They went into foreclosure and the bank took everything !!!

[phoenixbass]

My friends parents have gone to foreclosure and a repo company came and took everything inside their home including my friends antique bottle collection he was storing at his parents house. The collection is worth about $60,000, but as far as the bank knows the collection is his parents. This is fu--ing nuts !!!!!!!!!!!! What can he do ???

[heretic]

Re: They went into foreclosure and the bank took everything !!!

hire a fucking lawyer? just my 2c...

[Jenks]

Re: They went into foreclosure and the bank took everything !!!

im guessing he did foreclosure + chapter 7. hire a lawyer yes, but, the bank has the right to liquify all your assets, minus wedding rings, to help pay the difference between what they sell the property for and what the bank note is. everyone thinks foreclosure and bankruptcy is the easy way out, uh, no it isn't, you lose your shit.

[BureOne]

Re: They went into foreclosure and the bank took everything !!!

that's fucked up dood!






*note to self: must move dj room to self storage just in case and party there.

[FM]

Re: They went into foreclosure and the bank took everything !!!

everyone thinks foreclosure and bankruptcy is the easy way out, uh, no it isn't, you lose your shit.

+10. You get hit twice effectively. and your credit really gets ruined, especially in this financial mess we're in as is.

CA I presume this is in? Either way, the parents should have at least been served with a notice of repo depending on where they are in the foreclosure process. If the whole thing is already done, then the cleaning out part is legit. Stuff is probably in storage which can be held for a short time, then auctioned off to help pay off the lender.

Bottom line is your friend needs to get on the horn quick; call lawyers to figure out what to do, call the sherriff's office (or whomever did the repo, unless it's a private company), etc. etc. and figure out how to prove/claim that stuff is legally his...especially if it's figured out how much the value is.

[runningman]

Re: They went into foreclosure and the bank took everything !!!

gonna be a lot more of this over the coming months

[Miroslav]

Re: They went into foreclosure and the bank took everything !!!

gonna be a lot more of this over the coming months

I actually happen to agree with you for once.

[FM]

Re: They went into foreclosure and the bank took everything !!!

gonna be a lot more of this over the coming months

bottom's not for another 2-3 years at this point based on projections.

It's like a gold mine out there; if you shop frugally sometimes and carefully you could actually get your own home for pennies on the dollar...

[toasty]

Re: They went into foreclosure and the bank took everything !!!

My friends parents have gone to foreclosure and a repo company came and took everything inside their home including my friends antique bottle collection he was storing at his parents house. The collection is worth about $60,000, but as far as the bank knows the collection is his parents. This is fu--ing nuts !!!!!!!!!!!! What can he do ???

Does your friend have anything that would help establish his ownership of the collection (or at least part of it)? Not critical, but could streamline things/make things easier for him. The bank doesn't have the right to liquidate his shit just because it happens to be in a property that is repo'ed, but he's got to do something to alert the bank of his ownership of that stuff ASAP if he wants to protect his rights. Kinda tough to put the toothpaste back in the tube after those things are sold, and for something that doesn't obviously have a great deal of intrinsic value, there's no telling what they would go for at a garden variety auction.

Bottom line -- lawyer or no, documentation or no, he needs to alert the bank, the repo agent, SOMEONE, immediately that that stuff is his.

[thesightless]

Re: They went into foreclosure and the bank took everything !!!

they should have declared chap 7 , it would stalled it for years.
not chap 13(thats were you lose tons), but alas, it is way too late. trust me, i work for "them", and they have tons of certified letters and whatnot. its way past the "recovery or stall" point here.

[phoenixbass]

Re: They went into foreclosure and the bank took everything !!!

I got more of the story. His parents never owned the house, they were renting. I don't know exactly what happened but I guess they could not make payments so the owner came in and took everything in the house as payment (including the bottle collection).

He must have legal rights to get the bottles back ????

[thesightless]

Re: They went into foreclosure and the bank took everything !!!

the landlord isnt allowed to do that by statute i beleive. i would be PM'ing toasty. and calling a lawyer.

its called theft. even if they were month to month and not on a lease, the landlord would have had to file eviciton notices. basically, and excuse me , im not an attorney, its theft.

[rainman]

Re: They went into foreclosure and the bank took everything !!!

^^^ very true.

[FM]

Re: They went into foreclosure and the bank took everything !!!

Would probably come down to what was stated in the contract signed, regardless of a regular or month-to-month lease...if a "standard" contract (as one would generally see), then they have a case and could actually sue the landlord....especially if an eviction notice wasn't filed as well...

Unlawful detainers, depending on the area, can take precedence and get moved through quicker...but either way, I hope they got a lawyer stat and move fast.

[Dhar_2]

Re: They went into foreclosure and the bank took everything !!!

That sucks!

sorry to hear about that!