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Author Topic: Random Legal Question - Deed in Lieu  (Read 7691 times)

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Offline goporkyourself

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Random Legal Question - Deed in Lieu
« on: July 25, 2016, 01:59:47 PM »
i have a rent house that i'm just friggin sick of dealing with.

i'm thinking of asking the bank if they'll take a deed in lieu and just let me walk. there is equity in the house. no financial issues, i'm just tired of owning it.

anyone ever done that?


Offline TexZilla

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Re: Random Legal Question - Deed in Lieu
« Reply #1 on: July 25, 2016, 02:51:26 PM »
If you have good equity why wouldn't you sell it fast and pocket a little profit?


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #2 on: July 25, 2016, 03:16:36 PM »
If you have good equity why wouldn't you sell it fast and pocket a little profit?

because it has a recurring issue with water drainage that makes it impossible to sell. 


Offline DRYANKNPULL

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Re: Random Legal Question - Deed in Lieu
« Reply #3 on: July 25, 2016, 05:21:30 PM »
because it has a recurring issue with water drainage that makes it impossible to sell.

You are fucked. Banks don't like taking on a position of being fucked. Good luck.


Offline TexZilla

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Re: Random Legal Question - Deed in Lieu
« Reply #4 on: July 26, 2016, 10:03:20 AM »
because it has a recurring issue with water drainage that makes it impossible to sell.

So how do you have equity if the market value is fucked?  If you can't sell why would the bank want your shitty property?  they want your money not your collateral.  You are fucked. 


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #5 on: July 26, 2016, 10:14:47 AM »
i'm gonna list the fucker and see what happens.


Offline saniflush

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Re: Random Legal Question - Deed in Lieu
« Reply #6 on: July 26, 2016, 02:38:09 PM »
because it has a recurring issue with water drainage that makes it impossible to sell.

Damn!  What kind of reoccurring water issue can't be fixed?


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #7 on: July 26, 2016, 02:55:28 PM »
Damn!  What kind of reoccurring water issue can't be fixed?

it's a long story. i blame Lindsey for building a giant apartment complex and ruining the water drainage on the street in front of the house.

short story is that the storm drain on the street is right in front of my house but in certain instances it rains so much that the drain backs up and then the water draining from my yard has nowhere to go. it backs up in the backyard and there's a patio door and another door that are susceptible to leaks. however, i have those doors sealed now with separate barriers blocking up to about 8 inches on the wall.

had water come in the house with that crazy pop up storm on Monday even though it was perfectly dry in there all spring. so, that makes little sense. i'm worried that i have a seal plate issue along the foundation. but of course the wall where the water "appears" to have entered the house is behind all the kitchen cabinets and sinks.

i've already called a couple contractors to try to figure it out.

if someone told me they could 100% guarantee they could fix it i would pay whatever just for some peace of mind.


sucks for my renters as well. 


Offline Boar Bidet

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Re: Random Legal Question - Deed in Lieu
« Reply #8 on: July 26, 2016, 03:02:39 PM »
it's a long story. i blame Lindsey for building a giant apartment complex and ruining the water drainage on the street in front of the house.

short story is that the storm drain on the street is right in front of my house but in certain instances it rains so much that the drain backs up and then the water draining from my yard has nowhere to go. it backs up in the backyard and there's a patio door and another door that are susceptible to leaks. however, i have those doors sealed now with separate barriers blocking up to about 8 inches on the wall.

had water come in the house with that crazy pop up storm on Monday even though it was perfectly dry in there all spring. so, that makes little sense. i'm worried that i have a seal plate issue along the foundation. but of course the wall where the water "appears" to have entered the house is behind all the kitchen cabinets and sinks.

i've already called a couple contractors to try to figure it out.

if someone told me they could 100% guarantee they could fix it i would pay whatever just for some peace of mind.


