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Dec 30th, 2023
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 What to Do?
#15221454
10/19/24 04:26 AM
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Joined: Jan 2003
Posts: 83,923
Pilothawk
OP
Pumpkin Head
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OP
Pumpkin Head
Joined: Jan 2003
Posts: 83,923 |
There is at least one family that purchased a property where they would build after retirement. Helene not only flooded the area, but it changed the rivers path. There is no longer dry land where their retirement property once was.
What would you do? There continues to be a mortgage that is outstanding. Do you just take the title to the bank and say it's yours....sue me if you want. No, they were not at fault for not having insurance. You can insure the improvements to the property. Here, there were none.
Just hope the bank doesn't come after your current home/finances. File Chapter 12?
KANSAS JAYHAWK BASKETBALL - Where tradition comes from ![[Linked Image]](http://www.funstuff.ku.edu/ui/images/buddyicons/1943jayhawk.gif) 2008 NATIONAL BASKETBALL CHAMPIONS-ORANGE BOWL CHAMPIONS 2008 52 Conf Champs /5 Nat'l Champs
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Re: What to Do?
[Re: Pilothawk]
#15221458
10/19/24 05:48 AM
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Joined: Dec 2003
Posts: 1,215
Crappie Husband
Extreme Angler
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Extreme Angler
Joined: Dec 2003
Posts: 1,215 |
There is at least one family that purchased a property where they would build after retirement. Helene not only flooded the area, but it changed the rivers path. There is no longer dry land where their retirement property once was.
What would you do? There continues to be a mortgage that is outstanding. Do you just take the title to the bank and say it's yours....sue me if you want. No, they were not at fault for not having insurance. You can insure the improvements to the property. Here, there were none.
Just hope the bank doesn't come after your current home/finances. File Chapter 12? I’d start charging people to fish my private water. 
-Kyle Campbell-
Blue Wave 2000 Pure Bay
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Re: What to Do?
[Re: Pilothawk]
#15221462
10/19/24 08:47 AM
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Joined: Dec 2008
Posts: 9,125
Samsonsworld
TFF Celebrity
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TFF Celebrity
Joined: Dec 2008
Posts: 9,125 |
Pay you obligations, regardless of circumstances.
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Re: What to Do?
[Re: Pilothawk]
#15221464
10/19/24 08:55 AM
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Joined: Jun 2011
Posts: 18,655
921 Phoenix
TFF Guru
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TFF Guru
Joined: Jun 2011
Posts: 18,655 |
hmm this a tough one.
the contract for mortgage is for you bying something that is worth something and you paying for it. The contract for the property is now half gone yes you agree to pay for the money borrowed. The property you got the loan for is no longer there. They put up collaral for this so they may lost everything.
I don't even know what the legal argument would be to not pay.
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Re: What to Do?
[Re: Pilothawk]
#15221470
10/19/24 09:27 AM
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Joined: Dec 2008
Posts: 9,125
Samsonsworld
TFF Celebrity
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TFF Celebrity
Joined: Dec 2008
Posts: 9,125 |
Guys, is this really an issue? If I buy a car and I'm not insured and I wreck it. Pretty sure there bank still wants paid. If not, they eat the loan. And that isn't right where I'm from.
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Re: What to Do?
[Re: Pilothawk]
#15221497
10/19/24 11:43 AM
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Joined: Mar 2010
Posts: 28,940
T Bird
TFF Guru
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TFF Guru
Joined: Mar 2010
Posts: 28,940 |
Talk to a good Attorney is what I'd be doing.
Last edited by T Bird; 10/19/24 11:43 AM.
Okie by birth, Texan by choice. ![[Linked Image]](https://texasfishingforum.com/forums/pics/userpics/2021/01/full-47849-80883-111.jpg) USAF "Thunderbirds" Alumni 1985-1989
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Re: What to Do?
[Re: T Bird]
#15221509
10/19/24 11:54 AM
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Joined: Nov 2014
Posts: 6,567
GTrigg
TFF Celebrity
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TFF Celebrity
Joined: Nov 2014
Posts: 6,567 |
Talk to a good Attorney is what I'd be doing. 
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Re: What to Do?
[Re: Samsonsworld]
#15221541
10/19/24 12:41 PM
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Joined: Jun 2012
Posts: 6,890
Wool E. Booger
TFF Celebrity
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TFF Celebrity
Joined: Jun 2012
Posts: 6,890 |
Guys, is this really an issue? If I buy a car and I'm not insured and I wreck it. Pretty sure there bank still wants paid. If not, they eat the loan. And that isn't right where I'm from. Absolutely ….unless the bank is the one that washed the property away, it’s not their fault either. The money was loaned in good faith and doesn’t just disappear when the property disappears.
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Re: What to Do?
