illegal applicant (by Kim [TN]) Jun 3, 2018 3:11 PM|
illegal applicant (by DJ [VA]) Jun 3, 2018 6:37 PM
illegal applicant (by AllyM [NJ]) Jun 3, 2018 6:54 PM
illegal applicant (by cjo'h [CT]) Jun 3, 2018 10:56 PM
illegal applicant (by Robert J [CA]) Jun 3, 2018 11:41 PM
illegal applicant (by myob [GA]) Jun 4, 2018 5:11 AM
illegal applicant (by Vee [OH]) Jun 4, 2018 5:39 AM
illegal applicant (by Jeff [CO]) Jun 4, 2018 5:55 AM
illegal applicant (by Kim D [TN]) Jun 4, 2018 6:27 AM
illegal applicant (by GKARL [PA]) Jun 4, 2018 8:45 AM
illegal applicant (by Landlord ofthe Flies [TX]) Jun 4, 2018 1:32 PM
illegal applicant (by BRAD 20,000 [IN]) Jun 4, 2018 2:31 PM
illegal applicant (by Kim [TN]) Posted on: Jun 3, 2018 3:11 PM
State Specific Question About: TENNESSEE (TN)
We just bought and rehabbed a house, took over the title subject to existing financing. After we closed, a disgruntled family member (attorney) with no legal interest in the property, put a lien on it so we can't sell it, and is suing us with frivolous charges. (Bogus claims, seller was going to foreclosure.) We put 38K into it so far, to fix and maintain the property. I need to get a month to month renter in there asap. Month to month because all my money is tied up in it and the plan was to sell it immediately after rehabbing it. I cannot find month to month renters no matter how hard I try, except for an illegal applicant with only a passport. No TIN number. He is married though but I haven't met his wife yet. She has a Chase bank account. Wouldn't she need more than a passport to open a bank account? A TIN #? He is a gentle man and showed me some of his paystubs. Seems like income is not a problem and the motivation level is very high. They have a baby too. He and his wife are meeting me tomorrow to fill out the applications, with an interpreter. I NEED the money. It costs 2K/month for this vacant house. I'm hoping the lawsuit can end sometime in the next few months. Is there any legal ramifications for letting this family sign a month to month lease and move in right away? --108.68.xxx.xxx
illegal applicant (by DJ [VA]) Posted on: Jun 3, 2018 6:37 PM
OH my! I don't have any advice except for the future.
NEVER spend money on a property you don't own!! Now you know why.
Good luck --68.10.xxx.xxx
illegal applicant (by AllyM [NJ]) Posted on: Jun 3, 2018 6:54 PM
You don't have a choice. How bad can it get for the renter and his wife and child? Can this family member force them out? Are you going to sell it out from under them if the suit gets heard and goes in your favor? Lot's of pain here. --73.178.xxx.xx
illegal applicant (by cjo'h [CT]) Posted on: Jun 3, 2018 10:56 PM
Why is it costing you so much per month.............charlie...........................sounds like a lot for a $38,000 north......chArlie....................... --174.199.xx.xx
illegal applicant (by Robert J [CA]) Posted on: Jun 3, 2018 11:41 PM
Unless the lender approved the deal, called a wrap around all inclusive, you may be in big trouble. Before you went forward you should have consulted with a real estate attorney.
With an attorney filing a claim on the title and you may not hold a legal claim on the property -- this may be putting good money after bad money.
As a contractor I've fixed up homes and the owners tried to stiff me out of making payments. Since I had a contract I filed a lien against the property and then perfected the lien by filing suit. Then some of the owners filed bankruptcy and their lenders started foreclosure.
Before the property went on auction, since I had a valid lien, I was given the chance to pay off the first mortgage and get title. Do you have an extra few hundred thousands of dollars to pay down a loan? Well lucky for me I work within my comfort zone and never bite off more than a can chew.
Again, consult with a real estate attorney, pay for his service. Free advice isn't worth much... Good luck. --47.156.xx.xx
illegal applicant (by myob [GA]) Posted on: Jun 4, 2018 5:11 AM
The rents may also belong to the "family member" who just came out of the wood work.
I posted to WWYD w/cheap parcel and gave advise about his hot iron in the fire-- would suggest you use the same remedy.
Remove hot iron from fire and place on lips. That should cure whatever you've been thinking for the future in INVESTING.
What you've done isn't investing-- it's casino royal. --99.103.xxx.xxx
illegal applicant (by Vee [OH]) Posted on: Jun 4, 2018 5:39 AM
Bad investment, who has the deed to the property? --76.188.xxx.xx
illegal applicant (by Jeff [CO]) Posted on: Jun 4, 2018 5:55 AM
I guess I am the only one who doesn't understand your post. "We just bought and rehabbed a house, took over the title subject to existing financing. After we closed..."
I take that to mean that, since you BOUGHT it, it's yours. It's in your name, and you assumed the loan.
How can someone who has no interest in the property put a lien on it? This doesn't sound right.
illegal applicant (by Kim D [TN]) Posted on: Jun 4, 2018 6:27 AM
The family knows I want to sell it when I can. They will live there as long as they can. The property was placed into an LLC and we bought the LLC. So the mortgages became our responsibility. The family member has zero money into that house. We own the LLC. House is worth 280K. --108.68.xxx.xxx
illegal applicant (by GKARL [PA]) Posted on: Jun 4, 2018 8:45 AM
Still a wrap around and the lawsuit will probably trigger the due on sale clause. --172.58.xxx.xx
illegal applicant (by Landlord ofthe Flies [TX]) Posted on: Jun 4, 2018 1:32 PM
This is what title insurance is for. Consult with them. Hopefully you got title insurance. --108.69.xxx.xxx
illegal applicant (by BRAD 20,000 [IN]) Posted on: Jun 4, 2018 2:31 PM
Flies just beat me to it - title insurance.
NEVER do a kitchen table closing.
Hire a GOOD real estate atty. Be certain you respond to the INTENT TO FILE A LIEN within the deadline.
Renter: by Federal Fair Housing Law you cannot discriminate against a person based on their national origin. The related "protected class" is citizenship. There is no law that says you cannot rent to a non-citizen.
Our non-English speaking residents are great workers, always pay on time, pay in cash to our Walk In Bank Deposit Account.