[Dec 15 2019] Foreclosure Saga - http://civilinquiry.jud.ct.gov/CaseDetail/PublicCaseDetail.aspx?DocketNo=FBTCV196091825S

[Dizzyuntildeath]

Midfirst is seeking to foreclose against both DSP and Deerfield Woods Condominium Association. The "failure to plead" is on the part of the condo organization, not DSP. He already failed to appear and so already defaulted. Since those were the only defendants, MidFirst has secured the condo.

They filed in June for a Strict Foreclosure, which seeks to take the property without deficiency. They state their claim (for procedural reasons) as $103k on the loan itself - presumably, this cannot be collected under a strict foreclosure - and just under $2,500 for taxes, insurance, and legal fees. I don't know if they could claim that amount from DSP, but if they do, I'm sure his defense of ignoring everything would be sufficient.

So no spicy dragging Phil through the mud for him allowing to take the condo back?

How.... disappointing.

 

[Freshtodeath]

 

[DiabeticSP]

View attachment 1708416

So since the value tanked while Phil owned it, Phil owes the difference between its market value and what he is on the hook for?

Basically: Phil Debt - FMV = What they can sue him for?

 

[Freshtodeath]

I forget I think Actually said it was somewhere around 30k. Of course there is no guarentee it will happen just that Midfirst has the option if they want it. What exactly do they want with a shitty CT condo if not to seek a judgement? lol

 

[Quantum Diabetes]

Phil will summon all 12 Egyptian god Hulk Hogan cards to destroy his asshole as was foretold in the Goutnomicon

So he's bankrupt and got a foreclosed home. What next?

 

[LyteSydeByll]

So since the value tanked while Phil owned it, Phil owes the difference between its market value and what he is on the hook for?

Basically: Phil Debt - FMV = What they can sue him for?

He could potentially be on the hook for the amount that he owes ($101k) minus the fair market value (60k?) plus 1/2 of the difference of fair market value and what it auctions for. So if it only sells for 55k, then he owes 1/2 of 5k ($2500 if the math is too hard for you) on top of the $40k he'd owe in the difference of loan versus property value. (~$42,500)

I scrolled back to the Sept 15th posting of the "please appear or plead by October of we will rule in default of the bank" notice but I don't see anything that describes Midfirst going for a strict foreclosure, so does that mean a deficiency can still be on the table?

 

[Agent Proper]

He could potentially be on the hook for the amount that he owes ($101k) minus the fair market value (60k?) plus 1/2 of the difference of fair market value and what it auctions for. So if it only sells for 55k, then he owes 1/2 of 5k ($2500 if the math is too hard for you) on top of the $40k he'd owe in the difference of loan versus property value. (~$42,500)

I scrolled back to the Sept 15th posting of the "please appear or plead by October of we will rule in default of the bank" notice but I don't see anything that describes Midfirst going for a strict foreclosure, so does that mean a deficiency can still be on the table?

On June 9th MidFirst filed their motion for the judgement of a strict foreclosure. At the same time they got the appraisal done on the CT condo. MidFirst has played a great game so far and they are very close to taking that $42,500 and if they do get it what will that lead to? A lean on the Snort Fort?

 

[UncleTusky]

MidFirst has played a great game so far and they are very close to taking that $42,500 and if they do get it what will that lead to? A lean on the Snort Fort?

It is not clear but that is the most likely outcome. None of us could find a law that clearly discusses how the foreclosure timing interacts with his bankruptcy but it seems extremely unlikely that they would go through all this without some endgame. As an aside if they sue for a lien and he does not contest it it will be granted even if it was meant to be discharged in the bankruptcy.

A lien saga would be less fun than the foreclosure or bankruptcy, they would let him keep the property and only collect when he sells it or dies. Even the threat of nuking his credit is toothless when he already has a bankruptcy and foreclosure on his record.

It's retarded but I can't see much humor in this story going forward sadly.

 

[DukeMorty]

Not a Lawyer who knows Bird Law but when I did some investigation. Based on the fact he declared bankruptcy and got the best one, he doesnt have to pay any difference of what it is valued versus what he owes. The only thing he would pay would be HOA fees, insurance fees and state taxes. Now what I read there are some cases where it takes months to years to sell a home so the defendant pays those fees for a while. Also court fees could be a thing Midfirst Bank could get him on but I didnt find anything that states court fees are abolished due to bankruptcy. So at worst he pays those court, HOA, insurance, and state tax fees. At minimum he gets away like fat gouty bandit. Again not a Lawyer who knows Bird Law just a person with dial up and Google.

 

[tzgnilki]

It is not clear but that is the most likely outcome. None of us could find a law that clearly discusses how the foreclosure timing interacts with his bankruptcy but it seems extremely unlikely that they would go through all this without some endgame. As an aside if they sue for a lien and he does not contest it it will be granted even if it was meant to be discharged in the bankruptcy.

A lien saga would be less fun than the foreclosure or bankruptcy, they would let him keep the property and only collect when he sells it or dies. Even the threat of nuking his credit is toothless when he already has a bankruptcy and foreclosure on his record.

