[Dec 15 2019] Foreclosure Saga - http://civilinquiry.jud.ct.gov/CaseDetail/PublicCaseDetail.aspx?DocketNo=FBTCV196091825S

[James Smith]

It looks like the bank just sued everybody on the mortgage indiscriminately since the HOA is listed as both co-defendant and potential claimant

It wasn't indiscriminate. They aren't suing the HOA for anything. They're listing them as a party because they have an ownership interest in the property and have a right to be aware of what's going on. You can't really list someone as a party to a lawsuit without naming them as a plaintiff or defendant, and you can't name someone as a plaintiff if you haven't discussed representing them unless some law allows it (for example in limited circumstances shareholders can sue on behalf of corporations).

 

[NotaLolyer]

The very least they'll do is put a lien on the Washington condo, knowing he's such a fuckup they'll eventually get paid. Time is on their side.

That’s if they can, with the homestead exceptions and the fact the debt owed is due to foreclosure

They’ll get limited amounts they can lien, if Phil’s lucky they’ll sell the debt to whoever own the WA condo (if that’s even possible?)

He’s butt fuck broke for a good number of years though

 

[James Smith]

That’s if they can, with the homestead exceptions and the fact the debt owed is due to foreclosure

The homestead exemptions only apply to bankruptcies. If they get a lien on it and he sells the condo tomorrow for $1 more than he owes on it they will get that dollar. The amount of equity he has exceeds the homestead exemptions so even a bankruptcy won't automatically protect him from compelled sale. As far as I know just about the only thing that can protect you from a compelled sale when your home exceeds the exemption is your kids living in it.

No, cats are not considered kids.

They’ll get limited amounts they can lien, if Phil’s lucky they’ll sell the debt to whoever own the WA condo (if that’s even possible?)

It's not and I don't know why people act like there is or will become some relationship between the two companies. The closest thing to this happening is him getting the cash-out refinance or home equity loan he wants and using it to pay off the mortgage in CT. I don't think that'll happen because anyone in the lender's office worth their salt will understand the area is in a housing bubble.

 

[NotaLolyer]

It's not and I don't know why people act like there is or will become some relationship between the two companies. The closest thing to this happening is him getting the cash-out refinance or home equity loan he wants and using it to pay off the mortgage in CT. I don't think that'll happen because anyone in the lender's office worth their salt will understand the area is in a housing bubble.

There doesn’t have to be a relationship between the two companies, but they knew he had another condo when he financed so there could be some legalese in there that says they can first dibs buy any debts from it depending on the realtor/bank.

It’s all probably public record, I don’t care to look though.

I just know he’s fucked without a way out short of winning the lottery.

Broke niggas broke.

 

[James Smith]

There doesn’t have to be a relationship between the two companies, but they knew he had another condo when he financed so there could be some legalese in there that says they can first dibs buy any debts from it depending on the realtor/bank.

There could be something in that contract, but that wouldn't be a contract with DSP but between the WA lender and the CT lender. I can't borrow money from you and sign away some third party's rights to you in the process. In addition the CT condo mortgage has been sold twice since he bought the WA condo so they probably don't want it if they have had the option to buy it. Generally speaking lenders don't want to buy their existing customers' debt from other people. If the original lender doesn't want to deal with it there's probably a reason, for example the borrower is being a deadbeat.

 

[AnOminous]

The homestead exemptions only apply to bankruptcies. If they get a lien on it and he sells the condo tomorrow for $1 more than he owes on it they will get that dollar. The amount of equity he has exceeds the homestead exemptions so even a bankruptcy won't automatically protect him from compelled sale. As far as I know just about the only thing that can protect you from a compelled sale when your home exceeds the exemption is your kids living in it.

I may be incorrect on this but once the lien is perfected, it's a security interest and remains as such even if bankruptcy is declared. Rather than just evaporating in the bankruptcy, it remains intact. There's a procedure called lien avoidance that can reduce or eliminate it under some circumstances, but I'm not sure they'd apply to DSP even without the homestead exemption.

If the original lender doesn't want to deal with it there's probably a reason, for example the borrower is being a deadbeat.

If they sold the mortgage, they sold it to someone who thought it was worth more than they paid for it, and probably paid substantially less than face value. They lose money unless they can take it out of DSP's hide. They're going to be motivated to do just that.

 

[James Smith]

I may be incorrect on this but once the lien is perfected, it's a security interest and remains as such even if bankruptcy is declared. Rather than just evaporating in the bankruptcy, it remains intact.

So would have to declare bankruptcy before they get a lien to avoid it? That makes sense in the interests of justice.

