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Old 12-24-2018, 04:04 PM
 
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So they figured out how to untangle the paperwork mess that was keeping them tied up? The banks regained interest in foreclosing on them, if they could figure out how to do it without the paperwork they lost?

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Originally Posted by NLVgal View Post
Practically none left. We are now working on a new bubble.
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Old 12-24-2018, 06:17 PM
 
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You think some lost paperwork is going to stop a bank foreclosing on a delinquent mortgage indefinitely? Those properties might've been the last ones to get repossessed but a bank is not going to walk away from a 6 figure asset because of paperwork.
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Old 12-24-2018, 07:09 PM
 
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For a few years, they had. I never heard that they restarted going after them, or solved the paperwork issues. But maybe it never got to the point of newsworthyness. Do you know this for a fact, or are you just assuming they figured it out?

For what it's worth, I know someone who was in that situation here in Backeastland. They were sitting in a house they bought in the pre-2008 run up. not paying the mortgage. The bank couldn't get them out because they couldn't prove they had the note (or some such paperwork fiasco.) AFAIK, they're still there and the house is still in limbo.

Quote:
Originally Posted by ddrhazy View Post
You think some lost paperwork is going to stop a bank foreclosing on a delinquent mortgage indefinitely? Those properties might've been the last ones to get repossessed but a bank is not going to walk away from a 6 figure asset because of paperwork.
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Old 12-24-2018, 07:38 PM
 
Location: La La Land
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Not overly technical but thought this might be of interest:

https://www.yahoo.com/finance/news/h...163701109.html
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Old 12-24-2018, 11:47 PM
 
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Quote:
Originally Posted by BBMW View Post
For a few years, they had. I never heard that they restarted going after them, or solved the paperwork issues. But maybe it never got to the point of newsworthyness. Do you know this for a fact, or are you just assuming they figured it out?

For what it's worth, I know someone who was in that situation here in Backeastland. They were sitting in a house they bought in the pre-2008 run up. not paying the mortgage. The bank couldn't get them out because they couldn't prove they had the note (or some such paperwork fiasco.) AFAIK, they're still there and the house is still in limbo.
I'm not going to speak about every delinquent mortgage in the country. But like I said before, it's foolish to think that a bank would allow a six figure asset to be lost because of paperwork. Banks have attorneys. If they had a delinquent lendee, they go to court to get the asset back. Some properties take a long time to get back, maybe years in the worst case scenarios. But we're a decade past the recession that hit us, to think that there is a sizeable portion of houses still in delinquency from that time is a little silly.
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Old 12-25-2018, 01:15 PM
 
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You're saying this assumptively. But for years after the crash, there were upwards of 20,000 houses on non-performing mortgages in metro Las Vegas, either abandoned or occupied in long term delinquency. The banks had written off the mortgages. At one point, some banks tried foreclosing without proper paperwork, and got busted (remember the "robosigning" scandal?). They had lawyers back then also, and failed. If anything, that fiasco made working out these properties harder, because the rules were changed to make it necessary to confirm the paperwork being submitted was correct.

So the question remains, did these houses ever get worked out, and are one way or another performing? Or are some part of them still sitting quietly in limbo? And I'm looking for a real answer, not an assumption.

Quote:
Originally Posted by ddrhazy View Post
I'm not going to speak about every delinquent mortgage in the country. But like I said before, it's foolish to think that a bank would allow a six figure asset to be lost because of paperwork. Banks have attorneys. If they had a delinquent lendee, they go to court to get the asset back. Some properties take a long time to get back, maybe years in the worst case scenarios. But we're a decade past the recession that hit us, to think that there is a sizeable portion of houses still in delinquency from that time is a little silly.
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Old 12-25-2018, 04:27 PM
 
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I'm saying it as any responsible business would go after an asset when it's their right to. Everything you've said is just anecdotal and rumors and there's no statistical evidence to show that there is a sizeable number of "operators" living mortgage-free in a property.
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Old 12-25-2018, 05:37 PM
 
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There could still be a few around. But most likely most will have resolved. If the places were abandoned and no one is paying the taxes by now virtually all will have gone to a tax sale. If someone is actually remaining in the home after four or five years I would expect they could use a quiet title action to gain full control. If the bank cannot produce solid evidence of the trust deed it would all be over.

Note that there has not been a tax sale this year with the last one in 2017. And it was much smaller than the ones in earlier years. So I would presume that the abandonment has run its course.
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Old 12-25-2018, 09:47 PM
 
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Quote:
Originally Posted by vegasfan1985 View Post
I agree with you 100 percent. The reality is most people aren't looking at what home you live in or what car you drive. They aren't thinking of you. The marketing in America really gets to people. I will never deny that.

What's great about Vegas is that if you are a serious entrepreneur or business person, you can do well here if you aren't controlled by the vices.

If you think the housing market is going to fall here, then wait to buy at a lower point. When you're buying a home, three things should matter:

1. Do I have the money to buy the home to begin with?
2. Can I afford the monthly payment with HOA if you have it, fees or whatever?
3. Do I have some money leftover in case of Emergency expenses on my new home and with my other expenses, what do I have leftover at the end of the month?

Whether you buy high or buy low, everyone's time range is different. The rent prices seem to continue to go up here. Do people really like living without knowing their fate when you rent?

But I understand people are unrealistic in what they can afford and most people in Las Vegas couldn't come up with $500 if you asked them to on the spot. I get that as well.
A good way to start is to calculate DTI and residual income, if you don't or barely meet the guidelines, don't buy or buy a lower priced home.
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Old 12-26-2018, 10:43 AM
 
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That could very well be true, but I think it would show up statistically somewhere, since all of those would require official transactions? Has there been a pop in tax lien sales. Would there be some court statistic that would show the vacated trust deeds?

You would think someone would be watching for this.

Quote:
Originally Posted by lvmensch View Post
There could still be a few around. But most likely most will have resolved. If the places were abandoned and no one is paying the taxes by now virtually all will have gone to a tax sale. If someone is actually remaining in the home after four or five years I would expect they could use a quiet title action to gain full control. If the bank cannot produce solid evidence of the trust deed it would all be over.

Note that there has not been a tax sale this year with the last one in 2017. And it was much smaller than the ones in earlier years. So I would presume that the abandonment has run its course.
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