When the Sheriff nails one of these onto your door, it means business.  You are outta here.   An acquaintance  just had a visit from the Sheriff, and it is now a case “we just found out we have to leave our home, and we don’t know where we”ll go or what we’ll do.”  Or where store the RV, boat or quads for that matter.

Gaming the foreclosure system has become an art form.  The owner quit paying his mortgage in April 2009.

The home was purchased for over $750,000 in February 2006.  It was a bit odd at the time because the realtor/seller remodeled and expanded the house to prep it for market.   First and 2nd both from First Magnus with a whopping $20,000 down.

A NOD was filed based on a missed May 2009 payment.  The first NOS was filed in 6/2010 and a second in 4/2011, and the property officially went TD back to the bank in 5/2011.  But the dude and wifey are still there (though packing tonight).

I have my suspicion if the lawyer found the plaintiff or if the plaintiff found the lawyer in this case, but the scorched earth MERS / Show Me the Deed / Predatory Lending?Quiet Title suit was filed in February in Federal Court after having been booted there by good Judge Flanagan in Washoe.  All charges were dismissed in September, so they refiled for reconsideration.   NOT.  So they refiled again.  Still NOT.  And now a 72 hour notice with no back up plan. “Our lawyer said everything would be OK.”

The attorney was one of Fernley’s finest, and the 77 page filing was pretty obviously boiler plate.  The property’s county was stated mistakenly.  The loan terms were incorrectly identified.  I wish I could redact the filing enough to post it here – it is pretty interesting what are legal eagles are filing and convincing folks in foreclosure are “sure fire” remedies that will erase the original loan and have them  in their property debt free.  The acceptance of a stated income loan application was “predatory”.  The appraisal was fixed.  The standard MERS show me the deed stuff.  The bank has no status because they were paid off with credit default swaps.  But absolutely no mention of the plaintiff offering  $$$ to buy the house and accepting the mortgage terms in the first place.

The owner has missed well over $135,000 in mortgage payments since his default, and now feels truly wronged by the system.  And Fernley’s Finest is probably just moving on to the next willing mark willing to pony up legal fees to delay a legitimate foreclosure.

Somersett – I’m tracking an upcoming revolt against the developer controlled HOA.  Any inside scoops for a future post?