Sievers Sidebar #4

[human]

This is the mortgage insurance I kmow about.

http://www.investopedia.com/terms/p/privatemortgageinsurance.asp

 

[DexterMorgan]

Under the sales/transactions tab, it shows ownership actually changed on 6/29/15.

http://www.leepa.org/Display/DisplayParcel.aspx?FolioID=10294168&SalesDetails=True#SalesDetails

It links to the official record of the filing of TS's death certificate, which was 7/29/15. I'm assuming it took about a month to get the death certificate, and it was filed once it was signed and received.

So either MS started the process himself on 6/29 or that date was used since it's the official date of her death.

Mark was too busy planning the million dollar fund me with the business intuition person on the 29th. So the paperwork most likely back dated to the 29th. Idk.

That go fund me for a million of a well respected doctor, is still the main thing that told us that the husband was broke and looking for a financial way out while waiting for 4.4 million that he knew he would never see.

This tells us that Mark had a intuition about CWW obviously had messed this up early on. Lol.

Let me guess. Lol. Angie texted Mark to see if Curtis was really going to Florida to do some work for him. Lol.

Mark. Curtis left his phone and said he will be at your home and office this weekend. Can you please tell him to call me. Thanks in advance.

Poor Mark.

 

[DaleTray]

I don't know how it is everywhere, but mortgage insurance is only required for a little while.i don't recall for how long.

I think PMI insurance is required by lender when less than 20% down payment minimum isnt met at time of loan. Many try and get the PMI removed once the 20% is reached but it often requires several inquiries and ,quite often, lenders won't remove it.

 

[1&2&3]

Will one of our knowledgeable accountants answer this question? Or if we have an IRS person who knows the answer, that would be fantastic.

What is the MOST likely way the IRS will handle the resolution with this house? Will they let the house just sit and deterioate, filling no more paperwork until Mark's trial is over, probably the end of 2017 or early 2018?

Or, will IRS proceed with the normal foreclosure steps and auction it off with a minimum starting bid? If the IRS does it this way, then is the amount owed settled with the price the house is auctioned for? Or, does the IRS go after Teresa's estate whenever it is settled for the difference between the auctioned price of the house and the amount Mark owes?

Last question - is this amount owed, being charged interest daily? TIA?

 

[DexterMorgan]

Will one of our knowledgeable accountants answer this question? Or if we have an IRS person who knows the answer, that would be fantastic.

What is the MOST likely way the IRS will handle the resolution with this house? Will they let the house just sit and deterioate, filling no more paperwork until Mark's trial is over, probably the end of 2017 or early 2018?

Or, will IRS proceed with the normal foreclosure steps and auction it off with a minimum starting bid? If the IRS does it this way, then is the amount owed settled with the price the house is auctioned for? Or, does the IRS go after Teresa's estate whenever it is settled for the difference between the auctioned price of the house and the amount Mark owes?

Last question - is this amount owed, being charged interest daily? TIA?

I think if the home is mentioned as part of the estate; Then the estate will be liable. But Mark may have to be found not guilty first before anyone can give or take anything. But the penalties may still accrue. But I don't know.

All we know so far is that the insurance policies are probably on hold if anything until after Mark is found guilty of atleast conspiracy to commit murder if not the full murder 1 charge.

Btw. I hope the D.A charges him with conspiracy as well. And not do the all or nothing Casey Anthony debacle. Jmo

 

[atthelake]

Most mortgage lenders make you get an insurance that will pay off the home loan upon your death.

But since Mark is on the paperwork and the title and is still living; Then he may be the one on the hook if Teresa didn't have one of those special mortgage insurance policies. Plus if they were getting other loans from other lenders; Then I'm sure they will be listed on the deed as well for being owed before releasing anything to the sole owner.

So you definitely ask a good question in regards to if her estate is still responsible or if it's just Mark.

Very good question indeed.

This may be something that her brother needs to consider. But since Mark is the sole person on the title without the kids names on it. Then maybe Mark is only responsible. Idk.

I doubt that Mark was able to remortgage.

:moo: it doesn't matter as to who is responsible for payment by creditor that the deed/title is only in his name now...it only matters who is on the mortgage papers - and assume that still is both of them (her estate) so her estate would be responsible just as much as Mark would be if indeed both are on the mortgage(s) and HELOCs if those exist?

:moo:

ETA Wouldn't that information be public record on her probate?

 

[Wyle_E_Coyote]

This lien gives the IRS the right to foreclose on the property itself, but it will only do so if there is enough equity in the property to pay out any superior liens and still be able to recover the IRS debt.

Most liens are ranked based on the date the lien is recorded. This is called the "first in time is the first in line" doctrine. This ranking also applies to IRS tax liens.

