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A Real Estate Transaction I do not understand.. help.

Discussion in 'Political Discussion' started by DarrylS, Dec 10, 2011.

  1. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    My azzhole ex son in law, took over the house he that he had bought with my daughter. Somehow he got the house and she and the kids had to move out. Fast forward about 5 years, and there have been notices in the paper regarding foreclosure.. as it became common knowledge that he was in arrears of about $68.000 and had not paid a thing.

    This morning reading the paper, and checking out the Real Estate Transactions and it read...

    Azzhole ex-son in law and PNC bank sold the property for $286,000 to PNC Bank.

    He remains in the house, my question is what does it mean??.. and how can a bank pay more than the original value of the home as the purchase price was $250,000..

    My guess it is creative bookeeping for the bank, to minimize their loss on paper and some how they rolled all the arrearments into the purchase price... does that sound right????

    How can he stay in the house??

    Is this standard language for a foreclosure??
  2. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Maybe "for 286K" is how they they are required to say buyer (PNC Bank) pays closing costs...

    So it looks like Azzhole Son in Law and PNC Bank is for purposes of the sale a partnership selling to PNC bank, and this is what a foreclosure looks like, as you speculate, but then how does he remain in the house?

    What went through my mind from "he remains in the house" is, some species of reverse mortgage -- if he has equity in the house that would make sense. So he's selling his equity, and the bank already owns the rest of it... and the reverse mortgage shows up on them having the deed, paying him in monthly installments, and he stays in the house...(?) But unless he's older, that sounds like a really weird thing for someone under 65 to be setting up. I thought there was a minimum age for doing those.

    Edit to say - or maybe, there's just a "de facto" age for it, based on how expensive it is to offer a certain payment for a lifetime, but that cost is just worse as interest rates get lower. So I dont know how they do this unless the guy is old already, or the actual amount he gets in reverse mortgage money is a pittance.

    Imunno.
    Last edited: Dec 10, 2011
  3. cupofjoe1962

    cupofjoe1962 Rookie

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    Darryls

    If you know any realtors or real estate attorneys, Have them look up the
    house.

    They have access to everything......

    They can tell you what was owed... any leans or lines of credit.

    As a guess.... Maybe the extra money was required by PNC to pay off
    a line of credit from another bank.

    This does not explain, why the slouch is still in the house.
  4. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Foreclosures can be rented (such as in the case of rental apartment buildings that are foreclosed on) so maybe they made him some sort of deal to give him time to vacate?

    At any rate, if there's anyone to blame, it's clearly Bush and the Republicans.
    Last edited: Dec 10, 2011
  5. Patsfanin Philly

    Patsfanin Philly Rookie

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    #95 Jersey

    Several questions. Often when there is a foreclosure action, there have been late fees and penalties that can add on the original mortgage. If you go to the courthouse, you can often find out how much was owed on the property at the time of sale and maybe find out what kind of sale it was....
    What was the house worth? (rhetorical) If you go to zillow.com and type in the address, it will give you an approximate value for the property...
    It could be a reverse mortgage type where the bank has a mortgage on their books for $250K or $286 and by swapping it , they gain title to the property ( hence transferring a non-performing loan into a property) without costing them a dime....
    I don't know .Sorry......
  6. khayos

    khayos Rookie

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    Maybe liberals should choose better people to associate with
  7. Charlotte Pats Fan

    Charlotte Pats Fan Rookie

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    No Jersey Selected

    Sounds pretty standard. The $286,000 includes fees. penalties etc. At the present time it appears Banks are only foreclosing on properties they can recoup some of their money. House next to me is in a similar situation as yours. Purchased in 2006 for $200,000 guy hasn't made a payment in 3 years, fees and penalties puts it well over a quarter million dollars . its worth a lot less now. Bank won't take it back. He's still living in it.
    Last edited: Dec 10, 2011
  8. Wolfpack

    Wolfpack Banned

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    Just out of curiousity, what happened to the DarrylS in the other thread who said he didn't care if people stayed in houses they didn't own, just so long as they didn't cause any trouble? :confused: Perhaps you can start an orgainization like "Koncerned Kitizens Kouncil" and look into it further.
    Since the bank sold it to themselves, I'm thinking it is just some creative bookkeeping. But here's some brainstorming:

    Are you sure the original $250,000 was indeed the purchase price, and not just the amount financed?

