My mortgage pull brought out the 1 thing I was hoping that it wouldn't.. Please help!!!

[shifter]

in this case it was unlikely the "instant gratification" as much as the "instant cash" that he paid for.

 

people who sell houses cheap like that usually need the money badly and don't have time to wait for a lengthy escrow period.

[cashnocredit]

 

 

well, what did you decide?

As far as the house we lost out because a cash buyer came in and waived all contingencies.

 

As far as the CA I am going to wait 21st days and send something. I haven't decided if it is going to be a DV or FOAD.

 

 

 

Dam Subprime cash...

 

 

Oh yeah. Cash is King in real estate. Probably more than any other area outside of hookers, bookies, and dope peddlers.

[futurehomeowner?]

in this case it was unlikely the "instant gratification" as much as the "instant cash" that he paid for.

 

people who sell houses cheap like that usually need the money badly and don't have time to wait for a lengthy escrow period.

 

It was kind of a weird situation. We were supposed to meet our agent their and we were about 10 min early. I pulled into the driveway and the owner came out. He said that he would be right back out. 5 min later he came out with his agent and she told us that he just signed his offer and it was a done deal. I said I was willing to pay 10k more. he asked if it was cash and I said no it would be financing. He said he appreciated the offer but he liked the cash option. We stood there and talked a few min (because I was now blocked in). He started going on and on about how this cash offer was sent to him by god and he will now be able to leave the area in peace. He was planning on taking his truck that may or may not make it down the road and pull his boat that may or may not float up to lake Erie and live off of the land. He had no place yet to go and was just going to be guided by god. He is about 60 and has lived in this house for 35 years.

[cashnocredit]

 

in this case it was unlikely the "instant gratification" as much as the "instant cash" that he paid for.

 

people who sell houses cheap like that usually need the money badly and don't have time to wait for a lengthy escrow period.

 

It was kind of a weird situation. We were supposed to meet our agent their and we were about 10 min early. I pulled into the driveway and the owner came out. He said that he would be right back out. 5 min later he came out with his agent and she told us that he just signed his offer and it was a done deal. I said I was willing to pay 10k more. he asked if it was cash and I said no it would be financing. He said he appreciated the offer but he liked the cash option. We stood there and talked a few min (because I was now blocked in). He started going on and on about how this cash offer was sent to him by god and he will now be able to leave the area in peace. He was planning on taking his truck that may or may not make it down the road and pull his boat that may or may not float up to lake Erie and live off of the land. He had no place yet to go and was just going to be guided by god. He is about 60 and has lived in this house for 35 years.

 

 

About half the sales of homes are for cash. Most are investors looking to park an investment that will return more than the 2% they get in a bank. Some are cash heavy flippers. Really, the only way to make money flipping is cash purchases with people that just want to sell and leave or are short selling.

[CG in TX]

There is one thing about this that may come up. Since this is an auto loan and OP still has possession of the vehicle, they could still repossess it. If they do and then sell it, they can apply the proceeds to the balance. IIRC, this resets the SOL for suit.

 

I am not sure that this applies, but it seemed worth mentioning. Finding out if they can still claim the lien is valid sounds like a wise move; also, how long it can remain valid without them taking action on the lien.

[futurehomeowner?]

There is one thing about this that may come up. Since this is an auto loan and OP still has possession of the vehicle, they could still repossess it. If they do and then sell it, they can apply the proceeds to the balance. IIRC, this resets the SOL for suit.

 

I am not sure that this applies, but it seemed worth mentioning. Finding out if they can still claim the lien is valid sounds like a wise move; also, how long it can remain valid without them taking action on the lien.

I don't know if you read the link that I posted in the OP. I have been trying to figure this out for the last year. Currently the car is just sitting but it is not at my address. I am not hiding it by any means it is just sitting at the last place that it was stored. I used to store it during the winter months. Following 1 winter I just never put the plates back on.

 

Whychat gave me some info to search for the UCC (I think that is what it is) lien. I searched all over the place and could not find a lien on it at all. IF there is no lien then I am under the impression that they can not repo it. Maybe this is why they have not been so pushed into trying to get it, because they can't? So now they are just asking for money instead of the car. I will never understand why they didn't come get it when I asked them to.

 

Once we are done with our house search I am going to hire a lawyer or someone who can give me proper advice on what to do with the car.

[futurehomeowner?]

well it took them 2 months but they finally put this on my reports. They provided me some crappy validation and then put them on. Right now it is only on EQ but I am sure it will end up on all 3 eventually. The good news though is that it says it will fall off July 2014. I am going to wait until the 1st of the month and try obsolete dispute. This is my first big step back since I started my repair but hopefully it is just short term.