sucks for my renters as well.
ya know this is sorta what happened to my condo rental. Except my condo is on the second floor and the people on the first got fucked once a contractor on the adjacent property came in, tore down all the trees and shit and then bulky three new houses. It completely fucked up the water drainage and because our complex is downhill slightly from the properties all the water runs directly into the bottom two condos and floods. The contractor is an asshole and has told the POA he won't alleviate or fix the issue. The city has been out and say it's not their issue but clearly there was no issue before he built and they are trying to mediate. Meanwhile the owner of the unit that keeps flooding is trying to make the POA pay and we are refusing. We are about to hire an attorney I guess and go battle this asshole contractor unless there's a better solution. I'm so fucking sick of dealing with it but my renter is happy and dry. But I don't want to keep holding on to the property for much longer so if anybody wants to buy it up let me know


Offline PigHair

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Re: Random Legal Question - Deed in Lieu
« Reply #9 on: July 26, 2016, 03:07:58 PM »
it's a long story. i blame Lindsey for building a giant apartment complex and ruining the water drainage on the street in front of the house.

short story is that the storm drain on the street is right in front of my house but in certain instances it rains so much that the drain backs up and then the water draining from my yard has nowhere to go. it backs up in the backyard and there's a patio door and another door that are susceptible to leaks. however, i have those doors sealed now with separate barriers blocking up to about 8 inches on the wall.

had water come in the house with that crazy pop up storm on Monday even though it was perfectly dry in there all spring. so, that makes little sense. i'm worried that i have a seal plate issue along the foundation. but of course the wall where the water "appears" to have entered the house is behind all the kitchen cabinets and sinks.

i've already called a couple contractors to try to figure it out.

if someone told me they could 100% guarantee they could fix it i would pay whatever just for some peace of mind.


sucks for my renters as well.

Call Olshan. They warranty their work.


Offline Animal

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Re: Random Legal Question - Deed in Lieu
« Reply #10 on: July 26, 2016, 05:54:15 PM »
I'm talking out of my ass, but I would think a major project would need a drainage/erosion impact study in order to meet code. I'm sure since it's a Lindsay project that the city just smiled and went on. They can't just funnel drainage right into your house...well I guess they can as long as they are allowed to get away with it.

I wonder if any of this would fall under the EPA as environmental impact?

Ultimately it may just be that you would need major work to channel water  away and let it be the next guys problem. That's like weeping tile and digging around the foundation to seal it up kind of shit. 


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #11 on: July 26, 2016, 07:47:28 PM »
I'm talking out of my ass, but I would think a major project would need a drainage/erosion impact study in order to meet code. I'm sure since it's a Lindsay project that the city just smiled and went on. They can't just funnel drainage right into your house...well I guess they can as long as they are allowed to get away with it.

I wonder if any of this would fall under the EPA as environmental impact?

Ultimately it may just be that you would need major work to channel water  away and let it be the next guys problem. That's like weeping tile and digging around the foundation to seal it up kind of shit.

yeah, i'm sure they properly vetted it. i'm pretty sure mine is the ONLY house in the entire area that has this problem. it's out of weddington where lindsey built that monstrosity with tons of building and the golf course.

it's just shitty luck all around on that property. we thought it was a good buy in the summer of 05 when there were NO starter houses around. we lived there for about 4 years and never had any problems till the last year we were there.


Offline DRYANKNPULL

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Re: Random Legal Question - Deed in Lieu
« Reply #12 on: July 26, 2016, 08:06:35 PM »
I'll give you an anecdote from 25 years ago. I lived on campus and we built a new parking lot. It changed the drainage and affected the neighbors down hill. I was contacted by a city inspector about the issue. I told him that water runs down hill and there was nothing we could do about it. He informed me that it doesn't work that way and we had to fix it.  I still have the callouses to prove it.

Consider how much equity you have, and then figure what litigation would cost. I bet they would buy your house or at least mitigate your predicament. There are so many lawyers in NWA that would be happy to help you. Find one that is right out of school that has nothing better to do.