He can't cram down a lien on a primary residence and he can't strip a lien on the WA condo unless the secondary lien is unsecured, for example if the condo value tanks and is worth less than the WA mortgage.

 

[AnOminous]

So would have to declare bankruptcy before they get a lien to avoid it? That makes sense in the interests of justice.

I think if he declared bankruptcy, they'd then have to go through the bankruptcy court like any other unsecured creditor, which is why if you have a judgment against someone and they have property, you execute on the judgment and perfect a lien. Then if the property is sold through a bankruptcy sale, the estate has to pay off the lien. If it doesn't end up sold, though, there are more steps the debtor has to go through to avoid the lien (the legal process is called "avoidance").

 

[Adamska]

The only thing I know is Pig will just keep kicking this down as much as he can, probably relying on parent and tard money to do so.

I reckon he got a payment plan he'll be a lazy shit on or something since he has cockroach luck and isn't going full weebling panic mode yet.

 

[James Smith]

If it doesn't end up sold, though, there are more steps the debtor has to go through to avoid the lien (the legal process is called "avoidance").

Yeah in Chapter 13 that's cramdown or stripping.

 

[WutangLee]

I think if he declared bankruptcy, they'd then have to go through the bankruptcy court like any other unsecured creditor, which is why if you have a judgment against someone and they have property, you execute on the judgment and perfect a lien. Then if the property is sold through a bankruptcy sale, the estate has to pay off the lien. If it doesn't end up sold, though, there are more steps the debtor has to go through to avoid the lien (the legal process is called "avoidance").

The property was bought at the height of a bubble, and isn't worth nearly what DSP is paying for it. If it's sold at a bankruptcy sale is it going to be sold at it's current market value or what DSP owes?

 

[James Smith]

The property was bought at the height of a bubble, and isn't worth nearly what DSP is paying for it. If it's sold at a bankruptcy sale is it going to be sold at it's current market value or what DSP owes?

It will be sold for whatever they can sell it for, which will be less than market value.

 

[Nypical Haterade Comment]

Anyone want to bet he'll blame it on Kojima?

No, he will finally admit who the true culprit behind this saga is. He will look inside himself and come to the uncomfortable realization that the person behind all of his suffering is none other than...

TEVIN! If it wasn’t for that black piece of shit illegally streaming his videos (which is against the law dood!) then all of his viewers would be giving him the money he deserves! But Tevin, he stole his income just like he steals his streams! If it weren’t for Tevin then Phil would be on top of the world!

 

[Adamska]

It will be sold for whatever they can sell it for, which will be less than market value.

Agreed, because the thing is unless Pig forces his parents to keep it clean or something; you know that the empty house likely has amazing things in it like roaches, spiders, and maybe even structural damage.

Regardless, empty home for years means damages need to be fixed.

 

[Optimus Prime]

I'm blinded by legalese in this thread and it's amazing.

Is there a chance that this could end up in DSP losing his super-expensive lifestyle in WA and potentially having to move back to CT with his parents because he can't handle money and refused to let go of a condo he never used?

 

[Freshtodeath]

why did he never sell the CT condo in first place? lol

 

[Sparkletor]

why did he never sell the CT condo in first place? lol

Better question. Why did he even buy it in the first place?

 

[AnOminous]

I'm blinded by legalese in this thread and it's amazing.

Is there a chance that this could end up in DSP losing his super-expensive lifestyle in WA and potentially having to move back to CT with his parents because he can't handle money and refused to let go of a condo he never used?

Probably not unless he defaults on the WA condo too. We don't really know what his situation with that is, although if he's kept up on that he probably has positive equity in excess of the homestead exemption, at least according to @SoapQueen1 estimates.

It's very possible, though, that he takes a serious haircut and that it impacts his standard of living. Does he still have that car? Washington state is much less generous with that exemption which is only $3,250. He may be forced to sell it and buy a beater.

 

[PieceofShet]

why did he never sell the CT condo in first place? lol

Because its DSP.
He started to decline on youtube so he couldnt wait any longer, he had to buy the new house. Why didnt sell it? I bet he was like "sure mom, ofc i will sell it in a few months". And he never did. Probably hoped his parents will take care of it.
Laziness.

 

[Sparkletor]

Guys, I finally have proof of the Mandela effect!

January 9th, 2014. In this alternate reality Phil is definitely going to sell his condo before 2015. He even is willing to take a loss and dip into his saving to pay the difference he owes on the mortgage.

Somehow there was a rip in time-space and we ended up here where Phil never sold the condo and owes $101k.

DSP talks about his plans to sell the condo at the 21 minute mark.