About Jonathan Dever, Esq Expertise Real Estate Law, Buying Selling, Investor, all types of acquiring property through "creative techniques" and fraud avoidance
Experience Super Lawyer by Law and Politics for the last three years, part of over 900 transactions in the last 6 years
Organizations Ohio Bar Assn
Greene County Bar Assn
Champaign County Bar Assn
Publications Personal web site and web articles
Education/Credentials JD - Capital University
MA - IU of Penn
BA - U of Cincinnati
Awards and Honors Super Lawyer 2005, 2006, 2007
Who is Who, Lawyers 2006, 2007
Question Hi I leased a home in May 08 and paid for the yr up front. The Landlord then revealed he was foreclosing or shortselling all of his 7 rental properties. ( Lost job) I offered to buy it from BofA and proceeded with a loan from Bof A. I offered what I felt was the going price for June of 09 since I was paid until then. The Loss Mitgation is stuck at 400K and I at $350K. I will not budge nor they. I told them since I owned the contract until end of May, I would talk in April again. I was informed that since the Bank did not do the due dilligence and verify the owner was 1. Able to pay the loan ( they rushed the loan and lied about income) and 2. The owner was actually the occupier as he did not live here more than a year, that I could sue the bank. I was also instructed to sue the owner to force him to return my remaining lease, and force him to BK which would stop the foreclosure process. I want to buy the house, and have the money and excellent job and credit, but I want to protect myself and not overpay. The foreclosure process has not even started yet, and it appears will be delayed, simply because of the current bank decision. The landlord has not paid on it since Sept or Oct of 08. Any real advice from an Expert. Would greatly appreciate your direction. Should I need a lawyer to open a case do you recommend any in Sacramento Ca.?
Thank you
Gary
Answer The problem with some banks, and BofA is not an exception, is that they want a Realtor involved to verify that the values are what the values are. I know it sounds foolish as they receive 5% less and could easily appraise the place for $500.00, but it is a current reality.
Also, be aware that the banks are flush with cash (aka bailout), and you have to make a very compelling argument, that argument includes the realities of the market, and the debtor's financial circumstances.
Negotiating a short sale is 50% fact and 50% feel. Some of my best short sales took the longest to iron out, as the lender had to take a long time to come to understand the truth. Then again, I have had a few very honest and savvy people on the other end of a phone that made a decision which made sense in a matter of minutes.
Feel free to contact me via my web site, www.deverlaw.com. I would be more than happy to discuss the matter with you.
Likely there are a few items you have left out of the equation. And these omissions are making the difference between the sale and a continued game of chicken.
