Re: Update: FINAL (disbarred lawyer won’t give in) - Posted by MilNC
Posted by MilNC on December 10, 1998 at 14:45:27:
Some people can say “why waste your time”, but on the
other hand, you have learned alot from this
"worst case scenario" with shades of “Pacific Heights” (the movie in which Michael Keaton moves into an apt in a house and WON’T leave, drives other tenants out,
locks the landlord out and the law is on the tenant’s side).
We have all learned, too, and it raises some questions.
(Like how to cast the movie! I’m thinking Rod Steiger or Gene Hackman as the disbarred lawyer/tenant.
Just add in a love interest and you’re on your way!)
From a library book “North Carolina Real Estate for Brokers and Salesmen”…
"aftter a foreclosure sale, a borrower or others may submit, within ten days follwing a fc sale, an “upset bid” in an amount which exceeds the highest bid at the fc sale by a stated margin (not the balance due the lender)
and thereby force a “resale” of the property> If there is no bid exceeding the upset bid, then the party submitting the upset bid will be deemed the highest bidder and a second ten-day upset bid period will commenceas of the resale date. This process of upset bids and resales may continue indefinitely until there are no more upset bids, at which time the foreclosure sale will become final and the borrower’s right to redeem the property will be terminated."
I am NOT an atty, NOT a realtor, I have never done a foreclosure, but the way you have
described the “tenant” is sounds like he is familiar with a process something like this. I’d check the local
laws and the foreclosure process ( OK, in your spare time while you are MAKING OFFERS on other properties–which is how you are supposed to spend most of your time!!)
Knowing what you know about the property, you might
just want to bid on the tax lein/deed and collect some
fees, at some good interest rate and figure it will be
redeemed, as most are anyway, and maybe that is what
this lawyer is planning to do.
Just depends where you are at in your scheme of things
how you spend your time, but I would not want to let
go and NOT find out what happens down the road. Look at
all the information you have already. It would be great
fun to see how it plays out.
This is a GREAT story!
There is the fact that you know more than anyone else
about this guy, so you can see what happens down the line.
Just a thought.
Don’t try to win, try to learn.