Betty The Restauranteur

[Victory Sabre]

As someone who is seeing the foreclosure thing up close, and in the same state as Ghel, I just have to wonder when this nonsense will end.

My situation is that my business leases space in a property that is going through it right now. The property owner hasn't been paying property taxes, or the mortgage. The property went through a Sheriff's Auction right now, and (while we're not 100% on this), the bank owns it. Right now the property is in what's called a Redemption Period, that lasts 6 months. The property owner has the opportunity to make it right, but he won't. So, as of April 3rd, the bank owns the property outright.

After that, the bank can kick us out, with a 3 month notice. However, our lease ends at the end of September. All the experts we've talked to say that it's highly unlikely that the bank will kick us out before the end of our lease.

In all honesty, the bank is going to get hosed, because this property really has bad access issues. If they get 300k, I'd be amazed.

[taxguykarl]

IOW, Betty just bought herself another year for this nonsense.

Get ready for the foreclosure nonsense carousel.

[Ghel]

Betty has postponed disaster again. At least temporarily. I called the county today and the property taxes for the second half of 2019 are paid (with 2 days to spare)! Now Betty has until the end of calendar year 2020 to pay the second installment on her agreement with the county plus the 2020 property taxes.

[taxguykarl]

We haven't yet. The restaurant loan has yet to be paid.

[Tama]

Never thought I'd see that happen...

[Mental_Mouse]

Well apparently the end of the year will be a potential turning point -- or crash site.

[MadMike]

I just re-read the first page and saw this thread started 5 years ago.

A lot further back than that. There's a link in the original post that goes back to another thread that was started in 2012, and one before that that started in 2008. So over a decade actually.

[Ironclad Alibi]

How in the world does anyone get away with such shenanigans for that long??? :facepalm:

The technical term is "gaming the system."

The additional comment I was going to make belongs in Fratching, so I won't make it.

[DGoddessChardonnay]

*reads latest update on Betty*


If there is an end to this, let's throw a party. I just re-read the first page and saw this thread started 5 years ago.


How in the world does anyone get away with such shenanigans for that long??? :facepalm:

[Ghel]

Paid in full or just got current?

Paid in full.

[Buzzard]

Oh no, that would be too EASY! Nope, as before, she'll pay off the exact MINIMUM, at the very last moment, further prolonging this crap. And once the crisis is averted, for now, she'll go back to not paying bills until the next (self-caused) crisis pops up.

[taxguykarl]

As I mentioned in another thread, Betty and her husband paid off their home loan recently (to the tune of $10,000).

Paid in full or just got current?

her agreement with the county will be cancelled and the restaurant will go tax forfeit. Based on previous conversations with Goodhair and Ted, the bank might not do anything if that happens. We might just let it go tax forfeit rather than throw more money at a bad loan.

Finally this nonsense may be ending.

[Ghel]

As I mentioned in another thread, Betty and her husband paid off their home loan recently (to the tune of $10,000). I have no idea where they got the money.

Betty is still struggling with the property taxes on the restaurant, however. She still needs to pay the 2nd half 2019 taxes by the end of the year, or her agreement with the county will be cancelled and the restaurant will go tax forfeit. Based on previous conversations with Goodhair and Ted, the bank might not do anything if that happens. We might just let it go tax forfeit rather than throw more money at a bad loan.

[taxguykarl]

It probably won't last long. Get ready to mount the foreclosure carousel once again, Gehl.

[Ghel]

That's a good question. I believe that part of the state and federal tax liens against her are for failing to pay the taxes she withheld from employee paychecks. I see payments to the state dept. of revenue and to the IRS coming out of her checking account, so hopefully that means she's paying the withholding. But with her history, who knows?