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Old 12-26-2009, 06:07 PM
 
Location: Full time RV"er
2,404 posts, read 6,558,389 times
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Quote:
Originally Posted by jco View Post
We do not qualify for loan modification because we are renting out the property. We are renting out the property because we were trying not to be like all of our friends who walked away and are now - three years later - buying foreclosed properties. Turns out the less responsible you are, the less screwed you are as well. We're in the process of evicting the renters now, and then we'll list the house.
You have to act like our Government Officials do , and like Donald Trump does time and time again . If you can't make it " JUST WALK" away cut your losses , and try again later. Only this time there is a way threw the UCC-1 filing to legally get back your investment. Those that say in a foreclosure all liens are washed away are totally wrong and I have the proof to support my statements.
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Old 12-26-2009, 08:40 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,897,014 times
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Quote:
Originally Posted by Fighter 1 View Post
You have to act like our Government Officials do , and like Donald Trump does time and time again . If you can't make it " JUST WALK" away cut your losses , and try again later. Only this time there is a way threw the UCC-1 filing to legally get back your investment. Those that say in a foreclosure all liens are washed away are totally wrong and I have the proof to support my statements.
Of course, the UCC Form 1 is used for personal property, and is not applicable to Real Estate, so in this case would not be useful in any way.
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Old 12-26-2009, 09:35 PM
 
Location: Full time RV"er
2,404 posts, read 6,558,389 times
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Quote:
Originally Posted by Bill Keegan View Post
Of course, the UCC Form 1 is used for personal property, and is not applicable to Real Estate, so in this case would not be useful in any way.
Again Not wanting to be argumentative but it clearly states in the UCC forms Real Estate and it ask you to describe the real estate and it has an area where it asks if you wish it to be filed in the Real Estate Records? And finally everyone seams to be missing the main point of my post , Its not the house !!!, Its the "VALUE " (you know the "MONEY" you have given to the home) you know , the personal property , the dollars you have worked for and paid to the bank( was that not "Your" personal property before you gave it to the bank ??). The lawyers say "YES" end of story.
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Old 12-26-2009, 10:48 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,897,014 times
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Quote:
Originally Posted by Fighter 1 View Post
Again Not wanting to be argumentative but it clearly states in the UCC forms Real Estate and it ask you to describe the real estate and it has an area where it asks if you wish it to be filed in the Real Estate Records? And finally everyone seams to be missing the main point of my post , Its not the house !!!, Its the "VALUE " (you know the "MONEY" you have given to the home) you know , the personal property , the dollars you have worked for and paid to the bank( was that not "Your" personal property before you gave it to the bank ??). The lawyers say "YES" end of story.
From what I understand, the Real Estate that may be described in a UCC 1 is agricultural land and refers more to the product of that land (crops, timber, etc) than the land itself.
As to the rest of your post....huh? I don't know anyone who has given money to a home. And if there is a mortgage on the house, then you haven't paid the bank for the house yet, the bank has paid the previous owner so that you might own the house, with the understanding that you will pay it to the bank, with interest, over a specific period of time. If you can't pay thte bank, then the bank has the right to take possession of the house. That's what a mortgage agreement is all about. What has a UCC 1 to do with it?
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Old 12-27-2009, 08:41 AM
 
Location: Full time RV"er
2,404 posts, read 6,558,389 times
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Quote:
Originally Posted by Bill Keegan View Post
From what I understand, the Real Estate that may be described in a UCC 1 is agricultural land and refers more to the product of that land (crops, timber, etc) than the land itself.
As to the rest of your post....huh? I don't know anyone who has given money to a home. And if there is a mortgage on the house, then you haven't paid the bank for the house yet, the bank has paid the previous owner so that you might own the house, with the understanding that you will pay it to the bank, with interest, over a specific period of time. If you can't pay thte bank, then the bank has the right to take possession of the house. That's what a mortgage agreement is all about. What has a UCC 1 to do with it?
That is what most people have a hard time understanding , your not trying to keep the home!
(1)
Just like the bank you have an interest in that house,
(2) You have given your personal property to that house ( Your money. (3) If you were to file any kind of a lien with the county it would be second or possible third in line and would in fact get wash in the bankruptcy.
BUT when you follow the rules as described in the article 9 of the UCC, and file it with SECRETARY OF STATE, you will see that there are guidelines to " PERFECT YOUR SECURITY INTEREST". Not the home but the MONEY you put into the home , The bank gets the home and you get the money you put into the home ( Not what its worth , the bank will get that when they sell it. ) While I will admit there is more that needs to be done to finalize the process in doing this process you put your claim in front of the banks lien just like any TAX lien , that has to be paid FIRST.
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Old 12-27-2009, 06:24 PM
 
