The blog has been down intermittently over the last week or so – thanks to those of you who have emailed! It isn’t me; we have traced it to Blue Host, the folks who provide our base, and they are a big outfit – thanks for your patience.
We’re on the lookout for banks doing the right thing:
SWEET! I claim partial credit, though, stating on several occasions that you should just upgrade to a newer model, low mileage Benz. 🙂
Credit indeed, thanks go out to you and the other supporters!
We need a Pizza Port-Carlsbad appreciation party!
nice ride, jtr.
this blog won’t accept three word posts. so much for being economical in my wording. maybe next time i’ll end with a cutsy signature that makes your eyes roll to pass the “too short” error message. 😀
Banks Face Short-Sale Fraud as Home ‘Flopping’ Schemes Spread
http://www.businessweek.com/news/2010-06-10/banks-face-short-sale-fraud-as-home-flopping-schemes-spread.html
Nice sled!
Comment filters are rejecting for having too few characters so I am forced to ramble on with this sentence that you now read.
JTR – did you go used at a dealer or private party?
This is the blog software that allows for blocking people, so please endure the anti-short-comments feature. I don’t block people much, but would like to keep the option available.
Defrauding the banks is not OK (though I’d argue in this case it’s unclear whether the renter is in fact defrauding the bank – can they produce past rent checks?).
That said, it’s hard to have a lot of sympathy for the banks. They made their own bed by approving the crazy loans and passing them off to one another. Now that they have to lie in that bad it’s not feeling so nice.
Thats the way I buy em. Saves a bundle over the years.
When you say work the warranty, do you mean get everything ‘fixed’ before it expires and roll the dice moving forward? Your car wash budget just increased 2X because it is black 😉
Nice ride. At 45k you have little whif of that new car Smell left.
Nice choice Jim. I’m helping my son buy a car right now too and we settled on the same parameters you did…get something under 50K and buy the extended mfr warranty. He’s going with a different brand, but using same concept.
This gets you a car for about half the cost of new, with only 1/4 of the car’s life expended.
Cars go 150K-200K with ease now and he only drives 10K a year, so we figure he’ll get bored with the car before it wears out.
From the Grey Ghost to the Black Mamba!
Speaking of the Black Mamba, Let’s go Lakers!
Win tonight and we can start planning the parade… maybe even drive up in JtR’s new ride!
“We need a Pizza Port-Carlsbad appreciation party!”
Well I’m in town through the rest of this week. Car looks sweet.
JrR- Glad to see you picked up a new ride. Good milage and year for the $$. Thanks for the “hat-tip” in the video.
Win tonight and we can start planning the parade… maybe even drive up in JtR’s new ride!
Good idea, I’ve never been to a Laker parade – let’s see how we do tonight.
Jim,
While $1k/month does seem low, by what means would a court (where I presume this dispute will end up, at least a small claims one) decide that it is invalid? (assuming the tenant could show a cancelled check or two to show it wasn’t fraudulent)
Does a below market rent make a lease invalid these days?
How much below market is $1k for this property?
I am guessing the lease is fake and even BofA knows you don’t get 1600SF for $1k a month and called BS
10K miles a year?!? He’s a realtor. He drives everywhere to look at and show homes. He’s almost certainly driving 30K/year.
Mind you, he does have the Chevy, so not all of that 30K (or however much) will end up on the Benz.
As for the car’s color: Black. San Diego summers. Hope the refrigerant in the AC is up to snuff…
19) I think Talon was referring to his son driving 10K miles per year, not JtR.
I’m sorry, how is that the right thing? If the lease is arm’s length, then that is most certainly not the right thing. BofA will have the budern of proof to prove its invalid. If were the judge, I would evidence above and beyond the rent being too low.
By the way, if it is a valid lease, if I were the tenant, I would turn around and pursue BofA for costs and sanctions.
The tenant didn’t object, or sound surprised, so the legitimacy of lease is in question. We’ll see what happens, I guess this is why we have lawyers?
JTR – I believe that a lease is wiped out in most cases due to the foreclosure (short sale is different) as most likely the loan was senior in position to the leasehold interest in the property.
There are some laws put in place during this mess which gives tenants something like 90 days. The legal minds here will whip it into shape better.
Clearfund, as a lawyer, I will tell you that it “depends”. If the lease is for a fixed period, then the trustee may assume the property with the leaseholder intact until the lease runs. Plus, the eviction process for a lessee is brutal in the golden state.
Of course, if this lease is invalid, then by all means evict him. But if not, BofA beter the Ps and Qs. NPR did a story awhile back on the sheriff of Chicago, who suspended evictions based on a frequent number of renters who had leases that were legit, but the deadbeat (see, I can use that word when appropriate) owner let the property become an REO while collecting rent.
Thx: I guess the grey area in your post is with the word “MAY”. “…the trustee MAY assume the property with the leasehold in place.” Does that mean 1) they may, or may not, affirm/keep the lease once they reclaim the property, OR 2) they may, or may not, take over the property knowing the lease will remain in place. Two very different situations.
Cry me a river!
Poor BOA being taken advantage of by a tenant. This the same lender that, well, where do we begin…
My, those BOA boys are really tough!!