02-28-2017 08:36 AM - edited 02-28-2017 08:42 AM
UPDATE, February 28, 2017:
Search though I may, I can find no change of deed posted online at the county court yet; nor forceable retainer (eviction) docs in the JP calendars. BUT!!!! Yesterday morning, I was awoken by intense hammering and commercial activity going on nearby. I peaked out my window and skulked into my backyard to look down the alley to see several trucks, a heavy duty roll-off, and many workmen scraping off the roof on the neighbor's house. Lots of tools and drop clothes were laid in his front lawn. Then a 18-wheeler flatbed rolled up and parked in front of my house loaded down with packs of new roof shingles. As I watched, the driver stepped out and got into a small loader and began deposited the shingle packs onto the nieghbor's front lawn! I whooped! Jumped in the shower, got dressed and meandered down the street to see if I could get some clarification.
A guy who seemed to be the foreman climbed down from the roof, and I asked him if the residents had vacated. He said he didn't think so, as he believed he spoke to the guy (Crazy Horse by name; Crazy Horse by nature), when they arrived to let him know re-roofing was about to begin. From the our compared description, he had indeed spoken to Crazy Horse. But he said, he and his crew were routinely employed by banks following a foreclosure, and in his experience, it was the first thing banks did upon buying the property back on the courthouse steps.
We mused that if the house had been sold on Feb 7th to a private owner, they'd likely not risk pouring money into re-roofing until AFTER the neighbor had vacated. But, a foreclosing bank would have no such restraints. Also, as it was the 2nd mortgage HELOC that was foreclosed, Compass has to "make-whole" the first mortgagee (Chase), along with all their attendant back fees, whatever property insurance and property taxes they've been covering to keep the county from foreclosing itself.
In other words, as I guessed earlier, this property is too risky for a private owner to buy at foreclosure auction. And Compass would have, themselves, been the highest (ONLY) bidder.
I'll bet money (oh the irony!!!) that the neighbor -- having not paid the mortgage, property taxes, homeowner's insurance, HOA fees, nor even routine maintenance -- was NOT now himself shelling out thousands $$$ cash to re-roof the house.
So I'm surmising it's Compass bank preparing to put the house on the market, immediately upon securing the eviction and vacancy. And Compass must be fairly certain that's going to happen soon enough that they're not letting grass grow under their feet.
Today is Day 2 for the roofers. And they left their skid-loader parked in front over night. I did notice that the daughter's car was once again parked out front when I went to bed last night, but gone again this morning. As the neighbor no longer has to pay the 2nd mortgage, he's likely going to hang on to occupancy until either he's bodily thrown out or leaves in a cash-for-keys arrangement. But either way, I suspect the bank will want to get workers inside to spruce things up before it goes on the market. Ordinarily foreclosing banks don't care and sell AS-IS/WHERE IS, but as Compass has also got to come up with the money to pay off Chase before they get their own cash back out, they'll want the house selling for as high and as fast as possible. Hence the elbows and arseholes going on over their now.
So, no written court verification (yet) of the sale at foreclosure, nor the eviction. But it looks promising that the neighbor has been legally relieved of ownership and will soon be also relieved of possession and residency of the house. STAY TUNED!!!!
03-11-2017 09:49 PM
This guy sounds worse than my parents!! What a rollercoaster. Hope he moves soon. I'm need of updates!!
|EX08 659||EQ08 660||TU08 695||Starting: mid 300's||Goal: 700|
03-16-2017 02:34 PM - edited 03-16-2017 02:45 PM
UPDATE March 16, 2017:
I waited to post this until I had a little further info. On March 6, 2017, I found a "Release Of Deed" *TO* Crazy Horse, saying the HELOC had been paid in full. My heart sank, as I worried this meant he'd somehow come up with the cash to prevent foreclosure. And since the foreclosure was originally scheduled for February, this also meant that did not occur.
But today I logged into county deed records to find a General Warranty stamped and posted online today, March 16, 2017 showing (seemingly...let's hope I've got this right), that the house was sold to a local investment corporation, (owned by one man who has a CPA firm in a nearby town that records shows has purchased other house just prior to foreclosure). According to the document, it looks like Crazy Horse and wife signed the transaction personally on March 14, 2017. That reiterates that the foreclosure was forestalled as otherwise the deed transfer would have been between Compass Bank (forecloser) and the investment company.
As it was just posted online today, the next thing I expect to see is the Release Of Deed from Chase who is the primary mortgage holder. I'll keep checking for that daily.
I'm thinking that Crazy Horse forestalled the foreclosure by having the investment company chitchat with Compass Bank and present details that they were, in fact, in a contract to purchase the house. I'm not sure why Compass was paid off in early March when the General Warranty Deed wasn't filed until March 14th. But that's I know perfectly legal.
But the investment company now owning the house would jive with the new roof going on last month. Now, it's possible that Crazy Horse has become a tenant (Jeezus Gawd, not long-term!!!!) but more likely, he's negotiated in his Contract For Sale to vacate either before or upon subsequent resale of the property. The investor may be fine with the house being occupied for security purposes while it's on the market. Houses in this neighborhood are quite large and aren't normally held as rentals, so fingers crossed it's going up for sale soon and not being held for rental income.
Next Step: Keep watching for the Release Of Deed from Chase Bank. That'll be the final clue that Crazy Horse doesn't own the house anymore.
Also, I'm sure the investment company purchased at a discount, but there still may have been plenty of equity left. But perhaps not enough for Crazy Horse to secure another home, especially given that his and his wife's credit is shot, and he still doesn't have an income. And he'd said that his daughter (still lives there) is getting married this summer, so that's another reason he may try to become a long-term tenant. Surely, with the wife's income, and the cash equity (if any), he can now afford to pay rent, as he no longer has to pay property taxes, nor homeowners insurance. That's a worry, as he could stay on indefinitely, so long as the house never goes up for sale.
P.S. He should have done this to begin with. It seems it was just his own hubris and arrogance that made him think he could hold on to it by conning friends, family, and a neighbor instead of selling up.
03-16-2017 07:25 PM
I'm not a religious woman, but I am praying that this is for resale, and not for lease to crazy horse.
Thanks for keeping us up to date on this story!
|EX08 659||EQ08 660||TU08 695||Starting: mid 300's||Goal: 700|
03-19-2017 11:15 AM
I would suggest writing a short story and have it published. With all the time and effort you have spent on this, maybe you can make some money to compensate yourself.
I swear the show walking dead will end as Rick waking up from his coma and it turns out the whole thing was just a dream. WOW.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.