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #13 on: July 26, 2016, 08:10:31 PM »
I'll give you an anecdote from 25 years ago. I lived on campus and we built a new parking lot. It changed the drainage and affected the neighbors down hill. I was contacted by a city inspector about the issue. I told him that water runs down hill and there was nothing we could do about it. He informed me that it doesn't work that way and we had to fix it.  I still have the callouses to prove it.

Consider how much equity you have, and then figure what litigation would cost. I bet they would buy your house or at least mitigate your predicament. There are so many lawyers in NWA that would be happy to help you. Find one that is right out of school that has nothing better to do.

my wife is a lawyer


Offline DRYANKNPULL

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Re: Random Legal Question - Deed in Lieu
« Reply #14 on: July 26, 2016, 08:15:32 PM »


Offline saniflush

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Re: Random Legal Question - Deed in Lieu
« Reply #15 on: July 27, 2016, 08:03:01 AM »
my wife is a lawyer

Shouldn't she have something (or someone) better to do?


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #16 on: July 27, 2016, 08:05:18 AM »
Shouldn't she have something (or someone) better to do?

one would think.


Offline razorwire

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Re: Random Legal Question - Deed in Lieu
« Reply #17 on: July 27, 2016, 08:05:40 AM »
because it has a recurring issue with water drainage that makes it impossible to sell.

Have you had a civil engineer look at the drainage problem? 


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #18 on: July 27, 2016, 08:10:30 AM »
Have you had a civil engineer look at the drainage problem? 

not yet.


Offline Joe Swine

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Re: Random Legal Question - Deed in Lieu
« Reply #19 on: July 27, 2016, 09:06:54 AM »
That was a freaky storm.  Fell like a giant water balloon from space.  The storm drain backed up one street over from my house and left a high water mark 3 feet up a yard.  My son saw it, thought about it and had to back up off it.  At work, the shop, which flooded during the Friday torrent a month ago, just got wet around the garage doors, while my office had a stream flow through it.  That to say, you may have seen a worst case with your property.


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #20 on: July 27, 2016, 09:08:28 AM »
That was a freaky storm.  Fell like a giant water balloon from space.  The storm drain backed up one street over from my house and left a high water mark 3 feet up a yard.  My son saw it, thought about it and had to back up off it.  At work, the shop, which flooded during the Friday torrent a month ago, just got wet around the garage doors, while my office had a stream flow through it.  That to say, you may have seen a worst case with your property.

yeah, problem is i've seen this worst case a dozen times over the last 5 years.


Offline Joe Swine

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Re: Random Legal Question - Deed in Lieu
« Reply #21 on: July 27, 2016, 09:19:52 AM »
yeah, problem is i've seen this worst case a dozen times over the last 5 years.

So water routinely comes in even after sealing the doors?  Sounds like you gotta call the city, have them and an engineer look at it and other such shit nobody got time for.  Here's hoping your renters move out, the insurance is good, and lightening takes care of it.


Offline goporkyourself

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Re: Random Legal Question - Deed in Lieu
« Reply #22 on: July 27, 2016, 09:23:27 AM »
  Here's hoping your renters move out, the insurance is good, and lightening takes care of it.


in his name we pray, amen.


Offline saniflush

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Re: Random Legal Question - Deed in Lieu
« Reply #23 on: July 27, 2016, 09:44:21 AM »
yeah, problem is i've seen this worst case a dozen times over the last 5 years.

So what I'm hearing is, in your case nobody shut the water off.


Offline Boar Bidet

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Re: Random Legal Question - Deed in Lieu
« Reply #24 on: July 27, 2016, 10:11:55 PM »
So water routinely comes in even after sealing the doors?  Sounds like you gotta call the city, have them and an engineer look at it and other such shit nobody got time for.  Here's hoping your renters move out, the insurance is good, and lightening takes care of it.
good luck with the city. We had the city tell us it was the contractors fault but said the contractor is refusing to pay for a solution or even talk with our POA. Our alternative is to fix the water drainage issue ourselves or sue Rodney the shitty fucking contractor.