Foreclosure on my home or no Foreclosure? (sale, agreement, property)

[Ben Screwed]

Just for thought! Say you bought a new home 3 or 4 yrs. ago . You put as the down payment say $125,000. from the sale of your old house , on the new home. Things have gone well untill now . Loss of your job. No jobs in site. behind in your mtg. payments. Bet this sounds familure to many people. Now the difference ! when i bought the new home i filed what is called a Uniform Comercial code ( U.C.C.-1 )filing with the Secretary of State ,State of California. Stating in that document that i had an interest in that property, in the amount of $ 125,000. as was shown in the real estate contract that i submitted with the filing. The Mtg Co.(Bank) did not file a U.C.C.-1.They did as i did thought file an interest in the property with the county Recorder. Now the interesting part. i have been told that the Bank can not take the property from with out paying my interest ($125,000. ) as i am a creditor first in line and the Bank can not get clear title to the property with the U.C.C.-1 . filing in place.My question Is . Is there anyone out there that has experanced the same situation? Also the Bank has not sent me any further notices sence the time I mailed them a copy of the U.C.C.-1 filing. ????

[EscapeCalifornia]

Sounds like you need a real estate lawyer.

[Havasu]

Originally Posted by EscapeCalifornia

Sounds like you need a real estate lawyer.

That is my vote too

[DMenscha]

I've never seen a UCC filing on a residential property. I can't understand how you can be a creditor to yourself or how a Uniform Commercial Code filing somehow exempts you from your note.

I'd also vote with the others to get yourself to an attorney.

[pghquest]

Originally Posted by Ben Screwed

Just for thought! Say you bought a new home 3 or 4 yrs. ago . You put as the down payment say $125,000. from the sale of your old house , on the new home. Things have gone well untill now . Loss of your job. No jobs in site. behind in your mtg. payments. Bet this sounds familure to many people. Now the difference ! when i bought the new home i filed what is called a Uniform Comercial code ( U.C.C.-1 )filing with the Secretary of State ,State of California. Stating in that document that i had an interest in that property, in the amount of $ 125,000. as was shown in the real estate contract that i submitted with the filing. The Mtg Co.(Bank) did not file a U.C.C.-1.They did as i did thought file an interest in the property with the county Recorder. Now the interesting part. i have been told that the Bank can not take the property from with out paying my interest ($125,000. ) as i am a creditor first in line and the Bank can not get clear title to the property with the U.C.C.-1 . filing in place.My question Is . Is there anyone out there that has experanced the same situation? Also the Bank has not sent me any further notices sence the time I mailed them a copy of the U.C.C.-1 filing. ????

Since you filed the UCC1.. Dont you think you should know the answer to this prior to facing forclosure?

But.. my assumption would be that it would depend on how much you borrowed. If you borrowed over $125,000 then you would be second lien holder, because both of the transactions took place at the same time. If you borrowed less then $125,000, then I would Dmenscha, as I dont know how someone can be a creditor to themself, unless title for the property is held under a corporation.

This is just an educated guess, but either way, it does not get you out of your mess.. it wont stop them from forclosure and I bet they have smarter lawyers then you are, or you wouldnt be here asking for advice..

[Brandon Hoffman]

I suggest attorney and an accountant to discuss possible ramifications.

[NVILOCITY]

My understanding is that .. If your going to file ucc anyway ... Use the strawman for redemption... Do some homework...

[windtimber]

A UCC-1 is filed to give public notice of a security interest in (1) personal property or (2) fixtures to real estate. A "fixture" is an item of personal property which has been attached to real estate. A house is not a "fixture" it is a permanent, non-severable attachment to real estate. Also, a UCC-1 does not give rise to a security interest, it only give notice of a claimed security interest. There needs to be an underlying agreement collateralizing an obligation. Think about it - how can you owe yourself money and collateralize it? You own the real estate into which you put your money...

Don't play these games. They don't work. They didn't work 25 years ago in the last great real estate debt crisis involving agricultural land. They won't work today with residential property.

[chet everett]

... there are those that try to use a pocket mirror to get the engineer to think that maybe another train is headed toward 'em, those that'll try and out run the oncoming train, even though trains top at over 100 MPH and people in full sprint can't do a fifth of that, and those the GET OFF THE TRACKS...

Originally Posted by windtimber

A UCC-1 is filed to give public notice of a security interest in (1) personal property or (2) fixtures to real estate. A "fixture" is an item of personal property which has been attached to real estate. A house is not a "fixture" it is a permanent, non-severable attachment to real estate. Also, a UCC-1 does not give rise to a security interest, it only give notice of a claimed security interest. There needs to be an underlying agreement collateralizing an obligation. Think about it - how can you owe yourself money and collateralize it? You own the real estate into which you put your money...

Don't play these games. They don't work. They didn't work 25 years ago in the last great real estate debt crisis involving agricultural land. They won't work today with residential property.

[Austin-Willy]

Originally Posted by windtimber

A UCC-1 is filed to give public notice of a security interest in (1) personal property or (2) fixtures to real estate. A "fixture" is an item of personal property which has been attached to real estate. A house is not a "fixture" it is a permanent, non-severable attachment to real estate. Also, a UCC-1 does not give rise to a security interest, it only give notice of a claimed security interest. There needs to be an underlying agreement collateralizing an obligation. Think about it - how can you owe yourself money and collateralize it? You own the real estate into which you put your money...

Don't play these games. They don't work. They didn't work 25 years ago in the last great real estate debt crisis involving agricultural land. They won't work today with residential property.

We have a winner.

oh and p.s., fixture filings are typically required to be filed in the real property records. Varies by state, but often not with the Sec. of State. Can't remember for sure about Cali. But it matters not in this case since there is no obligation that is secured by the lien that is (not) created by the UCC-1.