It's retarded but I can't see much humor in this story going forward sadly.

worst case scenario is probably a lien, but we gonna be here in 40yrs to laugh when midfirst collect

I remember reading a lien holder can force a sale to collect their $$$, this is why it was important for dsp to respond

he has no idea whether or not they want to pursuit a lien, or if they want to force a sale, he has just had some bottom barrel bankruptcy lawyer spew some generic info at him and he has decided to take that as gospel, remember the last time he took a professional's word as gospel? he ended up with a $20k tax bill

so there's still a chance we get some memes and i'm predicting he'll blame this bankruptcy lawyer for telling him not to worry about it

he did say his tax attorney-general forced him to do something yesterday, so that 100% had something to do with the foreclosure

the deficiency is also considered taxable income (if midfirst don't collect), it doesn't just evaporate and you can't claim this as a business expense like WWE Champions, this was probably what phil and his tax guy had to deal with yesterday, have fun with that in 6 months phil lmao

source

 

[Balr0g]

So Phil would have an extra 40k income? Dood he could buy all the upgrades he ever wanted. Wait *snort* That's not Money in my bank account? Bugged income mechanics! I have to pay taxes for Money I never got!

 

[AnOminous]

It is not clear but that is the most likely outcome. None of us could find a law that clearly discusses how the foreclosure timing interacts with his bankruptcy but it seems extremely unlikely that they would go through all this without some endgame. As an aside if they sue for a lien and he does not contest it it will be granted even if it was meant to be discharged in the bankruptcy.

I don't know what their plans were but it wouldn't make much sense to go through the judicial process when they could have just foreclosed nonjudicially and it would have been over a long time ago. They might have changed their minds as to whether it's worth pursuing but I'd assume at least at the outset, they intended to pursue a deficiency judgment. At this point I'm just assuming whatever is most disappointing is what will happen though.

 

[wahkando]

worst case scenario is probably a lien, but we gonna be here in 40yrs to laugh when midfirst collect

I remember reading a lien holder can force a sale to collect their $$$, this is why it was important for dsp to respond

he has no idea whether or not they want to pursuit a lien, or if they want to force a sale, he has just had some bottom barrel bankruptcy lawyer spew some generic info at him and he has decided to take that as gospel, remember the last time he took a professional's word as gospel? he ended up with a $20k tax bill

so there's still a chance we get some memes and i'm predicting he'll blame this bankruptcy lawyer for telling him not to worry about it

he did say his tax attorney-general forced him to do something yesterday, so that 100% had something to do with the foreclosure

the deficiency is also considered taxable income (if midfirst don't collect), it doesn't just evaporate and you can't claim this as a business expense like WWE Champions, this was probably what phil and his tax guy had to deal with yesterday, have fun with that in 6 months phil lmao

source

View attachment 1709451

Forcing a sale of a primary home is close to impossible right now IMO

IF he's forced to pay anything at all it will be 30-40k on a 10000 year loan which he'll be really happy with because

1) he doesn't pay his loans
2) he will be able to use it for fund raising, it will be the new excuse and galvanizing whale call.
3) his home will probably gain another 150k in value before he even considers selling it

But he should be forced to pay that 40k. But knowing how little justice there is in the world, he'll probably get away with it.

 

[Balr0g]

You think Phil could stumble through this? He can't declare another bankruptcy for several years. And 40k is a lot of money especially for someone like Phil who seems to transfer most of his Money to Sopley or any other Gacha Company. Even his whales will be bled dry at one Point. ot to Mention the IRS might also be sniffing around considering his income.

 

[BScCollateral]

You think Phil could stumble through this? He can't declare another bankruptcy for several years. And 40k is a lot of money especially for someone like Phil who seems to transfer most of his Money to Sopley or any other Gacha Company. Even his whales will be bled dry at one Point. ot to Mention the IRS might also be sniffing around considering his income.

Phil will stumble through this, same as Channel Awesome. Unlike Spoony, he is still producing content and that's all he needs to do. You can fool some of the people all of the time, and that's enough to make a decent living.

 

[tzgnilki]

Forcing a sale of a primary home is close to impossible right now IMO

i'm just trying to bring something up that hasn't been recently discussed, trying to cover any kind of possibility cause we never know

plus it's always nice knowing dsp will come here to read everything & panic call his bankruptcy lawyer to make sure he can call us stupid

 

[DarkScrubPhil]

Correct me if I'm wrong, but doesn't the bankruptcy guard against the deficiency judgement? Meaning, MidFirst can take the CTondo, but they can't come after Phil for the remainder because of the bankruptcy.

 

[TankMelee]

Correct me if I'm wrong, but doesn't the bankruptcy guard against the deficiency judgement? Meaning, MidFirst can take the CTondo, but they can't come after Phil for the remainder because of the bankruptcy.

That's my assumption, but MidFirst bought a bad loan for their own ends, and people here want to see DSP punished. Personally I don't think a judge would allow them to collect if they tried to; their efforts started before the bankruptcy and they may not try for the deficiency, but the law is filled with minutiae and something bizarre could always happen. Even without it, there's also the possibility of court costs and other things related to the foreclosure procedure and not the actual property.

 

[AnOminous]

Correct me if I'm wrong, but doesn't the bankruptcy guard against the deficiency judgement? Meaning, MidFirst can take the CTondo, but they can't come after Phil for the remainder because of the bankruptcy.

It's up to him to argue that. If he just keeps blowing it off and ignoring it he'll lose a default.

Personally I don't think a judge would allow them to collect if they tried to; their efforts started before the bankruptcy and they may not try for the deficiency, but the law is filled with minutiae and something bizarre could always happen.

I think they'd argue the actual deficiency judgment is a new debt, and the original debt was extinguished with the foreclosure and turned into this new debt which they can now collect. I think this is a sleazy argument and don't think much of its chances in a contested proceeding but if the dumb fat fuck just does nothing he could lose a default judgment and then be unable to challenge it directly.

 

[Kosher Dill]

but MidFirst bought a bad loan for their own ends

Midfirst almost certainly bought Phil's loan as part of a huge package of bad loans, so they probably don't even have a particular plan for The Khando. They're just going to run it by their usual corporate playbook, whatever that may be.