"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
06/22/2017 at 15:28 • Filed to: Houselopnik
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"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
06/22/2017 at 15:28 • Filed to: Houselopnik | 0
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Lawyer called us today... there’s a defect in the title/deed/whateverthefucktheycallit... a bad one.
Apparently the house, which we already knew was a foreclosure, is actually furthermore, part of a bankruptcy settlement. At the time the deed in lieu of foreclosure was surrendered to FNMA (Fannie Mae) the transfer did not include a current official appraisal, it was transacted only for the default value of the mortgage, with no provision to account for the appraised value. What this means in legal terms (as I understand it) is that the bankruptcy court could claim that the value of the property at the time of transfer was in excess of the agreed-upon value for deed transferral and absolution of that debt and they could attempt to claw-back the last appraised value (from 2012, and almost double our accepted offer on) of the property as “hidden” assets at the time of the declaration of bankruptcy. The protections of bankruptcy law and the way the transaction was conducted with FNMA means that the *OWNERS OF THE PROPERTY* would technically be on the hook for that... I’m not sure how exactly that works, but that’s what our lawyer claims. Futhermore: FNMA indicates they *KNEW* they fucked up the title transfer and tried to sell the house anyway, without disclosure. This is both a real dick move, and technically illegal in the state of Vermont.
Closing date? Not any time soon... certainly not the 30th as contracted.
in addition that lawyer that wrote the contract and executed the deed transfer to FNMA from the bankrupted owners has apparently dropped off the face of the earth and is unreachable. Which is probably good for him (but bad for us) because apparently he could be disbarred and/or fined for what amounts to fraud (but isn’t legally defined as such) if he isn’t involved in fixing this... and without his input the house can’t 100% safely be sold until the completion of the bankruptcy proceedings... (three years, and the condition the roof is in, it might not survive another winter unoccupied.)
Status of our 10% earnest money? “There’s no way they’re keeping it” says the lawyer “I don’t care what their contract says” she further rants...
Fuck.
WilliamsSW
> JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t
06/22/2017 at 15:31 |
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That sucks. But I’m glad your attorney is doing her job. It’d be much worse to fund this out later-
OPPOsaurus WRX
> JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t
06/22/2017 at 15:34 |
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As another member on the OPPO community who has been fucked over by Fannie Mae I wish the worst on that company and its employees who deserve nothing more than eating shit for 3 meals a day, shit it out and to eat that.
I managed to get into the house I was chasing and it was totally worth it. Good luck.
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JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t
> WilliamsSW
06/22/2017 at 15:38 |
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yeah, she’s earned her fee, but... fuck. We have 25 more sheep (prime-age pure-bred pedigree ewes) coming in July... they’re already paid for... and they weren’t cheap... and at this rate it looks like we’ll have no place to put them.
vicali
> JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t
06/22/2017 at 15:43 |
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Yikes, still better than reading it on July 1st;
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JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t
> vicali
06/22/2017 at 15:46 |
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laughter is the best medicine... thanks.
Quadradeuce
> JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t
06/22/2017 at 16:13 |
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We just bought a foreclosed house last year that had all sorts of shenanigans going on with the previous owner (who happens to be a local realtor and a slumlord). He ended up being sued for $300K from some shady business deal, and had all of his properties foreclosed on. Took the better part of a year for the banks to clear it all up (he had MULTIPLE loans on the house). I’m not sure if he went bankrupt, but if he avoided it I would be surprised.
Future next gen S2000 owner
> JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t
06/22/2017 at 16:42 |
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Just be glad the error was caught in time. This would be a hundred times worse if your lawyer caught it after you closed.
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WilliamsSW
> JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t
06/22/2017 at 17:02 |
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Ouch - that really sucks. Hope you find a good way to deal with them—