[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
Generic_Detractor2021 said:
Roughly a month since the last update. I'm starting to think this POS got away with this one too..
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Apparently Connecticut courts are glacially slow with property cases at the best of times, and these are the worst of times. I really don't think the mortgagee is even in a huge rush in such a shitty market. But yes every part of the whole financial saga has been pure pigroach luck. At least he's back to racking up gacha debts again and won't have bankruptcy to run back to.
 
AnOminous said:
Apparently Connecticut courts are glacially slow with property cases at the best of times, and these are the worst of times. I really don't think the mortgagee is even in a huge rush in such a shitty market. But yes every part of the whole financial saga has been pure pigroach luck. At least he's back to racking up gacha debts again and won't have bankruptcy to run back to.
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They also made their money back off of him.

He bought the property in mid-2009 and defaulted some time in early- or mid- 2019. Rounding this down to 9.5 years the $733/month mortgage works out to a total of $83,562 in principal + interest plus at least a 3% (~$3,800) down payment for a total of just over $87,000. The paperwork goes out of its way to say the $733 is principal + interest only so we don't have to speculate about how much of that was earmarked for HOA fees or taxes.

The appraisal supporting the motion for strict foreclosure reports a deprecated value of $59,000. So that's $59k + $87k = $146k on a mortgage with a value of $130k or a net gain of about $16k before even if they walked away right now.

This is all compounded by Phil's decision to no-show - MidFirst can set whatever schedule they like since the judge has agreed he does not even need to be served anymore. If he had lawyered up back in 2019 things might be moving more quickly because expedited schedules are a common way to trip up opposing counsel.
 
So basically they know what kind of idiot they're dealing with, and are therefore taking their dear sweet time? Sounds about right.
 
Apparently the foreclosure is still getting stretched like old chewing gum. Josh wrote down his stream before he gave up on listening because he had better things to do than getting berated on the pahsitibity of verified PayPal accounts.

Phil still pays for the condo.
$400 each month.
Which is total bullshit dood, they can't just keep on demanding the money he owns them.

[sad snorty noises]
 

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Wurstbrot said:
Apparently the foreclosure is still getting stretched like old chewing gum. Josh wrote down his stream before he gave up on listening because he had better things to do than getting berated on the pahsitibity of verified PayPal accounts.

Phil still pays for the condo.
$400 each month.
Which is total bullshit dood, they can't just keep on demanding the money he owns them.

[sad snorty noises]
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I'm struggling to believe this.

I think Phil would have complained about it before now if it was true. Is this Phil "recycling" old bills in order to beg for pitty money?
 
Mr. Brown said:
I'm struggling to believe this.

I think Phil would have complained about it before now if it was true. Is this Phil "recycling" old bills in order to beg for pitty money?
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From what we can tell this is true. I have no idea how this makes sense but surrendering the property in the bankruptcy would have settled the mortgage only. Collateral fees like the HOA would have been a separate debt and each month he missed would have been considered a new, non-dischargeable one. I noticed he didn't whine about the property tax (which is normally withheld as part of your mortgage payment in America) but again, the laws here make no sense.


EDIT: Ninja'd by @actually

This is also a friendly reminder to all Kiwis listening that Phil spent about $733 in mortgage + $400 in HOA fees a month for almost five years after moving to Renton. That's just under $68,000 before accounting for things like fees for being connected to utilities; even if you say his gout aunt lived there half that time and covered the expenses in full he paid over $30,000 for literally nothing.
 
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twattycake said:
From what we can tell this is true. I have no idea how this makes sense but surrendering the property in the bankruptcy would have settled the mortgage only. Collateral fees like the HOA would have been a separate debt and each month he missed would have been considered a new, non-dischargeable one. I noticed he didn't whine about the property tax (which is normally withheld as part of your mortgage payment in America) but again, the laws here make no sense.

EDIT: Ninja'd by @actually

This is also a friendly reminder to all Kiwis listening that Phil spent about $733 in mortgage + $400 in HOA fees a month for almost five years after moving to Renton. Even if you say his gout aunt lived there half that time and covered the expenses in full he paid over $30,000 for literally nothing.
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And he's paid even more for oily manpixels.
 
twattycake said:
From what we can tell this is true. I have no idea how this makes sense but surrendering the property in the bankruptcy would have settled the mortgage only. Collateral fees like the HOA would have been a separate debt and each month he missed would have been considered a new, non-dischargeable one. I noticed he didn't whine about the property tax (which is normally withheld as part of your mortgage payment in America) but again, the laws here make no sense.


EDIT: Ninja'd by @actually

This is also a friendly reminder to all Kiwis listening that Phil spent about $733 in mortgage + $400 in HOA fees a month for almost five years after moving to Renton. That's just under $68,000 before accounting for things like fees for being connected to utilities; even if you say his gout aunt lived there half that time and covered the expenses in full he paid over $30,000 for literally nothing.
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And because he only paid the minimum, he only got the balance down to ~$100k on a $128k mortgage in about 10 years.
 
