Real Life Stories -Could Be You

Note: All of these stories are true. Some have fictitious names due to the desire of the individuals.

Auto Repossession: Elizabeth Lountz and her husband John Lountz are in their early sixties. They are through raising their family and decided after many years of being relegated to renting, that they wanted a little home of their own. Elizabeth works at one of the local hospitals and William works for one of the local car dealers as a detail man.

Neither have a college education, much less a high school education. Their meager savings (about $6,500) equated to a ten percent (10%) down payment on the home of their choice in their neighborhood. Doesn’t seem like anyone can purchase a home for under $75,000 but they found one. Well, when they applied for a mortgage, they thought that their credit was decent. After all, these poor folks paid most of their bills by going to the post office and buying postal money orders.

Being basically poor, the only thing that they ever financed was a few pieces of furniture and some used cars during their lifetime. They never had the luxury of buying a brand new car so they always went to the used car lots and listened to the false promises of you know who. Well it seems that Lizzie (nickname) bought a used Nissan from Ugly Rabbit Used Car Sales

They were kind enough to sell her a $1,000 car for $2,000 plus interest (about 36%). After a down payment of $250 and making monthly payments for over eighteen months, Lizzie got sick at work and had to take some time off. Naturally they couldn’t make the car payments so William and Lizzie drove on down to Ugly Rabbit and told the manager about their problems.

The manager was salivating because William had the car in better shape than when they bought it almost eighteen months previous. Lizzie was distraught because she couldn’t keep up with the payments. The manager told her not to worry about anything. They probably will sell the car and she wouldn’t have to make her last six months payments.

Lo and behold, we pulled up their credit report in the process of getting them approved for a mortgage. Yep, there in black and white was an entry. “Ugly Rabbit Auto Finance” for the family indicating a “voluntary repossession”. Mind you the word repossession means repossession. Whether or not it’s involuntary or voluntary, the credit experts don’t give a hoot. The simple fact that you have a, repossession is a no-no in credit.

When we read that, I immediately called Lizzie and asked her if she had received any correspondence from the dealer or finance company informing her of the date, place and time of sale. She was emphatic. She received nothing. Here is where knowledge steps in.

I was casually reading the Attorney General’s website for the state of Florida one night. I was curious about repossessions. Wow, what, an education. I found a test case in Tallahassee, FL regarding Barnett Bank versus Johnson. I believe it was the 6th Circuit Ct. The bank was suing Johnson for a deficiency judgment regarding repossession of his pickup truck

Failure to Notify

The bank failed to notify Mr. Johnson of the date, time and place of sale. Furthermore, the sale was conducted at a dealer only auction. Without notifying Mr. Johnson of any of the above, the Judge ruled that because Mr. Johnson was deprived of the right to redeem his truck and therefore lost any vested interest, the amount of what the bank received constituted full payment and the bank waived it’s right for a deficiency judgment.

Secondly, when the truck was sold at a dealer only auction, the public was deprived of the right to bid; therefore the amount received did not constitute fair marker value. The truck was sold in what was described as a commercially unreasonable sale.

When I realized the impact of this test case, it became apparent that the Lountz family was a victim of the same circumstances. Now remember the Fair Credit Reporting Act and the Fair Debt Collection Act. The dealer could not furnish the Lountz family with 100% of the information regarding their account.

Hell, he couldn’t furnish proof of sending them mailings telling them where the car was going to be sold. He knew he was selling it to his buddy down the street. There was no auction sale. The dealer clearly circumvented the law. So when they wrote the dispute letter to the credit reporting agencies and requested all of the information regarding the transaction, no one could supply a thing.

The result was that Elizabeth called me excited one night. She said “Mr. Regis, I have a letter from the credit reporting agency. They denied us.” I said “Elizabeth spell me denied”. The answer was spelled deleted. I said, Elizabeth, your repossession was deleted from your credit report. End of this story. They got their mortgage and send me a card every Christmas.

After helping about twenty-five people in the Orlando area, I see a strange thing happening. Now the local newspapers are heavily advertising bank and finance company repossession sales. PUBLIC INVITED, NO DEALERS. Amazing what one man’s quest becomes another man’s means of survival.

I have many stories about repossessions. The simple fact is, the dealers (mostly used car dealers) know the law or are totally ignorant. They think that these poor unfortunates fell off of the last fruit truck to leave town.

They have no place to turn to so they just go on about life and continue to be prey to high interest rates and unscrupulous lenders. I hope that the knowledge that I gained can help other poor, unfortunate souls. I can write stories upon stories about repossessions but still have other areas to cover.

Regis Sauger



Sell House Quick

Here’s how it went down. Last Sunday, my buddy Schultz was over at my apartment. He’s the type of guy that is highly intelligent, but has the common sense of a stapler. He got like a 1300 on his SAT, but can’t match his socks (and even forgets to put on shoes sometimes). Anyhow, he was telling me how pissed off he was that he leased with locator. She apparently kept urging him, with profound glory, to lease at this one particular community. Well, that placed turned out to be a grade ‘A’ dump.

