Nicholas Robert Rekieta / Rekieta "Law" / Actually Criminal / @NickRekieta - Polysubstance enthusiast, "Lawtuber" turned Dabbleverse streamer, swinger, "whitebread ass nigga", snuffs animals for fun, visits 🇯🇲 BBC resorts. Legally a cuckold who lost his license to practice law. Wife's bod worth $50. The normies even know.

[Rome's rightful successor]

Can we crowdfund some money to buy it? We can probably get our money back if we vacuum the cocaine out of the carpets.

I am willing to pitch in if someone wants a roommate.

 

[Kosher Dill]

If it was a reverse mortgage the bank would be PAYING HIM every month.
It's just a normal mortgage or home equity loan.

Yes, I went and pulled the records for this (document #686500 for Kandiyohi County, MN) and it's just a regular mortgage, the Rekietas (as trustees of the Robert Lord Property Trust, a revocable trust) borrowed and the bank loaned the money.

 

[JohnnyG]

He reverse mortgaged himself into foreclosure?

he took out a reverse mortgage on his house

A reverse mortgage no less.

"Reverse mortgage" is when old people take out their equity while still living in the house. It's "reverse" because the bank pays them a monthly mortgage (although some are lump sum). There's no fixed term since they keep the house until death, and you usually have to be 55+

Nick got a regular 30yr (or whatever) mortgage, he just didn't get it at the time of purchase. @Null pls fix reeeeeeee

Is this kind of thing basically a fire sale auction?
If it's a low demand area it could actually make sense to just snipe the auction and hope to get it for way less.

What should happen is the house goes for what it's worth, and the bank gains or loses accordingly. But often the bank won't accept less than the outstanding amount.

They might set a starting bid, have a (secret) reserve price, or have the right to submit a final bid if "real" ones are too low. But if the house is worth comfortably more than the 306k remaining on the note, someone will bid at least that much.

Over leveraging yourself on too much house and losing it is dumb. Taking a house you own, pulling out a fraction of the equity, and letting that go to foreclosure is even dumber.

 

[Vibralldo]

2022?
Like before the total implosion?
More credence to the fact that the drugs didn't change him, they just exposed his true nature.

Since he let his mortgage lapse I'm thinking Nick was a whiny little faggot that felt "trapped" in his cushy job, nice house, and stable family life to the point he was embracing nihilism and letting everything fall apart around him. The cocaine and sex was the first time he felt alive, and now that's being taken from him again.

A very funny and weird way to end 2024. Thanks, Nick!

 

[John Andrews Stan]

So what the fuck did Nick do with the $316k that he received BEFORE the Depp/Rittenhouse superchats and BEFORE his big money Rumble deal? That’s a LOT of fucking cocaine!

 

[beautiful person]

My father (who has never given me cocaine) always taught me that reverse mortgages are fucking retarded.

This is false. It's a normal mortgage. Revers mortgages are a different animal. He got a loan that collateralized with his house. He needed to pay monthly. He stopped paying.

Small correction to the community note--this is a mortgage, not a "reverse mortgage." A "reverse mortgage" is when the bank pays you monthly payments in exchange for your property.

This is what I get for commenting before catching up on the thread. Still a fucking retarded move, though.

Found the nearest shelter..... bad news is they only take women

View attachment 6804373

Troon arc when?

 

[neger psykolog]

What should happen is the house goes for what it's worth, and the bank gains or loses accordingly. But often the bank won't accept less than the outstanding amount.

They might set a starting bid, have a (secret) reserve price, or have the right to submit a final bid if "real" ones are too low. But if the house is worth comfortably more than the 306k remaining on the note, someone will bid at least that much.

Over leveraging yourself on too much house and losing it is dumb. Taking a house you own, pulling out a fraction of the equity, and letting that go to foreclosure is even dumber.

Interesting. I did take a look at the Zillow and it says like 700-800k market price but from what I recall he lives in a fairly remote area which might mean finding a buyer could take months.

I don't know how "remote" it is though not fast properties move in the area.

 

[TrainWreckWatcher]

I lived through the CWC content drought. It always comes back.

And sometimes it comes back with ABSOLUTE INSANITY.
Not only the second house but the current one?
Oh my lord.

 

[Niggernerd]

Troon arc when?

With the way he acts and the time his kid saw him in girls clothes acting like a woman. That shipped sailed years ago

 

[Pelican Bones]

This is what I get for commenting before catching up on the thread. Still a fucking retarded move, though.


Troon arc when?

FWIW if anyone could actually get foreclosed on in a reverse mortgage, Nick would find a way.

 

[Septic Tank Bomber]

It's going to be very awkward to snort cocaine in your parents house....
Not if your name is Austin of course. #FreeBossmanJack

 

[Rick Nekieta]

Interesting. I did take a look at the Zillow and it says like 700-800k market price but from what I recall he lives in a fairly remote area which might mean finding a buyer could take months.

I don't know how "remote" it is though not fast properties move in the area.

Willmar has an incredibly rough and competitive real estate market right now. Willmar is 11 miles away from Spicer. Check out what 300K can get you in Willmar. I am uncertain what level of investment is needed to bring this property to code, but with 100+ days on market, I am guessing it is considerable.

https://www.krislindahl.com/property-search/mn/willmar/56201/539-pacific-avenue-sw/24194091_spid/

 

[Balldo's Gate]

To be clear with the speculation:

The mortgage was taken out in April 2022.

Nick wasn't sued by Monty for defamation until December 2022.
Nick also insisted that he hadn't ever done coke during streams during the Depp trial (shortly after the mortgage was taken out). He admitted that he had tried coke for the first time following his Hedo II vacation in August 2022.

Not really clear why he took out the mortgage.

"Reverse mortgage" is when old people take out their equity while still living in the house. It's "reverse" because the bank pays them a monthly mortgage (although some are lump sum). There's no fixed term since they keep the house until death, and you usually have to be 55+

Correct, but to be fair I already edited the word "reverse" an hour+ ago
....Nevermind, I missed one of the occurrences

Over leveraging yourself on too much house and losing it is dumb. Taking a house you own, pulling out a fraction of the equity, and letting that go to foreclosure is even dumber.

It's beyond stupid, it's more stupid than a reverse mortgage. The principal was less than half what he paid for it and probably about a third of what the house is worth now

 

[Owlbear]

Troon arc when?

I was originally expecting: divorce -> homeless -> troon -> dead

What we seem to be getting: homeless -> troon -> dead -> Kayla finally notices when she comes up for more pills

Some people up the thread were theorizing that this may be part of the divorce arc, but we have no evidence of a divorce yet. If a divorce is on the way, some may come in the next couple of months.

 

[Rick Nekieta]

To think, all he had to do to avoid this was NOT post that pic of the bottle in his butt.

 

[Kosher Dill]

("NUMBER 27" seems to be a typo for "November 27")

If I'm understanding this correctly (lawyers please advise) this means the trust is on the hook for whatever the Qover signed in its name, right?

 

[ColinQuinnsStent]

Paying your mortgage is not a good choice, it's not a bad choice; it is a choice that is neutral.

 

[SomeGuy1111]

from what I recall he lives in a fairly remote area which might mean finding a buyer could take months

If it goes up for auction then someone will snatch it up instantly. It's basically free money if you get it for less than 700k. I feel so bad for Nick's kids

 

[Pelican Bones]

Not really clear why he took out the mortgage.

Anyone know the time frame that he started talking about installing a sex dungeon under the kids' playroom?

 

[Prokhor Zakharov]

Imagine losing a house for $307k when it's value is 845k. That's insane.