth it?

With the economic times getting rough for a lot of people, who is to say that the individual will not come after her for making it almost impossible to get a good job, ect because of that garnishment on her records.

There are more than monetary considerations to all decisions that need to be made.

It is the advice of the attorney that will be the most importance to you.

you may have to sue them in FL first where the loss occurred to recieve the judgement. Then take that judgement to IL and sue her there for the right to attach any asset that she owns there.

this would include what we normally think of as assets which are bank accounts, real estate, ect. But many people do not realize that your paycheck, which is owed to you for the work that you already did, is an asset to you.

That, of course, does not stop a person, such as you described, from quitting that job and getting another so the garnishment stops. I believe a wage garnishment is job specific. If she is working 2 jobs to make ends meet, you might be able to garnish both jobs.

When making a Deal with the Devil, you must read the fine print.

for that matter ALLWAYS READ THE FINE PRINT.

off course, that wont do any good, if you dont understand it.

Ironically they (banks and or lawyers) invented the fine print, so why did they not understand it?

great going Gil. Sometimes it pays to stick to it as some will get cold feet at this point and decide to take their investment monies elsewhere, thinking that they are being jerked around, before they get this far.

Sometimes you have to play by their rules to get your foot in the door. I will bet the next one you go after will go faster and be easier for you as the bank now knows that you mean business, as well.

That judgement against her may also be able to be used by the courts where she is to "garnish" her wages as a source of repayment. That could also mean that you will also be suing her in her local court as some counties will not enforce a judgement without it comming from their court.

As previouly suggested this is all started by a local attorney who will best guide you in this area as it may be worthless to sue her locally if that judgement is not going to be enforceable by the courts where she currently is.