I was under the impression that he didnt have control over the trust in anyway before. But now I dont see how he couldnt have some control over it. No competent steward would decide to take out on another mortgage on a paid off house it it bought out right. Have that mortgage be a 30 year mortgage at like a 4% interest rate(you do this when you have no money and you need a house.) THEN you proceed to not pay it? Like if you look at the dates it looks like he didnt make a single full payment on that house? Or if he put in that 10 grand, made 0 payment.
Doesn't the trust own the house? Wouldn't the trust get the money? I know he's said before that he made the trust but he's a pathological liar and I know he hates that people know he's a trust fund kid. I don't know anything about Minnesota law or loans, that's something Nick and I have in common so I don't know.
Maybe he was priming his 8 year old with coke to be his top earner one day.
This trust is one he set up for himself and entirely separate from any other his parents or grandparents setup from which he may or may not benefit directly.
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?
Completely wild guess, doesn't the mortgage roughly line up with his "Worst Day Ever"? IIRC that was around May 2022, but maybe whatever events led up to that started earlier than we thought. Although I can't think of any reason he'd immediately need $300k, besides something like gambling or drug debts.
This lines up fairly well with his 'worst day' and all the post-Depp 'big plans' for the channel that never got off the ground because of his hard left turn into nightly drunk-streaming.
I sort of figured they were selling the other house when they realized they dun goofed. But that depends on how much mortgage the other house has(if any).
It was free and clear. Nick started moaning in 2022-23 about how he wanted to sell it, but a down-on-luck family lived there as a charity, so he could not kick them out. I suppose liquor and cocaine gave him the courage to do so in 2023.
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.
Just to note, there are anonymising CC payment options available for free online. I have used several that Null recommended.
I do wonder if mumsy will buy the house at the foreclosure sale, though.
But the whole second house thing brings us back to the bigger question: why didn't they just sell it last year and pay off this mortgage on the main house, rather than losing another 400k in equity. It makes no fucking sense. Did he just forget about paying his mortgage for two whole years, and once he sobered up enough to realize it, the foreclosure was already done? It's absolutely wild.
The foreclosure notice says that Nick and Kayla are the trustees. Nick has spoken about the Robert Lord Trust before and said that he set it up so that the house would be a protected asset in the event of the divorce. iirc, he said that the kids are the beneficiaries of the trust.
The mortgage may also not be a 30 year mortgage. It's pretty common here for people to take out mortgages for a shorter period if it's for remodelling/renovating a residence. Sometimes they even take out interest only loans. Around the time we first learned of the existence of the mortgage, Nick was talking about building extensions and doing some pretty major remodelling.
I noticed in the foreclosure notice that the trust has 6 months after the sale of the property to buy it back. If they don't do that and pay any associated costs as well, they will have to vacate in August.
Clearly mummy can afford to bail Nick out, but I believe that straight out gifts of money are taxable in the US (they're not here, no matter how large) so it might make more sense for her (or one of her trusts) to buy the property.
Schizo theory: Nick knew he was going to have to go back on his family teat, so he is just allowing it to foreclose in a secret 23D chess move to allow the trust to take full ownership of his finances. Why should he make it easy or inexpensive?
I predict some 'You hAve no idea what is going on' cope from him if this is the plan.
Well, Coomalot had claimed a while ago that Nick was spending $20k a month on cocaine, and no one believed him. If he was mortgaging his home to pay for cocaine, to the tune of hundreds of thousands of dollars, the $20k a month on drugs figure starts to sound more and more plausible.
Nick has a penchant for shattering the floor of my expectations of him over an over.
I was sceptical for a long time about the cocaine use, the swinging, the trust fund, and more, but Nick CONSTANTLY manages to make thinis WORSE that I had imagined.
Mayhap know am not so cynical as I thought... (Or just naive) I feel bad for those children.
