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Old 12-26-2009, 08:18 PM
 
Location: Full time RV"er
2,404 posts, read 6,567,181 times
Reputation: 1497

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Quote:
Originally Posted by windtimber View Post
You might consider the legal consequences [in many states but perhaps not where this poster resides] attendant upon fraudulent lien filings. This same kind of game playing went on during the farm debt crisis in the mid-'80s and resulted in the creation of criminal and civil penalties for this activity. It might "work" initially for a few transactions involving the uninformed creditor. It won't last.
Just so you know!, it was a Title Insurance Company Attorney that reviewed the process before the first one was paid , although he him self had never had to pay out on a UCC filing before , he could not find anything Illegal with the process . And who said these filing were false ?? Sorry but that sounds like an uninformed statement without knowing all the facts.
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Old 12-26-2009, 09:15 PM
 
48,505 posts, read 96,682,701 times
Reputation: 18304
I making such a decision ;i'd consult a real estate lawyer rather than pay attention to some walk away forum laywer. that's like listen to a jailhouse lawyer when in jial;dumb. This could have serious consequences in the future and you want to come out as well as possible.
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Old 12-26-2009, 09:49 PM
 
Location: Full time RV"er
2,404 posts, read 6,567,181 times
Reputation: 1497
Quote:
Originally Posted by texdav View Post
I making such a decision ;i'd consult a real estate lawyer rather than pay attention to some walk away forum laywer. that's like listen to a jailhouse lawyer when in jial;dumb. This "could have" serious consequences in the future and you want to come out as well as possible.
Just how can a Real Estate lawyer answer questions that they don't have the proper training to answer, Nor do they have any education in The filing of a UCC-1. How can they advise what to do when in fact they believe as do many that when a Bank forecloses all debt is washed except taxes?. A fact that is incorrect. Example ! a company has sold equipment or services to another company, that company goes bankrupt does he loose his equipment or payment for those services ?? Not if he filed the proper UCC-1 with the Secretary of State. Thats the difference. Documents filed with Secretary of State, rather then the County Recorders Office.
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Old 12-27-2009, 04:50 PM
 
Location: Full time RV"er
2,404 posts, read 6,567,181 times
Reputation: 1497
Quote:
Originally Posted by gary flor View Post
it people like you this country in trouble your future will come back and haut you when you apply for loan down the road walk away and dont do this it will just make problems for you in the future belive me your credit will suffer and getting job also be smart
Sorry but if they "JUST WALK AWAY" they are going to have a bad mark on their credit report just the same . with my process they will not need to have credit and what is all this stuff about getting a job ? . Thats the problem "NO Jobs".
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Old 12-29-2009, 11:50 AM
 
Location: San Francisco, CA
15,088 posts, read 13,424,958 times
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CA local isn't the first person to think of this. Don't think that the banks and homeowner's insurance companies are so stupid as to just sit there and do nothing about this growing trend. This is legally a bit ambiguous from state to state and depending on the stage of foreclosure proceedings. In the past, banks have turned to home owner's insurance companies for repayment instead of prosecuting the individuals who do this. Homeowner's insurance firms are now starting to go after people who do this with zeal.

Although circumstances vary state by state, here's how it seems to work today:

If you strip the home before foreclosure proceedings have legally begun, you may be able to get away with it - depending on the state and other circumstances. If you strip the home after foreclosure proceedings have legally begun, then you may end up caught and prosecuted for burglary or trying to defraud a creditor, which are - surprise, surprise - criminal felonies! Certain states are now working with FBI task forces on these problems due to their prevalence.

See one example toward the bottom of this article.
http://www.nytimes.com/2009/12/23/bu...pped.html?_r=1

So can you just strip a home heading for or in foreclosure and be assured that you can walk away, legally free as a bird? The answer is: NO, not really! You can roll the dice and maybe get away with it...or maybe you'll have prison time and a criminal felony record to go along with your nice foreclosure credit record. Worth the risk to "get back at" the bank? You decide. Personally, I would just let it go and move on.

Last edited by ambient; 12-29-2009 at 12:10 PM..
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Old 12-29-2009, 12:03 PM
 
Location: Full time RV"er
2,404 posts, read 6,567,181 times
Reputation: 1497
[quote=ambient;12211106]It's not so much the bank you should be worried about, it's the homeowner's insurance firm that may hound you for it. And the legality is a bit ambiguous from state to state and depending on the stage of foreclosure proceedings, so tread carefully here.


Funny you should mention that. If you strip the home before foreclosure proceedings have legally begun, you may be able to get away with it - depending on the state. If you strip the home after foreclosure proceedings have legally begun, then you may be end up caught and accused of trying to defraud a creditor, which is - surprise, surprise - a criminal felony!

