Posted by 101livescan on 4/22/11 11:12am
Msg #381003

Farkas Fracas

Looks like he's a lifer...he may never see the light of day! Was it really worth it. Long way to fall from grace.

Nittygritty of his crimes in NY Times this morning.

http://www.nytimes.com/2011/04/22/business/22norris.html

I had an auction property yesterday, bid was 50% of loan. The borrowers were there with an injunction from the court. HALT THE SALE! No one can find the deed and note. It was a Deutsche loan originally, but subsequently bought by BofA after 13 transactions (securitized bundles) since it was a high end property and performing loan. If the deed and note cannot be found, the borrowers will always be in this home. I wonder what happens when they want to sell it? Not sure of the ramifications of this situation.

HAPPY EASTER WEEKEND EVERYONE. Month end seems to be picking up.

Interesting...

Reply by Shoshana/AZ on 4/22/11 1:21pm
Msg #381017

If they own the home outright, there is no need for a note or DOT. I imagine that there may be some kind of court order for a new deed. Since, I am not an attorney, I can only guess.

Reply by Linda_H/FL on 4/22/11 1:29pm
Msg #381019

"If they own the home outright, there is no need for a note or DOT"

I think it was a foreclosure auction..??

Reply by Shoshana/AZ on 4/22/11 2:23pm
Msg #381027

Yes but.....

It's possible that if the deed and the note cannot be found the court could declare them to be the rightful owners. It has happened before.

Reply by MW/VA on 4/22/11 2:43pm
Msg #381029

It looks like Farkas did some "creative financing". n/m