Law Research Group

[charlesa6]

Originally Posted by wisper

I sure agree with the judge. It is as he says ; the key is the state laws, and the terms of the contract.

I think that it is salient to note that once the decision to call the contract, the holder may move quicher than the law even allows.

I went to a sale of a apartment complex i Witchita Kansas, the note was a RE contract, the ad in the paper said the property would be sold to the best bid at the conclusion of an open house. In that case, there were red tags on the apartments from a city authority (I forget which), and the RE BKR owner had announced he had taken the equity , so he would allow takeover of the coantract, or the buyer had 10 days to come with cash. There were no qualifying rules or documentation required, but in my opinion the guy took too much equity out and the loan minus the bank note was an excessive negative cash flow.

Then several years later, in Seattle I read an add that said," EL Dumpo: bring your checkbook!!!!" Same kind of deal, except the mortgage was bought out by a loan company who had loaned a guy a pile of money and he had to agree to a sale if he was 30 days late. The loan officers were on site and the place had all the right things wrong with it . Most folks were acting all discusted and leaving quickly. The finance (loan co.) said they had to have 69 thou. to break even; I bought the place for 53000 did all the cosmetic stuff and put it up for sale at 69,000, and the night before the listing kicked in a broker asked our permission to show it to a prequalified buyer, and we sold at our price. The loan co. paid to move the wife and teenage kids into a section 8 place they found for them and their 6 big dogs. The court had said the police would come over and oversee the families eviction to the street out front, and the loan guys didn't want the property on their books, or the family in the front yard during the sale.

You just said it, Whisper. The Keyword for JRB will be "State Laws, and terms of the contract" Not the words dangerous advice which is not true. Again, another misleading by JRB.

[charlesa6]

Originally Posted by wisper

I sure agree with the judge. It is as he says ; the key is the state laws, and the terms of the contract.

I think that it is salient to note that once the decision to call the contract, the holder may move quicher than the law even allows.

I went to a sale of a apartment complex i Witchita Kansas, the note was a RE contract, the ad in the paper said the property would be sold to the best bid at the conclusion of an open house. In that case, there were red tags on the apartments from a city authority (I forget which), and the RE BKR owner had announced he had taken the equity , so he would allow takeover of the coantract, or the buyer had 10 days to come with cash. There were no qualifying rules or documentation required, but in my opinion the guy took too much equity out and the loan minus the bank note was an excessive negative cash flow.

Then several years later, in Seattle I read an add that said," EL Dumpo: bring your checkbook!!!!" Same kind of deal, except the mortgage was bought out by a loan company who had loaned a guy a pile of money and he had to agree to a sale if he was 30 days late. The loan officers were on site and the place had all the right things wrong with it . Most folks were acting all discusted and leaving quickly. The finance (loan co.) said they had to have 69 thou. to break even; I bought the place for 53000 did all the cosmetic stuff and put it up for sale at 69,000, and the night before the listing kicked in a broker asked our permission to show it to a prequalified buyer, and we sold at our price. The loan co. paid to move the wife and teenage kids into a section 8 place they found for them and their 6 big dogs. The court had said the police would come over and oversee the families eviction to the street out front, and the loan guys didn't want the property on their books, or the family in the front yard during the sale.

Knowledge is power, If you novice in the legal arena, they can box you around or lie, misleading, misrepresentation, scare you, You name it, even your own legal adviser,but if you no the real deal about the law yourself, welcome to the mutual society.

Thank's again for now.

Originally Posted by HenryBowman

I can do Virginia.

Let me know.

Henry Franklin

Henry Please get some plastic surgery it really is hard to look at your picture. LOL