Trying to buy home with PACE/HERO lien from seller in default - help!
T. B
6 years ago
Featured Answer
Sort by:Oldest
Comments (7)
Laurie Schrader
6 years agoRelated Discussions
Toro personal pace grinding noise?
Comments (45)Ok folks here it goes. Although there are many things that can cause a Toro personal pace to make all kinds of noises I would like to let you know how to fix at least one issue. After excluding wheel grinding noises and adjustment issues here is an easy fix to the transmission grinding noise. This noise can occur even with good gears and no gear slippage. The problem is that Toro has not chosen to fix a tolerance problem in the transmission casting or case itself. Now make a mental picture of what I am about to say or be staring down inside the transmission housing and gears by removing the axle and transmission unit. The bearing sits in the bottom of the transmission housing then the pinion gear stem fits down through it to the pulley system. The pinion gear then engages the bevel gear on the axel. Now here is the problem; the bearing when sitting in the bottom of the case allows just enough disengagement to create a grinding or howling noise. You may think my solution is quirky but it darn sure has worked. I took a wrench socket and knocked the bearing away from the floor of the transmission case a bit. I then took a piece of baling wire shaped like a washer and worked it between this created space between the floor of the case and the lower or bottom side of the bearing. This moves the pinion gear and the beveled gear to exactly to the correct tolerances. Hence, no more grinding noise. I have a 2005 Personal Pace mower that is actually quieter than when it was new....See MoreSub-Contractor Lien Releases
Comments (28)quote" And the bad part from an owner's perspective is that you have lien recourse while we're just screwed. "quote If you don't pay, I (the GC) have the right to not only Lien against your property but also have right to sue you to pursue a Judgment against you because you were in a direct Breach of Contract because there is an Agreement(contract) between us that was not fulfilled on your end. If I neglect to pay a sub for services rendered, even though I was paid for his service's, he only has the right to pursue you for a Lien. Since there's no direct Agreement between you and him it is simply Implied that he's due compensation for his services, and since the GC didn't pay he can only Lien, he can't pursue a Judgment against the Property Owner. If he made me sign an Agreement for the service at a job of mine and I didn't pay, he could pursue me for a Judgment too. In 15 years of Mechanical Contracting I never had a builder sign a Agreement. I now have several Subs, who thanks to scoundrels within the industry, make their Builders sign a contract on each individual job. Over the past 15 years the only Sub who has always done this is my Granite man. This guy was burned by home builders so many times in the late 80's and early 90's that I was amazed that he was able to stay in the game. This guy is awesome and didn't deserve it just as equally as the subs who worked for pool builders that didn't get paid too. My concrete guy got burned by a pool builder named Bruce, who was confused on a thread with a good Bruce here a few months back, for 55000 over the course of 7 months and 10 unpaid jobs. He confided in me that he had to leverage an equal amount against his business line of credit to just stay in the game. It took him over 150000 in new invoices to rebound back to zero. This, my internet friends, means that he did 200000+ of work for free because he didn't follow protocol on these unpaid invoices. It Heartbreaking to everybody involved except the pool builder. just-a-pb quote" He did this with 20 to 30 contractors on many homes he was building. "quote If these subs had gotten together they could have formed a class action suit and pursued criminal charges of Intent to Defraud against the home builder. The only times I've ever seen builders go to jail is when the ripped off customers and/or the unpaid subs got together and pursued the GC as a Class Action (group) suit. This year 3 pool builders were arrested and Indicted on these charges. When this goes to court and the Jury hears that each of this men had several companies prior to these that did the same thing, I'm hoping they'll be sentenced to the maximum duration of incarceration. Deliberately collecting money with no objective of completion for the buyer or compensation of the service/supplies providor of the project, IMO and the interpretation of the law, is a criminal not a civil offense. See ya, Kelly...See MoreHelp. seller trying to back out
Comments (10)LOL Don't get your dander up! You should never have signed the P&S without a written agreement from the lender regarding the short payoff. In matters not one iota how many people are updside down on their mortgages. In fact, that's all the more reason for buyers to take the necessary precautions of performing thorough due diligence. "If the sellers agree to purchase agreement, I, as buyer, have no other option but to beleive they have the equity to make up the difference. In fact we asked specifically and were assured it was covered." Do you have it in writing from the lender???? No, I didn't think so. Do you have anything fron the seller stating that they are aware the sales price is insufficient to pass clear title & agree to augment the sales proceeds??? No, I didn't think so. Yes, you do have other options. You just didn't make use of them. And, no...it's not your fault the