I know there are lenders on this forum so wanted to see if any of yall have been through this. Essentially I am in an owner finance type of situation, long story and I will never do owner financing again if I can get out of this situation.

The current borrower hasn't paid since November 2019 (a full year). The house was posted for foreclosure in February for a March foreclosure, of course COVID hit and the courts shut down for a few months. File for posting again for June, the borrow files a TRO stopping the foreclosure. I file again for July, borrow does the same thing and this time the husband files for bankruptcy stopping all foreclosure proceedings. He doesn't do the paper work and it gets dismissed. File again for September, this time the wife files bankruptcy and just found out she didn't show up for her hearing and it was dismissed yesterday. I am set to post foreclosure for January since we just missed being able to post for December.

I do have a lawyer and his response was she will file for bankruptcy again in January. Is there nothing on the "banks" side to keep this from going on?

how did you miss Decemeber's foreclosure window

I'd get another lawyer

From all the previous times it had to be posted 10 days before foreclosure. House is in montgomery county and theirs is held first Tuesday of every month. The dismissal was signed yesterday so we only have 7-8 days notice instead of 10.

Olag00 said:

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I know there are lenders on this forum so wanted to see if any of yall have been through this. Essentially I am in an owner finance type of situation, long story and I will never do owner financing again if I can get out of this situation.

The current borrower hasn't paid since November 2019 (a full year). The house was posted for foreclosure in February for a March foreclosure, of course COVID hit and the courts shut down for a few months. File for posting again for June, the borrow files a TRO stopping the foreclosure. I file again for July, borrow does the same thing and this time the husband files for bankruptcy stopping all foreclosure proceedings. He doesn't do the paper work and it gets dismissed. File again for September, this time the wife files bankruptcy and just found out she didn't show up for her hearing and it was dismissed yesterday. I am set to post foreclosure for January since we just missed being able to post for December.

I do have a lawyer and his response was she will file for bankruptcy again in January. Is there nothing on the "banks" side to keep this from going on?

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Well... def not a lawyer, but went through a similar messed up situation as a private lender. You'll eventually win, but it's a pain in the butt. Make sure your lawyer is versed in bankruptcy law and not just the guy that does your DOTs

I'd bet the guy has meth in both his cars.

I would think an attorney could demonstrate the pattern and get a court to lift the automatic stay.

historyrepeats said:

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I hate to think about how the inside of that house is going to look when your rightfully get it back

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I suspect this will be an instance where they take all the fixtures, built in appliances, doors, cabinet hardware (maybe even the cabinet doors), toilets, etc.

histag10 said:

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historyrepeats said:

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I hate to think about how the inside of that house is going to look when your rightfully get it back

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I suspect this will be an instance where they take all the fixtures, built in appliances, doors, cabinet hardware (maybe even the cabinet doors), toilets, etc.

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I tried to buy a foreclosure that was like that. They even took the toilets. They also poured cemet down the toilet drains.

Not a lawyer here but a thought. Are they paying the property taxes? Is there an angle to get the property back in your name by paying off any tax liens?

texasaggie95 said:

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Not a lawyer here but a thought. Are they paying the property taxes? Is there an angle to get the property back in your name by paying off any tax liens?

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They are not paying taxes, HOA, or insurance. It is an escrow account so if no payments are received then no payments to any of those entities are made. I will have to run this by my lawyer if they do something to extend the January foreclosure.

Just have somebody burn the damn place down whether they are in it or not.

Jk... or am I?

PrestigeWorldwideAg12 said:

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Just have somebody burn the damn place down whether they are in it or not.

Jk... or am I?

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Sounds like you better call Saul....or better Marcellus Wallace

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I tried to buy a foreclosure that was like that. They even took the toilets. They also poured cement down the toilet drains.

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You gotta be kidding me. I might have lost my mind had that been my property.

I know you fellas who rent residential can bank some good $$$, but sometimes it's got to wear on you. My old man tried to do it as a sideline when I was a kid and soon discovered that he just didn't have the temperament for it.

I lease out industrial buildings and the biggest headaches are making sure I keep them full and staying on top of tenants' liability insurance renewals.

BTW, how the hell do you remedy a sewer drain that's been cemented?

Ribeye-Rare said:

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Quote:

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I tried to buy a foreclosure that was like that. They even took the toilets. They also poured cement down the toilet drains.

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You gotta be kidding me. I might have lost my mind had that been my property.

I know you fellas who rent residential can bank some good $$$, but sometimes it's got to wear on you. My old man tried to do it as a sideline when I was a kid and soon discovered that he just didn't have the temperament for it.

I lease out industrial buildings and the biggest headaches are making sure I keep them full and staying on top of tenants' liability insurance renewals.

BTW, how the hell do you remedy a sewer drain that's been cemented?

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Its not often that renters do that, IMO (though they will destroy stuff too). Its homeowners who are being foreclosed on, so the majority of the time it is a bank having to deal with it. They have the thought of this is mine and if i cant have it, no one can.