    Is it possible that the property increased in value over the past 5 years? (I know that's a long shot given the economy but if there were additions or improvements made during that time period, the property value could have gone up)
  9. PatsWSB47

    PatsWSB47 Rookie

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    #12 Jersey


    You'd make a good Obama Speech writer:p
  10. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    I am positive that 250K was the purchase price...

    The property was not taken care of, and in general all houses in the area depreciated by about 30%+....

    If anything the lack of upkeep caused further depreciation.. the reason for th increased value is due to unpaid liablities incurred..

    My thought is that they foreclosed, but he is refusing to move.. and awaits eviction, just thought that the piece in the paper was interesting..

    Azzhole Ex Son In Law & PNC bank sold to PNC bank.. is that standard language for foreclosure..
  11. scout

    scout Rookie

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    #15 Jersey

    Sorry to hear your daughter married an azzhole. My sister foreclosed (Florida)............I don't even know how long it's been. I've heard that there are/were so many foreclosures that the residents can live there for a long, long, time before the authorities get around to tossing them out. Case in point, my sister.
  12. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Reading the paper this morning PNC did the same transaction on about 8 properties statewide.... so it may just be a matter of time.
  13. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    Is it possible he took some kind of loan against the value of the house sometime between his divorce and now?

    Lots of people, before the market crashed, took out loans or refinanced for a higher amount in order to get cash to pay off debts, do home improvements, or, as in the case of my sister, just to get some extra cash figuring it wouldn't increase their monthly payments all that much and they could take a vacation or buy a car or something with the money right now.

    If he had to give your daughter something for her share of the house as part of the divorce decree he might have refinanced in order to get her the money he owed her.

    I got the house in my divorce - but I owed him aa small amount, due upon the sale of the house. Because the bank would not take his name off the deed until I paid him off I ended up refinancing on my own, having him sign a quit-claim to the property and the bank paid him directly from my loan money. I wanted to redo all the windows in the house and put new siding on and so I ended up borrowing more than my equity at the time so my loan was for more than the original price of the house but not anywhere near the market value because, at the time, housing prices were still going through the roof.

    Maybe something like that occurred?
  14. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Could be, the guy is a sleezy bastard..
    Last edited: Dec 11, 2011
  15. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Once again I'm stymied. But you have to figure he's got some equity, they've got some equity.

    So it might be standard foreclosure language, and it might be that the "standard" language will vary w/state law.

    So where you might see something less confusing elsewhere, maybe in MA you'd see the "Azzhole and PNC sells to PNC" language, going back to a legal principal that you own part of it if you have some equity. (i.e., this little formula might be a vestige of making MA feel better about letting someone who's been paying a mortgage for 10 years just lose it all.) Maybe somewhere else you'd see "A man with a top-hat from PNC bank twirled his jet black mustache and chucked ominously while taking possession of another home, 1234 Maple Street..."

    Imunno
  16. PatriotsReign

    PatriotsReign On the Roster

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    A lot of banks are now holding off on foreclosures in order to keep the bad debt "off the books" until they unload some of the bad debt they are already holding.

    Your db son in law is just benefitting from this process. He must be paying for heat and water, otherwise that stuff would shut off. Sounds like he has a lot of issues. You must be glad your daughter left him.
    Last edited: Dec 11, 2011
  17. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Extremely glad..

    But unfortunately he will always be in my grandchildren's lives..
    Last edited: Dec 11, 2011
  18. anditsgood

    anditsgood Rookie

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    Standard Foreclosure procedure

    now the title is out of his name, now they have to go back and evict him
  19. PatriotsReign

    PatriotsReign On the Roster

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    I'd much rather see the people who are being foreclosed upon, get to live in the house a while for free than some OWS people try to do it. Heck, many of them paid a lot of mortgage payments before being foreclosed on.
    Last edited: Dec 11, 2011
  20. PatriotsReign

    PatriotsReign On the Roster

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    One of the saddest parts of divorce is it's affect upon other family members. Not only does it create "situations" for your grandchildren, it affect you and your wife as well. I guess that's life...but it still sucks for you.

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