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

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Will DSP file his bankruptcy before MidFirst Bank gets their hands on his WAkhando?

  • Yes

    Votes: 112 51.9%

  • No

    Votes: 104 48.1%
  • Total voters
    216
Kosher Dill said:
There won't be a deficiency. Bridgeport is the hot new vacation town and Midfirst is going to make money hand-over-fist when they sell the place. Just like Phil could have if he didn't go for the quick fix.
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Honestly Midfirst making a huge profit on the sale is even funnier because all that money could have been Phil's if he wasn't so fucking weird.
 
Balr0g said:
Why'? Didn't Midfirst gain a relief from stay? Shouldn't that mean that the condo is excluded from the bankruptcy? At the very least Phil did Nothing and Midfirst has the Option to go forward with what ever comes next., Either way it will be interesting.
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When you enter into bankruptcy you get a stay from collections. It tells the debt collectors to calm down so they don't all jump down your throat after hearing the phrase so you can figure out what filing you get, what you're keeping ,etc. The only relief Midfirst got was they asked to continue trying to collect for the CT Condo. I don't think it includes an exception from the bankruptcy. The fact they're still sending notices to him about no replies, no shows, and judgements makes me think they have a chance to collect something. I can't imagine it'd take upwards of 6 months to kill the contract with DSP after he's filed and was granted his bankruptcy, especially since it's not his primary residence so there's no risk of making him homeless, and especially since the bankruptcy was granted within 2 months and he surrendered the property in bankruptcy.

I honestly think they'd rather have the money than trying to sell a shitty condo during covid. Even if they can't get a defiency judgement, they might want to try for some lawyers fees and other costs that DSP has made MidFirst accrue while trying to resolve this. Worst case scenario for DSP is he has to pay the difference between the value (59,000) what he owes (101k) plus 50% of the difference of the sale cost minus the property value, which we won't know until it is sold in auction. Next worse case is DSP just owes fees which can probably range from the hundreds to thousands. Best case for DSP he just loses the CT condo without having to pay a dime.
 
LyteSydeByll said:
When you enter into bankruptcy you get a stay from collections. It tells the debt collectors to calm down so they don't all jump down your throat after hearing the phrase so you can figure out what filing you get, what you're keeping ,etc. The only relief Midfirst got was they asked to continue trying to collect for the CT Condo. I don't think it includes an exception from the bankruptcy. The fact they're still sending notices to him about no replies, no shows, and judgements makes me think they have a chance to collect something. I can't imagine it'd take upwards of 6 months to kill the contract with DSP after he's filed and was granted his bankruptcy, especially since it's not his primary residence so there's no risk of making him homeless, and especially since the bankruptcy was granted within 2 months and he surrendered the property in bankruptcy.

I honestly think they'd rather have the money than trying to sell a shitty condo during covid. Even if they can't get a defiency judgement, they might want to try for some lawyers fees and other costs that DSP has made MidFirst accrue while trying to resolve this. Worst case scenario for DSP is he has to pay the difference between the value (59,000) what he owes (101k) plus 50% of the difference of the sale cost minus the property value, which we won't know until it is sold in auction. Next worse case is DSP just owes fees which can probably range from the hundreds to thousands. Best case for DSP he just loses the CT condo without having to pay a dime.
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I hope he gets shafted from this little mistake here. Take him to the cleaners MidFirst!
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LyteSydeByll said:
I can't imagine it'd take upwards of 6 months to kill the contract with DSP after he's filed and was granted his bankruptcy, especially since it's not his primary residence so there's no risk of making him homeless, and especially since the bankruptcy was granted within 2 months and he surrendered the property in bankruptcy.
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I'm torn between thinking they have some master plan and that this is just some residual legal process that they have to finish. I can't imagine their top priority is getting access to a small condo that has sat unused for years in Bridgeport CT, a growing vacation town dangerous and high-crime urban area.
 
Do we have confirmation that he even notified Midfirst in the bankruptcy?

Him lying on his bankruptcy forms (related to the property) is a good one, can't wait for this to finally make it to court in 2-3 years and not much comes of it.

I swear, this guy gets away with everything because no one does their homework. If someone, anyone did more than a cursory glance in his direction, he would be nailed for tax fraud, bankruptcy fraud and enticing a minor across state lines.
 
tripmix said:
Yeah like a 1 bedroom khando in Connecticut lets say goes for $60,000 I bet DSP's Khando would go for twice that just because its been exposed to the autism vortex.
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I'm hoping for a "Beverly Hillbillies" scenario where they strike oil directly under the KHANDO and the place becomes worth millions.

"Black gold, Texas tea: oil, that is."
 
ReentryPhantom said:
I don't know what this means
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It means a default judgment against him will be entered unless he files an appearance (through counsel or otherwise) before that happens. So at the very least he loses the kahndo and possibly a deficiency judgment will be entered against him after they (probably) short sell in this shitty market.
ReentryPhantom said:
He may be okay there, because technically he didn't foreclose until after that
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He has to actually make that argument though. If he just blows it off he waives that.
 