1,087 posts, read 1,938,541 times
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Quote:
Originally Posted by Fighter 1 View Post
That is what most people have a hard time understanding , your not trying to keep the home!
(1)
Just like the bank you have an interest in that house,
(2) You have given your personal property to that house ( Your money. (3) If you were to file any kind of a lien with the county it would be second or possible third in line and would in fact get wash in the bankruptcy.
BUT when you follow the rules as described in the article 9 of the UCC, and file it with SECRETARY OF STATE, you will see that there are guidelines to " PERFECT YOUR SECURITY INTEREST". Not the home but the MONEY you put into the home , The bank gets the home and you get the money you put into the home ( Not what its worth , the bank will get that when they sell it. ) While I will admit there is more that needs to be done to finalize the process in doing this process you put your claim in front of the banks lien just like any TAX lien , that has to be paid FIRST.
Protecting your investment is one thing, but anticipating foreclosure when you go purchase a home is another, this is just another way of saying, that you can purchase a home you probably can’t afford and had no business buying to begin with and the day you don’t feel like paying, decide you don’t like the area, don’t like the house, change your mind for whatever reason and fail to pay the mortgage you are off without any penalty, alas, a free get out of jail card, all at someone elses expense, which would be the reason to file a UCC, guess who absorbs the shortfall?! . . . This is one of the reasons we are in this housing mess.
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Old 12-30-2009, 05:06 PM
jco jco started this thread
 
Location: Austin
2,121 posts, read 6,437,703 times
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Quote:
Originally Posted by DowntownVentura View Post
Why don't you just sell the house at market and pay the difference between the proceeds and loan balance at closing. What are we talking, $40k or so? You lost your $45k down, you won't get that back no matter what 'walk away' strategy you employ.
I'm lacking the additional 40k
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Old 01-02-2010, 10:07 AM
 
Location: Full time RV"er
2,404 posts, read 6,558,389 times
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Quote:
Originally Posted by chaotix View Post
Protecting your investment is one thing, but anticipating foreclosure when you go purchase a home is another, this is just another way of saying, that you can purchase a home you probably can’t afford and had no business buying to begin with and the day you don’t feel like paying, decide you don’t like the area, don’t like the house, change your mind for whatever reason and fail to pay the mortgage you are off without any penalty, alas, a free get out of jail card, all at someone elses expense, which would be the reason to file a UCC, guess who absorbs the shortfall?! . . . This is one of the reasons we are in this housing mess.
I really don't think anyone who purchases a home plans on it going into foreclosure, but people do and it is required by most banks that you buy home owners insurance on that home ?, so as to protect their investment , So whats wrong with you taking out your own protection so that if a disaster hits ( you as many have loose you job) you will be protected. Best investment you could buy.
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Old 01-02-2010, 12:39 PM
 
1,087 posts, read 1,938,541 times
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Quote:
Originally Posted by Fighter 1 View Post
I really don't think anyone who purchases a home plans on it going into foreclosure, but people do and it is required by most banks that you buy home owners insurance on that home ?, so as to protect their investment , So whats wrong with you taking out your own protection so that if a disaster hits ( you as many have loose you job) you will be protected. Best investment you could buy.
The cure could be worse than the disease as there may be many repercussions and legal ramifications down the line.
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Old 01-02-2010, 01:22 PM
 
Location: Full time RV"er
2,404 posts, read 6,558,389 times
Reputation: 1497
[quote=chaotix;12265730]The cure could be worse than the disease as there may be many repercussions and legal ramifications down the line.[/quote]

And what would those be? And what proof has been shown that filing a UCC-1 when done properly is illegal? and if it were illegal then why are the Banks and Title companies with all their legal staff not challenging the filing, rather then paying them off.? Because they have done the proper research and understand it is correct and to try to challenge it in a court of law would be a waste of time and money, along with establishing case law for others to use in the same manner. Lack of knowledge is what they would like.
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