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foreclosure

Discussion in 'Money & Finance Forum' started by magnus, Jun 13, 2008.

  1. Southern_Yankee

    Southern_Yankee Full Access Member

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    Is this guy AKA Captain Morgan?
     
  2. Captain Morgan

    Captain Morgan Full Access Member

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    :N1Lol16:
     
  3. Southern_Yankee

    Southern_Yankee Full Access Member

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    tell us about your experience. did the sheriff throw you out or did you abandon it before that?
     
  4. DJ_Tet

    DJ_Tet Full Access Member

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    Wow, I used to live up there and can't believe all that stuff closed. What replaced all that real estate?
     
  5. Captain Morgan

    Captain Morgan Full Access Member

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    Well I'd never gotten around to having the wheels removed so they just came in with a big truck and took it back.
     
  6. jbghostrat

    jbghostrat Full Access Member

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    So! If your house is put up for auction, what happens to all the money you owe on it?
     
  7. VA49er

    VA49er Full Access Member

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    Don't know for sure but I'd think whatever the bank gets for the house goes to pay off the note. If it isn't enough, you're still on the hook for the remainder. If the bank sells the home for more than the note, the excess goes to the former owner once the loan/attorney fees, etc are paid.
     
  8. wolfpac

    wolfpac Full Access Member

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    VA is right. So, if you owe 400K and they sell it for 350K, you are on the hook for 50K. It will probably take a year or so for them to really get after you and you can probably would out a really good deal on it, say 10-20K for that 50K if you have the cash. So, save up your money starting now and then offer them a deal when they come calling. That's the other untold story to all these foreclosures, there will be a rash of bankruptcies as people run from all this debt still owed when their home doesn't bring what was owed on it. Unfortunately, if they handled their money right starting today, they wouldn't be forced into bankruptcy. You can often negotiate these deals as the bank knows they are sitting there with an unsecured debt at that point and you can tell them to take your deal or you are filing a Chapter 7.
     
  9. marlinfan1

    marlinfan1 Full Access Member

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    ...Eckerds became Kinkos and Papa Johns; Brothers Pizza spot is now a Melvins "home of the $2 hamburger", and Jersey Mikes closed and a Chinese food delivery gig is there. Remember Baxleys? The plate lunch spot on the corner just up from Brothers became Starbucks, and they closed.
    Mitches Tavern is still operating, but Mitch sells only draft beer, and lunch/soup/sandwich type stuff. No more backgammon boards.
    As I'm sure you know, the Daryls across from the Chancellors house closed, its now a Red, Hot, and Blue. And Hanula, that owned Players retreat, I believe he died or was in very poor health. Players retreat is now owned by a prominent atty. and and its gotten a nice boost in the arm from him.
     
  10. jbghostrat

    jbghostrat Full Access Member

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    so, even if a friend buys the house at auction and gives it to them, they still will owe a buttload of money plus pay the friend back.
     

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