DarkSoulsPhil said:
Do we have confirmation that he even notified Midfirst in the bankruptcy?

Him lying on his bankruptcy forms (related to the property) is a good one, can't wait for this to finally make it to court in 2-3 years and not much comes of it.

I swear, this guy gets away with everything because no one does their homework. If someone, anyone did more than a cursory glance in his direction, he would be nailed for tax fraud, bankruptcy fraud and enticing a minor across state lines.
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They were notified in some fashion because there's paperwork in the CT condo case noting that a bankruptcy had been filed, MidFirst hired someone to get the automatic stay lifted in the WA case, and then they proceeded with the CT condo case after getting that stay lifted. The only question at this point is whether or not they pursue Phil for any of the owed money after selling the CT condo.
 
DarkSoulsPhil said:
I swear, this guy gets away with everything because no one does their homework. If someone, anyone did more than a cursory glance in his direction, he would be nailed for tax fraud, bankruptcy fraud and enticing a minor across state lines.
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Didn’t Philip just throw one his temper tantrums about how the world would be a better place if people cared more about their jobs instead of doing the bare minimum, or something to that effect? If Nancy had done her due diligence in the bankruptcy case, he would have had his case thrown out and would have been told to grow the fuck up and pay his bills like a big boy.
 
So, in the thanksbegging stream Phil talked about the foreclosure process. He seems awfully sure that nothing will happen to him.

According to him, he surrendered the property during the bankruptcy proceedings and midfirst accepted it in order to accelerate the foreclosure. Therefore, as soon as they sell the property, that's it. He won't have to pay for anything.

I wish he were wrong. But he said that his lawyer explained that to him during the bankruptcy, so it seems like he really will get off scott-free once more.
 
DZoomer said:
So, in the thanksbegging stream Phil talked about the foreclosure process. He seems awfully sure that nothing will happen to him.

According to him, he surrendered the property during the bankruptcy proceedings and midfirst accepted it in order to accelerate the foreclosure. Therefore, as soon as they sell the property, that's it. He won't have to pay for anything.

I wish he were wrong. But he said that his lawyer explained that to him during the bankruptcy, so it seems like he really will get off scott-free once more.
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He could also be covering his tracks like usual, so if (big if) he gets fucked he can immediately shift the blame onto somebody else "Once again I have done absolutely nothing wrong, that dumb bankruptcy bitch fucked me over!"
I'm just basing this on past behavior though, for all we know she did actually tell him that and thus he will get away with it.
 
Martys_not_smarty said:
So with this STRICT foreclosure does this mean Piggy isn't safe even with the bankruptcy?
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There are three parts to your question here.

* First, strict foreclosure just means that MidFirst is entitled to their money based on the appraised value as soon as the judge approves the foreclosure rather than waiting for the actual foreclosure sale. So it speeds things up on their end, which is smart when foreclosure sales in CT are already being pushed into 2021, but the type of foreclosure doesn't give Phil or MidFirst special rights or liabilities. So despite the scary name this does not really change whether or to what extent Phil is liable.

* Second, it is not clear how the deficiency interacts with the bankruptcy - AnOminous and I have both looked up CT law and it is not clear whether foreclosure after discharge creates a new debt or is an extension of the discharged mortgage. I also can't figure out if this is because the case is just a no-brainer or if it's such an odd set of circumstances that nobody's bothered to consider it. The sequence of foreclosure filing -> bankruptcy filing -> bankruptcy discharge -> foreclosure seizure does not seem that unusual so unfortunately my gut reaction is "probably safe".

* Third, we will not know what MidFirst's next step is unless they sue Phil in a follow up case - collecting on the deficiency would be a separate suit altogether and they are not obligated to tell the judge if they do not plan to pursue it.
 
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twattycake said:
* Second, it is not clear how the deficiency interacts with the bankruptcy - AnOminous and I have both looked up CT law and it is not clear whether foreclosure after discharge creates a new debt or is an extension of the discharged mortgage.
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And the law could actually favor Phil while his failure to actually make the argument (by just blowing it off) still leaves him open to a default judgment and a waiver of any right to challenge the case on its merits. So Phil could be just relying on his bk lawyer's (possibly true) claim they can't collect a deficiency judgment after the foreclosure, which she may have given (if Phil isn't lying about that) not realizing Phil is so stupid he planned to just blow it off and default.

Tbh I'd be amazed if there isn't actually a case about this in Connecticut but I have done nothing remotely like real research on it.
 
Malcolm Tucker said:
Would Phil's burying his head in the sand have any influence on Midfirst's thinking?

Surely if they see someone who completely ignores all proceedings they're more likely to take the chance of going after the deficiency?
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Maybe, but not because it will piss them off. If they think they can sneak in a win because of his inattention they'll do it. Now what might actually piss them off is Phil publicly flipping them off and telling them to go fuck themselves.
 
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