All Forum Posts by: Tom Gimer

Need to know the tenancy of the current deed, the order of recordation, and the nature of the “lien” to determine if it attached.

If it did attach, it’s not coming off unless it is paid, released or expires or is extinguished.

If husband was added late in the process as a lender requirement that scenario is different than if the title request was for wife and husband from the outset.

If the use was with permission, that would eliminate one element of a prescriptive easement… hostility.

The "you should be careful" replies are to investors with the grand plan to save a home from foreclosure... often by taking title and then lease option back to an occupant who's already demonstrated cannot pay their mortgage. Saved!

https://www.mortgagefraudblog....

@Omar Shaban Either buy it outright before the auction or participate in the auction sale. The bank isn't going to take the property unless the bank is the high bidder at the sale.

You need to become familiar with the NJ Foreclosure Rescue Fraud Prevention Act before you make some mistakes.

I wish people would just say it. 

This transaction involves undisclosed subordinate financing. And if/when things go sideways everybody involved will be really unhappy about it.

It's possible they filed BK just to prevent/delay the foreclosure. If they come up with a solution for the property they could (depending upon how far along in the process they are) dismiss the BK and sell without court/trustee approval. 

I would be concerned as a potential buyer about additional liens on the property beyond the mortgage.

Does title have a copy of both the contract and the assignment agreement? It is crucial that third parties become aware of the contracts.

If things start going sideways record the contract and/or an affidavit of interest in the land records. If properly prepared and timely recorded, this would prevent seller and any other buyer from closing through another title company.

Fair and equitable transaction in which buyer and seller have no previous relationship and the terms of sale/rent reflect current market conditions.

Letter of Intent to purchase at tax-assessed value with study period.

The lease, if one truly exists, was not the result of an arms-length transaction. Likely executed within the past few days and backdated. The definition of bona fide tenant/lease also includes reference to market value. Is 60% fair market value? Hardly... the tenants and their lawyer are playing games.

Were I the auction purchaser in such a situation I would leave emotion out of it, give the appropriate notice to quit, and on the first possible day file to evict and obtain possession.