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.

[Jump]

I could be wrong, but I don't think Nick will get a penny of whatever it sells for. I think he's lost the house in its entirety.

The bank gets only gets what they are owed. That is all they are entitled to. (plus fees, goy). Nick gets what ever is left over.
It's technically the same deal when your car gets repo'ed. You would be entitled to any left over money from the auction(there never is) once the bank is made whole.

the word "reverse" nevertheless implies the main thing that makes this stupid,

I get where your coming from. But the hang up is there is an actual american boomer banking instrument called a "reverse" mortgage. And its literally impossible to get foreclosed on that, because the bank is paying you monthly. That is the reverse part.
Others and myself where sperging about it because getting foreclosed on a "reverse mortgage" makes zero sense.
Anyways, it doesn't matter now. Mods fixed the feature and my autism is satisfied.

 

[CarlosDanger]

Looks like dear leader has a house he can buy on his return to the US.

 

[Sicko Hunter]

Pictured: A man who manages his inheritance less terribly better than Nick
View attachment 6804493

Man, how old is Tooter at this point? He's been one of the oldest cows on this site for like a decade now.

 

[Xarpho's Return]

On closer reading, the "Robert Lord property trust" seems to be public confirmation that Nick Rekieta is a trust fund brat. The timing of the mortgage is also suspicious, since it's a bit too early for the time that the superchats really dried up.

The LoTY October surprise rears its head again.

Property trusts are a tax thing, not a trust fund thing. If Minnesota tax code works anything like Texas tax code, you can put your property under a trust and list yourselves as the trustees, and that means stuff like the house automatically goes under a surviving spouses' ownership, avoiding probates when you die, and easy transfer to future generations. It also can help obfuscate current ownership.

The problem is that trustees only really work when you're reasonably sure that your wife won't run out on you (lol) and/or you have people on the will to give the house to (lol). For most people that's just not worth the time or effort, especially if you aren't planning to live in the house for the rest of your life.

As far as that goes, before you start thinking that Nick's earthly possessions will be dragged out onto the street he'll likely negotiate a deed in lieu of foreclosure, which is a legal document that gives up the property in exchange for closing the mortgage loan, and oftentimes those documents will let the occupant stay in the house for a short time afterward.

 

[neger psykolog]

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

I mean DSP has managed to survive for so long simply because he pays the absolute minimum each month regardless of how much money he's making.

Pro move tbh.

 

[Rick Nekieta]

I mean DSP has managed to survive for so long simply because he pays the absolute minimum each month regardless of how much money he's making.

Pro move tbh.

Compared to all the options, it is actually incredibly retarded, but compared to defaulting, it's a pro move.
Added in edit: I see this was just about paying down a mortgage, I incorrectly thought this was about high interest debt. Yeah, the wisdom of making accelerated paydowns on mortgages is conditional on several other factors.

 

[Goofy Logic]

Stop torpedoing your life Nick!

 

[Spergichu]

The one conclusion I'm drawing that hasn't been toppled yet is that this is why Nick's selling the old house. He needs ths money to keep ownership over the current one.

That's probably the funniest part of all this. He kicked out the previous tenants so he could make it an isolation tank for his cokewhore sidepiece, only to kick her to the curb when he realizes he needs to sell it to save his main house. But oh no, the retard who's too high to pay his bills couldn't maintain a fucking 4 bed 3 bath 3,000sqft house so no one wants to buy it at the price he needs it to sell at.

 

[JustTheFaxcts]

I guess we know why he didn't bother replacing the cabinet doors in the kitchen now. What's the point when you're about to lose the house?

 

[Folgers Can]

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.

Since you're more willing to self-dox with a credit card payment than us mere mortals, what does the document's "related documents" field say about the timing of a Notice of Pendency recorded sometime in the six months preceding December 21st, and more interestingly, about whether there was a prior cascading series of abortive Notices of Pendency that repeated catch-ups prevented from reaching their later stage of newspaper publication? Asking for a friend.

 

[DAT DIGGA]

View attachment 6804407

Well he did commit violent acts of jihad in that smug clip. We know that kiwifarms always wins.

 

[Soapmore]

...
3. This nigger is maintaining a second wife on fucking loan

This for me is the best one-line description of Wreckeita. Fucking bonkers.

 

[Dude Snakes]

WAIT, IS THE MAIN BALLDO BUNKER IN FORECLOSURE???
(Or did he just not pay a few bills? Or both?)
I think I may have stumbled onto something...

View attachment 6804094
That's Nick & Kayla's address.

I'll need some translation on this, it's not my wheelhouse. It sure sounds like foreclosure.
When I was recently looking at the West Central Tribune for information on Jim Felt (my prior post), I found this, kept it open on my laptop, and only just looked closely.

View attachment 6804036
Clicking through to the details:
View attachment 6804068View attachment 6804192

View attachment 6804076View attachment 6804108
West Central Tribune Link
Edit: Fixed margins on 3rd screenshot.

So where is Nick going to live? Do you think he will go back to his parents? I wonder if they have the patience for their failure of a son?

 

[Kosher Dill]

what does the document's "related documents" field say

I don't have it, only the mortgage document itself as it appeared when filed.

 

[Space Faring Marsupial]

Incredible. Nick is so narcissistic that he hasn't killed himself yet. Because anyone else would have an heroed by now.

 

[smarty_snoops]

curious if his rich parents will bail him out. 300k isn't easy to come up with quickly even for relatively rich people with $10 mil in assets.

 

[Jump]

As far as that goes, before you start thinking that Nick's earthly possessions will be dragged out onto the street he'll likely negotiate a deed in lieu of foreclosure, which is a legal document that gives up the property in exchange for closing the mortgage loan, and oftentimes those documents will let the occupant stay in the house for a short time afterward.

Normal people would do something like that. But Nick's well established record is to just ignore everything and deny reality until what ever the issue is snowballs completely out of control. And when what ever it is blows up just ignore that too.
He probably didnt even know it was happening until reading it here because he isn't opening his mail or picking up his phone.

Nick could have fixed this months ago with a single phone call to the lender to come up with a payment plan and turning on autopay. Maybe it would have taken all of 30 mins to fix. The monthly payment cant even be that much since it wont include property tax or PMI.

Nick will be smug posting a stream from some rat infested motel soon enough to tell us nerds how we where all wrong. He has always had everything completely under control, etc etc.

 

[Space Faring Marsupial]

curious if his rich parents will bail him out. 300k isn't easy to come up with quickly even for relatively rich people with $10 mil in assets.

Only if they are masochists'.

 

[Dizzyuntildeath]

Kids, do you know what a homeless encampment is and ever thought, yeah, I think that's where we should live, well good news!

 

[3MMA]

Holy shit. I just want to be a fly on the wall when Nick's parents catch wind (potentially already caught) of their retard son's latest fuck-up.

Nicks ‘mommy’ Celeste must be sooooooooooo mad. Or she will be.