[NewBegin2012]

I know that this is really OLD...but OP if you are still around, I'm very curious about how this all turned out.

[futurehomeowner?]

I know that this is really OLD...but OP if you are still around, I'm very curious about how this all turned out.

Hi there, yep still around just not daily. My reports are 100% clean, util is a little high but that was all planned and will be dealt with soon. I still have not done anything with this damn car. I think about it daily and are just afraid to do anything with it. My wife reminds me once a month that it would be nice to have the car on the road again since we only have 1.

[pennypoor]

 

 

I know that this is really OLD...but OP if you are still around, I'm very curious about how this all turned out.

Hi there, yep still around just not daily. My reports are 100% clean, util is a little high but that was all planned and will be dealt with soon. I still have not done anything with this damn car. I think about it daily and are just afraid to do anything with it. My wife reminds me once a month that it would be nice to have the car on the road again since we only have 1.

Did you ever buy a house? Amazing it's been a year since I posted on your thread. Hope all is well. Good luck.

[Orly]

I have a similar situation as you. I have a car that I purchased almost 18 yrs ago. I wasn't able to finish off the payments with less than a year to go. The car is still registered, insured and in use and as never been repoed till this day. No lien, no collection on CR. I pulled a test mortgage app about a month ago and no zombie debt yet. 100% clean CR.

 

After I do my real mortgage early next year I'll look for the title. My CU rep checked online and told me the title search came up clear. I may just need to go to the Tax Collectors office and request a copy of the title.
A strange situation all together.

[futurehomeowner?]

 

 

I know that this is really OLD...but OP if you are still around, I'm very curious about how this all turned out.

Hi there, yep still around just not daily. My reports are 100% clean, util is a little high but that was all planned and will be dealt with soon. I still have not done anything with this damn car. I think about it daily and are just afraid to do anything with it. My wife reminds me once a month that it would be nice to have the car on the road again since we only have 1.

Did you ever buy a house? Amazing it's been a year since I posted on your thread. Hope all is well. Good luck.

 

We did buy a house on 10/20/14. We didn't have 20% down so instead of having PMI we took out a loan through PHFA. The interest rate was 1 pull point higher but we don't have PMI at all. Since it is a state agency we also get a mortgage certificate which allows us to a refund of about half of the interest paid via taxes. If I add that back in I am not sure what it does to the actual interest rate.

[futurehomeowner?]

I have a similar situation as you. I have a car that I purchased almost 18 yrs ago. I wasn't able to finish off the payments with less than a year to go. The car is still registered, insured and in use and as never been repoed till this day. No lien, no collection on CR. I pulled a test mortgage app about a month ago and no zombie debt yet. 100% clean CR.

 

After I do my real mortgage early next year I'll look for the title. My CU rep checked online and told me the title search came up clear. I may just need to go to the Tax Collectors office and request a copy of the title.

A strange situation all together.

It is definitely a weird situation. My problem is the car is no longer registered and not insured. I am not even sure how to get it registered with out the title. Actualy without any paper work. I had a flood many years ago and I lost most all of my papers including anything that had to do with this loan.

[pennypoor]

 

 

 

 

I know that this is really OLD...but OP if you are still around, I'm very curious about how this all turned out.

Hi there, yep still around just not daily. My reports are 100% clean, util is a little high but that was all planned and will be dealt with soon. I still have not done anything with this damn car. I think about it daily and are just afraid to do anything with it. My wife reminds me once a month that it would be nice to have the car on the road again since we only have 1.

Did you ever buy a house? Amazing it's been a year since I posted on your thread. Hope all is well. Good luck.

We did buy a house on 10/20/14. We didn't have 20% down so instead of having PMI we took out a loan through PHFA. The interest rate was 1 pull point higher but we don't have PMI at all. Since it is a state agency we also get a mortgage certificate which allows us to a refund of about half of the interest paid via taxes. If I add that back in I am not sure what it does to the actual interest rate.

Glad to hear! Congrats!

[fury1995]

 

I have a similar situation as you. I have a car that I purchased almost 18 yrs ago. I wasn't able to finish off the payments with less than a year to go. The car is still registered, insured and in use and as never been repoed till this day. No lien, no collection on CR. I pulled a test mortgage app about a month ago and no zombie debt yet. 100% clean CR.

 

After I do my real mortgage early next year I'll look for the title. My CU rep checked online and told me the title search came up clear. I may just need to go to the Tax Collectors office and request a copy of the title.

A strange situation all together.

It is definitely a weird situation. My problem is the car is no longer registered and not insured. I am not even sure how to get it registered with out the title. Actualy without any paper work. I had a flood many years ago and I lost most all of my papers including anything that had to do with this loan.

 

Try investigating "abandoned vehicle titles" in PA. Worth a shot.