Not surprised he has to pay on HOA fees since you have to pay that until the condo sells. Also not surprised he didn't say anything until now because if he had said it earlier he was paying HOA fees still then the trolls would laugh at him. And guess what we are laughing at him.
 
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actually said:
And because he only paid the minimum, he only got the balance down to ~$100k on a $128k mortgage in about 10 years.
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I still don't understand how he was able to get a mortgage on the second place at all. There's no way he had 20% for a down payment and I'm pretty sure the first one was a fha loan. I don't think you can have multiples of those. Maybe they took his word for it on income or something.
 
AnOminous said:
Apparently Connecticut courts are glacially slow with property cases at the best of times, and these are the worst of times. I really don't think the mortgagee is even in a huge rush in such a shitty market. But yes every part of the whole financial saga has been pure pigroach luck. At least he's back to racking up gacha debts again and won't have bankruptcy to run back to.
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The Fairfield County CT market is red fucking hot right now because of the escape from NYC rush. It's not a shitty market. It's a record sellers market in all areas in driving distance from the city in CT, NJ, and upstate. Stratford is hot because its commuting distance to the city by car and train. If he just listed it for sale now it would sell instantly. Ya junky condo's are normally worthless but now with COVID stuff they have a little bit of value in that area.
Here is another unit in the complex for sale for 155K
Here is another nearby kinda like it that just sold for 155K
The Zillow estimate is up to 98K on his unit
And the courts are not moving slow... they are stopped. The moratorium on gov backed mortgage foreclosures in CT isn't up until Feb 28th. He has a FHA loan right?

Joshuan Moon said:
I still don't understand how he was able to get a mortgage on the second place at all. There's no way he had 20% for a down payment and I'm pretty sure the first one was a fha loan. I don't think you can have multiples of those. Maybe they took his word for it on income or something.
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You can't get a 2nd FHA loan but you could get some other type. They have loans now you don't have to put down 20%. You just have to pay PMI. Not as good interest rate as a conventional loan of course.

Here are the updated costs for unit 333 in that complex.
Capture.PNG
 
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twattycake said:
From what we can tell this is true. I have no idea how this makes sense but surrendering the property in the bankruptcy would have settled the mortgage only. Collateral fees like the HOA would have been a separate debt and each month he missed would have been considered a new, non-dischargeable one. I noticed he didn't whine about the property tax (which is normally withheld as part of your mortgage payment in America) but again, the laws here make no sense.


EDIT: Ninja'd by @actually

This is also a friendly reminder to all Kiwis listening that Phil spent about $733 in mortgage + $400 in HOA fees a month for almost five years after moving to Renton. That's just under $68,000 before accounting for things like fees for being connected to utilities; even if you say his gout aunt lived there half that time and covered the expenses in full he paid over $30,000 for literally nothing.
Click to expand...
Of all the pinwheel things DSP did, this had to be #1.

DSP moved across the country and never at any point attempted to sell or even rent out the old condo. He just kept paying like $3000 combined for two mortgages and HOAs for YEARS.

Did we ever get confirmation of the aunt story? Because I don't buy that for a second.
 
Jump said:
That part of CT market is red fucking hot right now because of the escape from NYC rush. It's not a shitty market. It's a record sellers market in all areas in driving distance from the city in CT, NJ, and upstate. Stratford is hot because its commuting distance to the city by car and train. If he just listed it for sale now it would sell instantly.
Here is another unit in the complex for sale for 155K
Here is another nearby kinda like it that just sold for 155K
And the courts are not moving slow... they are stopped. The moratorium on gov backed mortgage foreclosures in CT isn't up until Feb 28th. He has a FHA loan right?


You can't get a 2nd FHA loan but you could get some other type. They have loans now you don't have to put down 20%. You just have to pay PMI. Not as good interest rate as a conventional loan of course.
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Soooo is this happening again and DSP is the stripper at 4:50? Please say yes I want to buy the dip, the WuFlu didn't kill enough boomers and the money printer and swarms of fleeing cosmopolitans are making everything ass expensive.

 
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Jump said:
I don't think this is like 2008 at all. No one knows what the fuck is going to happen when the moratoriums come off.
This chart is from Nov/2020. Every month the government extends the moratoriums it just makes the problem worse. It's so scary no one is even talking about it.
View attachment 1897250
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I am so glad I don't live in a shithole country.

Gonna be a glorious collapse looking at that.
 
Salubrious said:
Of all the pinwheel things DSP did, this had to be #1.

DSP moved across the country and never at any point attempted to sell or even rent out the old condo. He just kept paying like $3000 combined for two mortgages and HOAs for YEARS.

Did we ever get confirmation of the aunt story? Because I don't buy that for a second.
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They have property management companies that just take a cut of the rent and will do all the hard stuff for you. There really was no excuse.
 
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