lol…hmm gas and a match…hey, I do have insurance on it. Wait, no…that’s not right. I better just pay the lawyers and take my f*#%king and hope the next deal is better to make up for this one.
I went to the creditors meeting this morning with my bankruptcy atty and just sat back. He did all the talking it appears the buyers pretty much hung themselves. I wish the judge was there. In 30 days we will have the actual bankruptcy hearing and we filed today to have another trial the same day afterwards to actually get the house out of the bankruptcy and hopefully kick there ass out. Things are looking good and may turn my way. I will update this post after D-day, Thurs May 10.
Sorry it took me a couple of extra weeks to get back to this forum since our court date. Here is the update.
The judge gave them 18 months to pay me back the $5k the owed me but also included the cost of my attny ($1,500) and announced they have a drop dead date of the the 15th every month to pay me their usual $675 + $340 for back payments and court fees. So they have until the 15th of every month instead of the 1st now. I can’t wait for them to f* up. I really need to sell the piece of property for the cash and to adjust my debt ratio. I am doing everything I can to hold out until they mess up. I really don’t expect them to make these payments plus keep up with their insurance and pay their attny fees.
Thanks to all for the information that you have given me. This is a great site.
Wow thanks for repyling. I actually happened upon this thread today and thought “dang, out of all of those you never hear the end I hope this one gets updated.”
best of luck and I hope they get theirs! Im the sweetest guy in the world, but Im also the most vengeful. I would have a lawn chair chained to a tree outside ready for the few minutes before the moving truck showed up to get their stuff hauled out.
I know what you mean Enjoidc. I too have read many threads that someone never came back to finish the story. You and all others can be assured that when this deal falls through…I WILL be back.
The buyer also runs the risk of the seller not paying the mortgage. A Title Company told me a week ago that a buyer could use direct deposit to pay the seller’s mortgage directly. So if I buy a place using seller financing, I could have the seller’s mortgage directly withdrawn from my bank account. Then I could just mail the EXTRA pmts (if any) to the seller. I’ve never done this, but was been told by a Title Company that it is possible. This method would be much better then the seller paying their mortgage and then the buyer paying the seller.
This process would eliminate the risk of your situation for the buyer. Unfortunitely it wouldn’t help the seller, it would only lower the risk to the buyer.
Good Morning Iron,
I use Noteworld servicing.com to make the payments when I buy sub2 or if I get seller financing. And on your other post…Get a different Title co who knows how to do paper work on your sub2 or seller financing with underlying mortgage. I always have the sellers mortgage paid directly from note world to the mort company. I have to send a check to note world for this to happen I also pay 175. bucks to have it set up and 8 dollars a month but they also get pay off statements and handle ALL the closing paper work when I sell. For me…really worth it.
Have fun , Darin
Finally an end to this story. December 31st they were finally out. It’s been over a year since they first stopped paying. They got away with the first 4months, then we went to court. Judge said they had to pay me ~5k over 18months in back payments plus the usual note. They paid almost $1,200 in back payments and 4regular notes before they quit again and we got the judge to sign off and their attny had them sign paperwork that they would be out by the 31st or be thrown out…and i was ready. I have now spent 2k in painting and flooring and will finally out right sell the place. It should be ready for the market next week. Thanks to all for all the emails and posted information.
Lee
Thanks so much for writing about your problem. Gee, what a nightmare. I have never had anyone file bankruptcy. I understand the “stay” part of the law.
I have a tenant , who i sold a house to on a land contract, that is 3 months behind now and am trying to get her out on my own. Just the thought of her and her lying and scheming (*&%#@!!
What kind of advice did your legal counsel give you to avoid this trap again? Anything you have to say would be helpful. But if you choose to just forget this nightmare, and not answer, I sure would not blame you.
Sorry Ted_IL but, I will never forget that nightmare. As far as what I’ve learned from it. Lets see. BIG NUMBER 1: Rights and Laws differ from state so please seek legal advice from local real-estate attny’s before you go out after all the book reading you have done. Here in Louisiana the “Bond for Deed” was created to protect the seller…many years ago. There have been so many revisions to this that now the buyer has the upper hand. My attny definitely knew about them because he used to back them years ago and said they have since faded out in the past few years. Number 2: Owner finance “decent” or “nice” junk. That way if they like it, they will fix it up or leave and you won’t be destroyed by the mess they leave your place in. I will stick to renting and flipping for a while now.
This is a great site and I have learned a lot here but I have decided to work with attny’s, as much as I hate them and the rates they charge but it’s just the way you have to go these days.