Yeah but I don't see them bothering to go to the effort and expense of figuring out when he got it every month for the piddling amount it is. They'd have to catch him with money in the account and you can bet the instant it hits, he's buying nude dude jpgs. Maybe if they also had a deficiency judgment to go after.
Deficiency judgement might actually push them toward the lien unless they think they can extract a payment plan from him. Most people aren't going to have $20k+ just sitting around, even someone like Phil who 100% should with his income.
Along with "Fuck you I ain't paying" and "The camera was on" I'm sure.
Yeah, nothing has happened with the condo (at least as relates to the case) since September. The last action was the judge approving the request for fees filed by MidFirst's lawyer. The total was ~$2,300, but it's not clear if that full amount was billed and whether it was billed to Phil.
I believe it would have to show up on the record when it's satisfied.
I am guessing that it will show up when the full sale is completed like @Iron Hamster said and that Phil will have to "pay" for it. Just like he had to pay for his credit card bills
I'm not sure this bill is carried over contingent on a sale. I would think it has to be settled immediately.
Technically I think you are correct with the immediate sale but there is always the possibility of the court saying to Midfirst, this guy is going to end up owing money already and has filed for Chapter 7 in 2020. Throw it on top of the debt currently.
Damn. If they had waited like 6 more months, the real estate market would have crashed and it might have sold for 20k less. But 92k is still going to leave a massive chunk of debt the Dave can't bankrupt out of now
So what does that mean for Phil? The salesa price is higher then the Condo was worth when Phil left CT but still under the price Phil bought it (or rather the mortgage value) Would Midfirst whom I assume are the holder of the mortgage come for the deficency? Or leave it at those victories (getting a condo for cheap, getting a good chunk in fees from Phil)?
It's anyone's guess, really. Nobody involved in this whole saga seems particularly interested in getting their money.
Midfirst looks like they bought the mortgage for pennies on the dollar from whatever bank originally gave Phil the mortgage (can't remember right now). So they will probably come after Phil for the amount left on the mortgage to try and make money on it since thats how Midfirst makes money
My guess is "do nothing" because the cost of pursuing Phil could exceed the roughly $8,000 deficiency. Even crappy strip mall attorneys will bill over $100/hour and the question of "how does the foreclosure interact with a bankruptcy when the stay was lifted" is going to take some time and effort to research so this is a likely net loss for them unless they can sue him + a large number of other debtors in the same complaint.
I know fuck all about this stuff works across the pond so please forgive me if I'm being tarded here.
"On retainer" does not mean "paid the same either way", it means "the attorneys were paid up front and will bill against that until the money runs out". If you meant attorneys employed by the bank I don't know why but MidFirst hired a local firm rather than using their in house attorneys.
It's a small amount by their standards and they are probably suing for foreclosure constantly. Making an example of Phil is super unlikely because he is no different from their other deadbeats.
Thanks for taking the time to clarify.
I used retainer wrong, like what you guessed, I meant employed by the bank.