See an example toward the bottom of this article.
http://www.nytimes.com/2009/12/23/bu...pped.html?_r=1[/quote
] Again I need to ask why ? would you do some thing illegal when you can file the UCC-1 , get the bank to pay you for the work you have done and be finished with it " LEGALLY", DM me for all the info you will need to do this , OR check out some of my other post regarding this problem. It does work
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Old 12-30-2009, 12:45 PM
 
Location: New York
2,251 posts, read 4,907,232 times
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Quote:
Originally Posted by Fighter 1 View Post
Just how can a Real Estate lawyer answer questions that they don't have the proper training to answer, Nor do they have any education in The filing of a UCC-1. How can they advise what to do when in fact they believe as do many that when a Bank forecloses all debt is washed except taxes?. A fact that is incorrect. Example ! a company has sold equipment or services to another company, that company goes bankrupt does he loose his equipment or payment for those services ?? Not if he filed the proper UCC-1 with the Secretary of State. Thats the difference. Documents filed with Secretary of State, rather then the County Recorders Office.
Taking your statement further - would a person go to a eye doctor for a broken bone? There are different types of Attorney's that are specialist in different types of situations.

It is not how much a person knows about the Lenders, terms, interest rates, LTV/DTI, and payments on modifying mortgages, for the best results it is the method and network of expertise on how they are modified.

I now work for a Mortgage Attorney - I speak to people many times that went to a Bankruptcy Attorney first, who had them file a Chap 13 bankruptcy. Not only did they destroy their credit, it made it harder to negotiate any payment reductions (modifications). I have also spoken to people that went to a Real Estate lawyer, who took their money and did nothing.

Bankuptcy attorneys are specialists in filing the necessary paperwork at the court house to stop debt collectors or a foreclosure. A bankruptcy should be used when all other options have failed. There are many other options a home owner should look at before hiring a BR Attorney.

A Real Estate lawyer - in the 10yrs I was a loan officer, sat through 100's of closings, even more on the telephone. The only thing they do that I have seen, is to witness the individuals signing the closing documents. Noting some states are not attorney states, my home state of NY is. People are going to Real Estate Attorneys, who are doing the same thing the individual could of done themselves.

Point go to the right legal council that has the best experience in helping you with your situation - to expect the best outcome.

If a home owner feels they have been a victim to their loan, they can go one step further and request a Forensic Loan audit. If a violation is discovered, they can sue the lender for all the interest charged on their loan.


Quote:
Originally Posted by Fighter 1 View Post
See an example toward the bottom of this article.
http://www.nytimes.com/2009/12/23/bu...pped.html?_r=1

Good Article


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Old 01-01-2010, 10:47 AM
 
282 posts, read 525,210 times
Reputation: 141
Quote:
Originally Posted by CA central coast View Post
I completely remoleded the home I purchased. Started with a gutted house and did it all. I was layed off and I can't afford the house anymore. I'm considering stripping the house of everything I put in it, doors, appliances, electrical, surround sound, toliets, sinks, cabinets, trim and molding and all fixtures. Putting it all in storage and walking away. A short sale wouldn't work in this scenario, right? At least I get my stuff. I guess my question is, can I be sued by the bank? Because if they truely won't work with me on the loan, they're going to get a shell of a house back. They're get back what I bought.

I know someone who gutted their whole house stopped making payments and walked away...it went into foreclosure and someone did end up buying it down the road. The only thing the bank is coming back at them with is their 2nd, nothing was ever mentioned about them gutting their entire house...
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Old 01-01-2010, 11:43 PM
 
Location: Full time RV"er
2,404 posts, read 6,567,181 times
Reputation: 1497
Again I have to ask WHY gut the home? you get a few thing to sell but no where near what you have invested ( "VALUE YOU HAVE GIVEN TO THE HOME ) . With the UCC_1 filing you then can pay the second from the money you get and start again with a little in your pocket. All this without looking over your sholder to see who is about to grab you .
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Old 01-02-2010, 10:04 PM
 
Location: California
37,097 posts, read 42,103,316 times
Reputation: 34962
What do you do with all the things you strip out? Some of the stuff will probably get broken in the process of ripping out/moving/storing. Other things would only be useful in another home that with the exact same layout and measurements. Toilets and faucets? Sure, but do you have plans to remodel another house anytime soon? And why the heck would you want to store it a pay for that? More crap to haul around with you the rest of your life.

I'm weird. I fantasize about fixing up houses and leaving them in better condition than they were in. It boggles my mind that someone would want to gut one for no good reason. Sick.
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