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Robert Buechler’s Answers

6 total

  • Do you have to pay property taxes on a foreclosed home? Owner died, does estate still have to pay?

    The bank foreclosed on home and has it up for sale. The city has sent the deceased owner a property tax bill and need to know if still liable to pay or does the bank pay the property taxes

    Robert’s Answer

    • Selected as best answer

    If the bank foreclosed and was the successful bidder at the foreclosure sale, and the redemption period has expired, then the bank is the owner of the property and is responsible for the property taxes. If the property is vacant and the bank has it listed for sale, it is likely that the redemption period has also expired.
    It is possible that the city treasurer has not updated the property owner information since the foreclosure sale.
    Under Michigan law, property taxes must be paid in order to transfer property, so the bank (or buyer) will have to pay them.

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  • Sueing a LLC that is no longer in operation, or changed owners?

    i was scamed out of almost 3 grand for a loan modification that never happened, I signed a contract garunteeing reimbursement if they couldnt get anything done with it... i never got a copy of it but have over 100 emails from them acknowledging t...

    Robert’s Answer

    Service on the resident agent would be appropriate. It sounds like you may have some additional claims for violations of the Michigan Consumer Protection Act, which would allow you to recover damages and attorney fees. You should probably have a good attorney review the documents that you have to see if you have any additional causes of action.
    However, if there is a question as to whether this company is still operating, you run the risk of spending time and money to get a judgment against a company that has no assets and is uncollectible. Again, reviewing your situation with an attorney will allow you to determine if you are able to pierce the corporate veil, or hold the members of the LLC liable for the debt.

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  • Home equity loan balloon payment is more than the house is worth. Loan is for $126,000 house worth about $40,000

    Can I get a loan modification for this when I owe more out than I have coming in. It's a tenant in common property.

    Robert’s Answer

    You should first contact your lender to see what modification options are available to you. The lender may be able to modify the loan to a term you can afford. As the other answer stated, you will need all owners of the property to contact the lender in order to apply for a modification.
    If the lender is unwilling to work with you, you should contact an experienced bankruptcy attorney to review your financial picture and run through your options, especially if you have other debt in addition to the home loan.

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  • I am losing my home. Should I stop making payments on a second loan that has a lien on my house?

    As I was signing papers for an emergency basement waterproofing project that was already scheduled, I realized that the loan was larger than expected, with a higher interest rate than quoted, and included a lien on my house. My finished basement...

    Robert’s Answer

    The company can sue you to collect on the debt when you default, and they do not necessarily have to wait "until the dust settles." If there are issues with regard to the work performed, you may have the ability to raise these as defenses, but it would depend on the terms of the contract. Failing to make payments will almost surely act as a default, which opens you up to the possibility of a lawsuit.
    If FCC recorded a lien on the property, your first mortgage company will most likely not take a deed in lieu of foreclosure, unless FCC agrees to release their lien.
    Your situation requires the assistance of an attorney to review your complete financial picture in order to advise you on whether you should stop making payments. As stated above, defaulting on the loan most likely allows FCC to sue you to collect.

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  • Should I consider strategic default?

    I bought a house in Detroit in 2000 (FHA) for 67000, currently owe 30000, it has renters who pay 650/month, my payment is 350/ month plus taxes. I bought my primary residence in 2010 and live in Plymouth MI. I am considering walking away from my...

    Robert’s Answer

    I agree with the previous answers suggesting that you attempt to work with the lender prior to just walking away from the property. While your comments suggest that you attempted this a few years ago, the market has changed, and lenders seem to me more willing to explore short sales rather than going through the foreclosure process. There are many attorneys and realtors that are experienced in these transactions, who could assist you with the negotiations. As you have experienced, the process can be tedious, time consuming and frustrating, but it is your best option to resolve this with the least amount of damage to your credit. Finding an attorney and/or realtor to assist you will take some of the burden off of you, and some professionals will agree to accept payment from the proceeds of the closing, rather than a retainer up front.
    The only way to know whether walking away is a realistic option is to meet with an experienced attorney to review your complete financial situation, and to lay out all of your options.

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  • Can I put a car in my name after filing bankruptcy but before the case is discharged?

    I recently filed for chapter 7 bankruptcy and my case hasn't been discharged yet. After filing for bankruptcy, a family friend wants to put a car title in my name. There will be no loan for it. I'm worried they might to take it before the case is ...

    Robert’s Answer

    Any property that you receive within 180 days after you filed your bankruptcy becomes part of the bankruptcy estate. This means you would need to amend your bankruptcy schedules to show the new asset. There is a possibility that the Trustee could attempt to sell the asset and use it to pay creditors. If the car is not valuable, or if you still have exemptions available, it should not be too much of an issue. However, your duty as a debtor while still in bankruptcy is to update the Court to any changes of circumstances, including you getting a new vehicle.
    You also need to consider your liability with regard to putting a friend's car in your name. Your question does not indicate why the friend wants to transfer the title. If it's because you have been driving the car, and they just want to make the transfer official, then it is less of a problem. If your friend is still driving the vehicle, you need to be concerned about insurance and your liability as the owner of the vehicle, should the car be involved in an accident.
    I cannot tell you what to do, but the above outlines some of the risks and responsibilities involved if you choose to put the vehicle in your name.

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