I rolled my eyes because I remember him telling me, literally, the same thing last year, and the year before, and the year before that. Stubborn much? I guess he will never learn. It’s like a toddler’s beloved little puzzle box that has shaped pegs that go into shaped holes. Eventually you should learn that the round peg doesn’t go into the square hole.

Friends, please listen very closely. Here’s a quick thought about apartment hunting: Apartment Locators might seem like a good quick option in finding a place, but they may rush you into picking a certain apartment because they get fat cash when you sign that lease. That’s most of their single motivation—not your happiness. I highly recommend using our personality matching engine at http://www.apartmenthomeliving.com instead.

I want you to compare places, be happy, and actually find the home you want to live in. So, grab your square peg, get on our website, and we’ll help you find the square hole or the right apartment. I want you to be happy and not insane. If anything…I want you insanely happy!

Visit ApartmentHomeLiving.com for more information on apartments and living for fun!



Passive Income

I need to rent an apartment for 10 days. Please reply if you have stayed in one and did not experience any problems. Particularly in the area of Miraflores.

Quick Property Sale

One of the best areas available in Texas is urban Dallas . With so much culture, entertainment, nightlife and job opportunities available, great living is easy to find when you lease an apartment in Dallas. For those looking for a great apartment in Dallas , one agency can help- Modtown Realty.

Modtown Realty is not your ordinary Dallas real estate agency. We go far beyond the traditional agency and offer you second to none customer service, comprehensive listings to find an apartment in Dallas that fits your specific needs and since we not only know about urban Dallas, but live here, we also understand the lifestyle that you want to lead. Here are just some of the ways that Modtown Realty can be your most important apartment in Dallas resource.

Modtown Realty offers our clients some of the best services available. We understand that you work hard and don’t want to waste your time looking at apartments not right for your needs. We also know exactly what questions to ask and we won’t waste your time with properties that are beneficial for us to drop on unsuspecting clients. Our job is to find an apartment in Dallas that fits your specific needs.

After finding out what fits your specific needs we will go through our comprehensive listings to find properties with the right fit. We offer one of the most comprehensive listings in all of urban Dallas and since we have our finger on the pulse of urban Dallas we are usually one of the first to know of new properties being listed.

Besides comprehensive listings, before you ever take off work or take the time out of your busy schedule to visit an apartment in person, we will make sure that we offer you images, floor plans, a list of amenities and terms of an apartment.

Our knowledgeable agents are always here to assist you. We understand that many of our clients will have specific needs and require agents that can answer your questions about the leasing process. You can count on our expertise and our real life experience living here in urban Dallas .

Besides all of the above benefits, Modtown Realty also offers those looking to lease an apartment in Dallas our locating services for free as our client. You may even qualify for our $200 cash back incentive that can be used towards your moving expenses.

For more details on finding a high quality apartment in Dallas or for those looking to sell or buy any type of property here in the Dallas area, please contact us directly today.



Rent Back

Statistically, the figures for home repossession have risen by 45%, according to Government figures. There can be many reasons that lead to house repossession, such as: divorce, credit card debt, illness, secured or unsecured debts or separation.

The process of repossession can legally begin when 2 payments to a lender have been missed. The first missed payment brings the borrower into arrears with the lender, who then have to be contacted and a payment schedule agreed. If the borrower does not contact them, or cannot afford to make the payments and a second payment is missed, then the lender can begin the process of home repossession.

The first stage of this is for the lender to state in a letter that the borrower has seven days in which to meet the payments or to agree a payment scheme. If this is not possible, then solicitors will begin court proceedings, seeking a home repossession order.

Usually the court will try and see house repossession as the last eventuality. However, if the borrower is deemed to be unable to make the necessary repayments, including arrears and penalties, then he will be served with an eviction notice and a date will be scheduled to leave the house.

The repossessed home is now the legal property of the mortgage lender. The lender can then instruct an estate agent to put the house on the property market or for it to be sold at auction.

First-time house-buyers can research these properties and they can become an affordable alternative in an increasingly expensive market.

Offers can be made on a repossessed house, but the lender may decide they want to publish a ‘notice of offer’ in the local press. This states that the lender will accept higher offers that are received by a certain date.

Auctions used to be mainly used by investors looking to by the property and sell it on at a profit, but now those wanting to get onto the ‘property ladder’ - but may not have the necessary funds for a standard purchase - can do so, as the properties are usually sold for less than their market value.

Other benefits include the bidding process, which is in an open forum so all bidders know the price and do not have to bid ‘over the odds’ to secure the sale. Also, the process is much quicker than the conventional sale process, usually taking 1 month from sale to occupation.

There are other factors involved, however. A repossessed home may be in need of repair and renovation or carry a negative credit rating associated with the address - although this can be absolved by contacting the relevant credit reference agencies.

There are lists of auctioneers available in local directories, but it is also worth contacting estate agents and mortgage lenders who have a vested interest in the sale of any repossessed property, although mortgage lenders can be secretive about their involvement in house repossession, in terms of image-consciousness.

The Internet offers many services that can supply lists of repossessed properties, but these are likely to generate a lot of interest, due to the potential to buy a house at less than market value.



