Posted by John Merchant on September 21, 2009 at 19:28:15:
Can’t tell you how many times my clients and I’ve heard this refrain w/o ANY lawsuits being filed.
Even after a suit is filed often it goes away when the defendant files his Answer and the lawyer clearly comprehends that a whole LOT of time’s gonna be involved.
Lawyers don’t have to be mental whizkids to get the fact that they’re not taking on any lawsuit these days w/o $$$ in hand and the broke got no $$$.
WI Lonnie dealers take note - Posted by Dave (WI)
Posted by Dave (WI) on August 27, 2009 at 22:29:40:
I met with our lawyer today and found out that Wisconsin laws are “unique” and if we are financing our deals there is a very specific form that must be used. The form that he gave me is the Consumer Simple Interest Installment Sale and Security Agreement and is much more involved that the contracts that are outined in DOW. I used the forms in the books for my first few sales and never had a problem because my customers paid. Now I have one (my first one) that is behind both with me and the park. The short version of my meeting is that the homemade forms I used were “deficient” and wouldn’t stand up in court and I was advised to sign over the title to the occupant as soon as I got out of my meeting. There is a little more involved in the story, the deal was heading south in a hurry and the other side was making noises about their lawyer and court. The bright side is I did make some money off of this deal and I have a feeling they are going to get evicted from the park in another month and I may get the home back from the park owners. If anyone would like to know what forms are needed feel free to email me at jeshomes@yahoo.com, or call my cell phone at 608-931-4593.
Re: WI Lonnie dealers take note - Posted by Ryan (NC)
Posted by Ryan (NC) on September 01, 2009 at 22:59:13:
From my experience attorneys are paid to tell people no and that they can’t do things without risk. There are always risk, try crossing the street against the light in NYC.
Let the park evict, help if you have to and take possession via abandonment. As a lien holder you should be able to do a simple certificate of repossession if they abandon (are evicted) while payment is past due. Resale with the form your lawyer recommends in the future but as for turning the title over… ain’t no way, even the most f-d up document that shows that someone owes you money and is secured by something should be enforceable to a degree.
Best wishes,
Ryan Needler
Bird in Hand - Posted by Dr. B. (OH)
Posted by Dr. B. (OH) on September 01, 2009 at 21:05:04:
Dave,
I hope you haven’t signed the title over to him yet. Sounds like you have a very conservative(non-aggressive) lawyer.
If the park evicts him, you’ve signed over title, and he disappears, it will be harder to get title again to the home. He is unlikely to show up when you go to repo it after he has left the park. If he spends money to contest it (unlikely), then you can sign it over then. A bird in hand…
Steve
Re: WI Lonnie dealers take note - Posted by John T (WI)
Posted by John T (WI) on August 31, 2009 at 08:55:07:
Dave,
Drop me an email with this info. I couldn’t find the form you mentioned online.
On another note, I wouldn’t worry about getting sued. The guy is broke. How’s he even gonna pay a retainer? Noise is just noise until he acts on it, and he can’t.