All Forum Posts by: Douglas Snook

The process is simple. Brother and sister do a deed to brother and it is recorded at the registry.

However, as they say, the devil is in the details. You may want to talk to a CPA and/or  lawyer about the taxes and if there is a way to structure it to minimize them etc. Also about the probate, has one been filed, how were they deeded a home after the passing of the father. He could no longer sign a deed so it is either through probate (with or without a will)  or the house could have already been in a trust and they are really beneficiaries under that trust.

As you can see not so simple after all.

Jamie

You have things a little mixed up. If it has gone to foreclosure, then the bank owns it. If it was really worth $300,000 and the mortgage was only $180k, most likely an investor or other buyer would have stepped in and bought it. The bank usually only bids up to the mortgage amount they are owed. What usually happens is the mortgage is some crazy amount like $400,000 and it is worth $300,000 and the bank ends up buying it back because no one is going to bid over $400k. The bank then puts it on the market to try to recoup as much as they can.

They usually turn it over to a realtor in the area that handles their REO properties. Then you will see it hit MLS or otherwise listed. Until it is listed they usually won't talk to an individual.

If you go to the registry website you may be able to search by the property address and that will show you everything recorded for that property. However, sometimes on a foreclosure, the papers are not recorded for months. If the foreclosure happened in the fall, they may not list it until the spring selling season so the may not record the documents until now or the next month or so. If someone other then the back bought then the documents are usually recorded pretty soon thereafter.

If the bank bought it and the documents are on record it should show you the law firm that did the foreclosure, you could try to contact them about purchasing but they will most likely refer you to the REO agent.

If the place was really worth $300k and the mortgage was only $180k the time to try to buy would have been at the foreclosure auction in the fall. Various companies publish list of foreclosure and preforeclosure properties and the notices are published in the local papers.

Hope this helps. Good luck

Usually the lien becomes unsecured and is allowed a dividend under the plan like any other unsecured debt (usually you must also file a Proof of Claim to get anything). Once the plan is complete a discharge is required to be filed at the registry of deeds showing payment in full. If this is going to happen then it is usually stated in the plan, you have a chance to object and the court will issue it as an oder if allowed. This is all subject to local bankruptcy laws and practice. Also it depends on how good the lawyer is who drafted the plan.

I don;t understand your term about "a lien be placed on the person". The whole purpose of bankruptcy is to be discharged from the debt. If the lien is striped off the real estate and converted to unsecured then its just another debt. That sounds like that would be defeating the purpose.

What I have also seen happen is that only some of the lien is made unsecured while the rest is still secured. Then the fun begins.

Also if two people have signed the lien but only one files bankruptcy, even more fun.

Since you know there were deposits and the seller claims they were used at a minimum you need to get some kind of accounting from him as how and when. What if the deposit was $500 he wants you to believe that that was eaten up in late fees? How much are the late fees? how many times were these tenants late? If the late fee was $25 or $50 that still takes a few months to eat up that deposit.

Have you seen the rent roles showing they were late? What happens later if the tenants claim they were never late?

You need those estoppel letters so you and the tenants are starting off on the same page.

Something is fishy here and it's not the gumbo!

How long has she been a waitress? How long have then been employed where they are? Does he have any ownership interest in the place he works at?

When are they looking to move in? March 1 or April 1? If it is April 1 I might hold the application and see who else applies. Hopefully you get a more interest and then can choose the best qualified.

I would be able to help. Over in the corner of Norfolk County. Many years experience, also a Title Insurance Agent (if needed), notary public and real estate broker. Have done bread and butter purchases and cash deals for investors. Over 15 years experience.

Fell free to contact me directly. Happy to meet and chat over coffee or lunch

If they are not complaining about the kitchen, why take on the renovation? You are going to be busy enough with the new property. If they are complaining and you are constantly fixing items, maybe you can explain its time for a new kitchen and a higher rent. If they are Ok with all of that maybe they could move to your new place temporarily and then move back after the reno?

Why raise the rent? have your carrying cost gone up? I expect your real estate taxes have at least so I would raise the rent $25- 50 bucks. See what they do.

Rich

You are confused a little about a closing in MA. The buyer does not sign the deed. usually the deed is only signed by the seller and it indicates who the buyer is, whether individual, trust, corporation, LLC etc. The deed is usually filed immediately at the registry of deeds, the lawyer does not hold it. If there is going to be a mortgage and note etc, then the lawyer makes sure those are executed correctly and usually just the mortgage is recorded at the registry as well while the lender will hold the note (and gets the mortgage back once it is recorded). If the property is going to go into a trust, usually the trust is recorded first then the deed. The Schedule of Beneficiaries of the Trust are usually not recorded but held by the Trustee. The trustee may or may not be a beneficiary and the trustee usually can only act with regard to the property (ie sell it with consent of the beneficiaries) All depends on what the trust says.

Your number 5 makes no sense to me at least as far as MA is concerned (in my opinion) Some states but not MA consider the mortgage an actual transfer of the ownership interest in the property. MA does not use the term "deed of trust" usually.

Not sure if that helps just my two cents

You definitely want to talk to an attorney about your options. You might be able to stay the court case while you mediate. If you are awarded money in the mediation and he doesn't pay anyway you may be back in court to collect the amount you are owed an can just present the arbitration award as evidence of what you are owed.

I have done those closings where I get the deed from the seller a few days ahead of time. I just hold it to the closing at the registry. The seller has very few forms to sign other then the HUD. Sometimes the seller gives a POA, usually to the real estate agent or broker to sign they few documents

In MA I am not even supposed to go to record unless I have the funds in my account. Sometimes all the papers are signed late in the evening too late to record and I just run to the registry first thing in the am.

Last purchase closing that I did, everything was signed by 10 am but the mortgage company did not wire in the funds until noon. Luckily the buyer brought $50k to the closing so I could cover the recording fees. I gave the agents seller their checks but told them to hold off cashing until I called them and the funds were good. Then when I went to wire out the seller's mortgage payoff my own bank tried to tell me the wire had not "cleared" and I would not be able to wire against it until the next day. That got a call to the district manager and my wire went out that day.