seller hasn't been able to reach agreement with their lender. It is your responsibility to protect your own a$$ though. Who else do your expect to do it? The seller? Nope. Sorry, I'm a long time lender who's seen this situation many times. The law allows for you to sue for Specific Performance. You'll likely not collect a dime. Fair? Probably, no. Real world? Yep. Frankly, I'm amazed that you apparently KNEW the seller was trying to get their lender to agree to a short sale & you STILL didn't get anything directly from the lender approving the sale. That part is your fault. Folks, this is really a tough lesson & the OP has learned the hard way. There's already happening lots of these supposedly short sales & there's going to be lots more in the months to come. Learn how to protect yourself. Afterall, the seller wants to see proof that you qualify for a mortgage before signing your P&S, right? Why would it be any different if the seller needs to come up with cash outside sale proceeds to pass title? If anybody's interested, here's what I would have done in the same situation. I would have demanded, through counsel, that the lender either provide a letter signed by a person of authority stating that the lender would accept "X" amount of dollars & provide full release of lien OR better still...demanded that the lender prepare the release of lien & place it with the title company until closing. As buyer, you are perfectly within your rights to make such demands. Do you have any other options now? Well, yes you do but it's hardball. You can show up for closing with your certified funds. Sign the closing documents. Then, have your counsel phone the lender explaining that you're sitting at the closing table with cash on the table. Tell the lender that if they don't immediately agree to the release of lien you'll walk & they'll likely have another REO on the books. It sure sounds like the lender is familar with these borrowers since the OP stated that they refused to transfer the remainder to the borrower's business loan. Quite possibly, forcing their hand will result in a successful closing. If not, you're no worse than you are now except, maybe, down another $500 for counsel to attend closing & make a couple phone calls. I've been on the receiving end of many of those phone calls. Some I've agreed to & others I've rejected. /tricia...See MoreStuck with a Home Lien
Comments (10)Your realtor is not at fault. The title search was deficient. That's why you pay for a title search in the first place, to ascertain whether there is a clear title to transfer. The closing attorney should have stopped the proceedings until the title was cleared. I've had that happen to me personally. It can take a few days, or in my case, it took a couple of months to clear the title. Potential parties at fault, the title company, the closing attorney. The victims, you and your lender. If you are military, you need to consult with your unit's JAG officer. You do have some special protections against fraud afforded you by virtue of military service that others do not enjoy. If you are already separated, you will need to consult a real estate attorney. You may even have some coverage in your homeowner's insurance policy. That's worth checking into, also. What most people don't understand is the title insurance protects the lender. Unless you specifically purchased additional insurance, the purchaser is not protected. Even then, it may not be covered if you buy extra insurance if the adverse condition is made known to you prior to closing. I buy it when I purchase property, even then, it won't protect you. The loan should have never closed with an outstanding lien....See MoreT. B
6 years agosushipup1
6 years ago
Related Stories
FUN HOUZZDon’t Be a Stickybeak — and Other Home-Related Lingo From Abroad
Need to hire a contractor or buy a certain piece of furniture in the U.K. or Australia? Keep this guide at hand
Full StoryMOVING5 Risks in Buying a Short-Sale Home — and How to Handle Them
Don’t let the lure of a great deal blind you to the hidden costs and issues in snagging a short-sale property
Full StorySELLING YOUR HOUSEA Moving Diary: Lessons From Selling My Home
After 79 days of home cleaning, staging and — at last — selling, a mom comes away with a top must-do for her next abode
Full StorySELLING YOUR HOUSE5 Savvy Fixes to Help Your Home Sell
Get the maximum return on your spruce-up dollars by putting your money in the areas buyers care most about
Full StoryFEEL-GOOD HOME7 Home Lessons We Learned From Mister Rogers
With the film ‘Won’t You Be My Neighbor?’ set to debut, here are ways the TV host’s ideas can live on in our homes
Full StoryMOST POPULAR9 Real Ways You Can Help After a House Fire
Suggestions from someone who lost her home to fire — and experienced the staggering generosity of community
Full StoryDECORATING GUIDESFrom Queasy Colors to Killer Tables: Your Worst Decorating Mistakes
Houzzers spill the beans about buying blunders, painting problems and DIY disasters
Full StoryLIFE12 House-Hunting Tips to Help You Make the Right Choice
Stay organized and focused on your quest for a new home, to make the search easier and avoid surprises later
Full StorySELLING YOUR HOUSEThe Real Scents That Will Help Sell Your House
Ditch the potpourri and baked cookies. Follow these guidelines on scents to use and avoid to help sell your home
Full StoryHOME TECHThe Inevitable Future of Drones Around Your Home
As Google joins the push for airborne deliveries, it seems only a matter of time before neighborhoods are buzzing with drones. Is that OK?
Full Story
sushipup1