[Re: Pilothawk]
#15221551
10/19/24 01:08 PM
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Joined: May 2007
Posts: 45,049
WAWI
TFF Guru
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TFF Guru
Joined: May 2007
Posts: 45,049 |
Banks aren't gonna come after other stuff, its secured by the property. Now should you pay it, probably so. I will say this, banks do deals all the time and a little risk is factored in. The reality is the loan probably isn't big enough to get the bank to negotiate with you. The private equity group we sold out to had 50 percent of their deal financed by a big bank, covid changed the industry and the bank got nervous and settled the loan for 10 cents on the dollar. They ate over 50 million just to get something back. They could in theory make a low ball offer to bank to try and settle the loan and maybe still keep the property, hoping the bank doesn't want the property and would rather get something back than nothing but a mud hole they have to deal with. Probably worth a shot.
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Re: What to Do?
[Re: WAWI]
#15221557
10/19/24 01:15 PM
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Joined: Jun 2012
Posts: 6,890
Wool E. Booger
TFF Celebrity
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TFF Celebrity
Joined: Jun 2012
Posts: 6,890 |
Banks aren't gonna come after other stuff, its secured by the property. Now should you pay it, probably so. I will say this, banks do deals all the time and a little risk is factored in. The reality is the loan probably isn't big enough to get the bank to negotiate with you. The private equity group we sold out to had 50 percent of their deal financed by a big bank, covid changed the industry and the bank got nervous and settled the loan for 10 cents on the dollar. They ate over 50 million just to get something back. They could in theory make a low ball offer to bank to try and settle the loan and maybe still keep the property, hoping the bank doesn't want the property and would rather get something back than nothing but a mud hole they have to deal with. Probably worth a shot. I wouldn’t have a problem negotiating with the bank with a hope for settling, but my conscience wouldn’t allow me to just not pay.
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Re: What to Do?
[Re: Pilothawk]
#15221558
10/19/24 01:16 PM
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Joined: Nov 2002
Posts: 57,805
RayBob
Super Freak
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Super Freak
Joined: Nov 2002
Posts: 57,805 |
So, am I understanding that the river changed course and the "land" is now under the water? Sounds like a bad place to acquire "land" to live on that is subject to such radical flooding and thus was a turrible investment. I'd say there options are either pay the loan (open to negotiation) or default. They are gonna pay for worthless or non-existent property.
Advice? Wise men don't need it. Fools won't heed it !
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Re: What to Do?
[Re: Samsonsworld]
#15221565
10/19/24 01:33 PM
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Joined: Jan 2003
Posts: 83,923
Pilothawk
OP
Pumpkin Head
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OP
Pumpkin Head
Joined: Jan 2003
Posts: 83,923 |
Guys, is this really an issue? If I buy a car and I'm not insured and I wreck it. Pretty sure there bank still wants paid. If not, they eat the loan. And that isn't right where I'm from. Insurance is written for your house, barn, stuff added to your property, etc, but I don't know if any insurance that covers against the risk of the land itself disappearing. Flood insurance might, but I don't think so.
KANSAS JAYHAWK BASKETBALL - Where tradition comes from 2008 NATIONAL BASKETBALL CHAMPIONS-ORANGE BOWL CHAMPIONS 2008 52 Conf Champs /5 Nat'l Champs
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Re: What to Do?
[Re: Pilothawk]
#15221569
10/19/24 01:40 PM
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Joined: Oct 2012
Posts: 27,519
ReelBusy
TFF Guru
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TFF Guru
Joined: Oct 2012
Posts: 27,519 |
Rivers generally belong to the state, curious how that would play into property ownership when the river bed changes drastically. Creeks on the other hand are not.
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Re: What to Do?
[Re: Wool E. Booger]
#15221572
10/19/24 01:43 PM
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Joined: May 2007
Posts: 45,049
WAWI
TFF Guru
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TFF Guru
Joined: May 2007
Posts: 45,049 |
Banks aren't gonna come after other stuff, its secured by the property. Now should you pay it, probably so. I will say this, banks do deals all the time and a little risk is factored in. The reality is the loan probably isn't big enough to get the bank to negotiate with you. The private equity group we sold out to had 50 percent of their deal financed by a big bank, covid changed the industry and the bank got nervous and settled the loan for 10 cents on the dollar. They ate over 50 million just to get something back. They could in theory make a low ball offer to bank to try and settle the loan and maybe still keep the property, hoping the bank doesn't want the property and would rather get something back than nothing but a mud hole they have to deal with. Probably worth a shot. I wouldn’t have a problem negotiating with the bank with a hope for settling, but my conscience wouldn’t allow me to just not pay. Oh i hear you, just remember that if you pledge an asset on a loan and the value of said asset falls the bank has no problem calling you and wanting additional collateral.
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Re: What to Do?
[Re: GTrigg]
#15221574
10/19/24 01:46 PM
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Joined: Jul 2010
Posts: 81,002
banker-always fishing
Pumpkin Head
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Pumpkin Head
Joined: Jul 2010
Posts: 81,002 |
Talk to a good Attorney is what I'd be doing. This!
![[Linked Image]](http://imagizer.imageshack.us/v2/xq90/823/ycku.jpg) ![[Linked Image]](http://imagizer.imageshack.us/v2/xq90/560/ukw3.jpg) IGFA World Record Rio Grande Cichlid. Lake Dunlap. John 3:16 Sinner's Prayer. God forgive me a sinner. I accept Jesus Christ as my Savior !
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