Repossession

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Real Estate Professionals

The benefits of building and renovating your home seem obvious. You need more space so you’ll build an addition. The benefit is that you have more space. Yes, it is true that you will have more space by building extensions and additions and garages onto your home, but you will also have a home that is worth more money. Home renovations will raise the value of your home and immediately give you more equity in it.

Before you begin a home renovation project make a list of all of the materials you will need. Then look online for a project calculator. This will allow you to determine how much materials you will need to buy at the home improvement store. You can get a good estimate of how much everything will cost you if you do it yourself. Don’t forget to include tool rentals for the big jobs.

If you are unsure if you can do the building and renovating by yourself, factor in some contractors that you may need. There are trade professionals for every service you can imagine for your home such as garage door installers, custom sheds, decks & carport builders, gates & fences. Hiring a professional that specializes in a specific type of work is the best way to hire.

For larger renovation project you may need the help of general carpenters or some specialized professionals. When you shop for contractors, find out what kinds of contractor’s discounts they get on building supplies. They can probably get them for less than you can. Compare quotes from at least 3 contractors and always ask to see their license and insurance before any work starts.

Some other home improvement professionals are skylights & sunrooms specialists, roofers and electricians. Skylights look easy to install, and of course the package instructions say they are, but think twice before starting to cut holes in your roof. Sunrooms will need inspections by the city’s zoning inspectors, so to be safe you may want to hire a professional. Additionally, the help of a professional electrician to run the wiring is also a good idea.

If you are adding a room or finishing a basement, you may want to hire professional drywall / tapers to get you through the tough part. Dry walling a new addition seems to be the hardest part for most people. You have the problem of cutting the drywall to make it fit, and the problem with your drywall pieces breaking before you get them up. Taping is difficult, too, and can take up quite a bit of time. Some people spend a week or more trying to drywall their own room, but professional drywall / tapers can have the job done in a matter of hours. Plumbers / gas fitters are also a must. The zoning inspector will look very closely at this work.

Professional painters can also save you a lot of time and create a beautiful quality finish to your home. Add it all up and you are now ready to start your building and renovating project.



Quick House Sale

I live in New York City and there is an “As Is” clause in my lease that states “tenant shall be responsible for painting, drywall, and other repairs which are deemed necessary by the tenant or any regulating agency which inspects the apartment at tenants request. Including but not limited to broken windows, doors, appliances, base trim, countertops, etc. …” I have an outlet that is shorting and sparking and is a fire hazard. Is the landlord obligated to fix this based on the Warranty of Habitability law or am I responsible?

Quick Property Sale

I know a repossession has a negative affect on your credit score, but can you request a lesser penalty on your credit report from the credit union? I just learned about charge-offs, is that better or worse on your credit score than a repossession? My boyfriend got a repossession recently and we are going to work to build up his credit in the next couple years so we can get married and hopefully purchase a house or condo. What would be the best way to raise his score in the next 18-24 months. I know the repossession will probably be on his credit for at least 5 years but is there anything we can do to better our chances to get qualified for home loan?

Quick House Sale

Repossession is the action of regaining a possession, usually a financial institution taking back on object that was either used as collateral, rented or leased, for which payment remains due.  If you are facing repossession of your home or car, you may want to consider declaring bankruptcy to save them.

Filing for bankruptcy will temporarily stop any repossession process, which you may be facing.  Even if your items have already been taken from you, your bankruptcy filing may be able to get them back if you act quickly.

If you file a chapter 13 bankruptcy you most likely will be able to keep both your car and home.  If you file a chapter 7 bankruptcy you can probably keep both for a little while, but in the end you will likely have to end up liquidating them.  This all comes down to what state you live in and what the laws say about liquidating assests for bankruptcy.

The chapter 7 bankruptcy is a short term solutions, for saving your property.  Most likely you will have to give it up, but with a bankruptcy discharge, you can start over again and start getting your financial life in order.  With a discharge you won’t have to worry about having any creditors calling you or people harassing you, you will have to use cash though to purchase items for the first few years, you won’t be approved for credit.  It you do get approved for any credit, make sure that you can afford the payments, most of them come with a high interest rate.

If you are advised to file for a chapter 13 bankruptcy you can stop the repossession and foreclosure and hopefully it will save you from losing your home at all.  With chapter 13 you do make arrangements and come up with a financial plan that you submit to your creditors, on how you will pay back the debts you owe them.  During the time frame that you are paying your debt back, creditors are not legally allowed to continue collection efforts or start any new ones.

The main benefit from choosing a chapter 13 over a chapter 7 is to save your home and car(s) from repossession.  Consulting a bankruptcy lawyer in your home state is very advisable here.  They can assist you in figuring out if you would be more qualified for chapter 7 or chapter 13.  They can also help you save your car and home, if the law allows it.

Bankruptcy isn’t always the best solution though, if you have other options for paying your bills and getting your repossessed items back.  If you are in a financial crisis though it may be your only means, for saving your home and car.  If you do declare bankruptcy, you must be able to get your finances back in order so your property doesn’t get repossessed again.  This is because you can only declare bankruptcy every 8 years, so if your facing repossession again, you won’t be able to declare it again, very soon.



Quick House Sale