The first mortgage holder can foreclose on the property and wipe out the IRS lien. The IRS, however, has 120 days to redeem the property, meaning that it can pay the purchase price of the house and pay out the first mortgage to preserve its claim.

http://finance.zacks.com/can-lender-foreclose-there-federal-tax-lien-7664.html

Don't forget... the slayer statute means upon conviction ownership of the house will revert to Teresa's estate. I doubt there's enough equity in it to matter, though, and it will probably be foreclosed for nonpayment of mortgage first.


Sent from my SM-N920V using Tapatalk

 

[msboo]

I think PMI insurance is required by lender when less than 20% down payment minimum isnt met at time of loan. Many try and get the PMI removed once the 20% is reached but it often requires several inquiries and ,quite often, lenders won't remove it.

Correct on PMI, DaleTray. Sievers original loan for Jarvis was with Union Federal Bank of Indianapolis, recorded 2/10/2005. Since that time a Lis Pendens was filed & recorded as Record Date: 5/29/2009 & Modified Date: 6/1/2009 then recently (an updated) MODIFIED DATE: 5/31/2016---here's exactly how it's recorded:

Plaintiff:
Bank of New York Mellon Trustee
Bank of New York
JP Morgan Chase Bank NA Structured Asset Mortgage Investments II
INC Bear Stearns ALT A Trust 2005 4 Mortgage Pass Through C
Defendant:
Sievers Teresa
Sievers Mark
Citibank NA
Citibank Federal Savings Bank
Fifth Third Bank
Doe John
Doe Jane ET AL

So, the above Lis Pendens is still attached to the Jarvis property---Plaintiff has 1st dibs on it unless the IRS chooses to jump in there. The way I understand it, they can't touch life ins policies as part of an estate (going to beneficiaries) but I'm no expert on this stuff.

They were released from their original loan with Union Federal 12/3/2009. This stuff is confusing but it seems that Fifth Third may have been the lender on that house they bought that we thought might have been for a flip or more likely a rental??? Have no idea how Citibank got in there, looks like they were quite busy.

 

[DeDee]

RBBM

Hold on. 3 million to see them through college. Lol.

You can raise 2 girls with a nice lifestyle on a 70k a year salary. Now if you allocate 70k a year for 15 years. Then that's still only about 1 million.

Plus the girls would be 25 years old or close to by then.

Plus it will still be 2 plus million left.

Which is way more than enough for them to live a good life while owning homes and cars and keep maintenance paid with regular jobs while still being able to go on vacations. Jmo.

The girls should be set for life without going to a big college. Jmo.

But since we all know that the housing market will be fairly expensive in the next 15 years.

Then maybe it would be cheaper to by them good homes right now and keep the homes rented and maintained until the girls are old enough to move in or sell if they want. Jmo.

But I honestly would hand pick the smartest things for my kids. And not just say to take this and do whatever you want.

I have had 2 friends that rummaged through their inheritance in 2 years.

One had 500k. And the other had 900k.

And when it was all said and done. They still didn't own not 1 piece of property or home or anything. Jmo.

Its not the money amount. But its how you humble yourself and expectations while making a 3 or 4 million dollars last for all involved. Jmo

Hiya, Dexter. You've made some good points here, especially with your last statement. However, I cannot agree that raising two girls on a $70,000 income a year is substantial. A more realistic figure would be a minimum $150,000 annually, jmho. Real estate and the cost of living in both FL and CT is quite expensive. (See links below on where the wealthiest areas to live are located.) The DC includes shelter/housing, food, and clothing while assuming the two girls will eventually attend a public opposed to a private school. Since MAG is 72yo, thus, it is highly doubtful that they will not be placed in a more formal school setting soon but not immediately. There is also the cost of medical insurance and one child has a medical condition that requires medication on a daily basis.

My daughter and SIL are raising two girls. They attend a French school here in America. They take piano lessons, dance and cooking classes. There is also the cost of recital fees, clothing and costumes and their dance shoes specifically for these activities. This summer they are both on swim teams. Daughters are quite expensive to raise unless you are willing to forego classical training. I feel strongly that Teresa would want her two daughters to be exposed to similar extra-curricular activities.


"It may be the nation's financial capital but New York City does not boast the greatest concentration of wealth in the country, according to new information released by the Census.
That honor falls to the residents of the Bridgeport-Stamford-Norwalk corridor along the Connecticut coast of Long Island Sound where nearly one-in-five households have an income of at least $191,469 - or the top five-percent.

Read more: http://www.dailymail.co.uk/news/art...tration-rich-people-nation.html#ixzz4C5CL84Ik

13 Connecticut Residents On Forbes List Of The World's Billionaires
"Famed financial magazine Forbes recently updated its list of billionaires. Here is a gallery of Connecticut residents who made the cut for 2016."
http://www.courant.com/business/hc-forbes-connecticuts-rich-powerful-pictures-photogallery.html

Mar. 24, 2015
"California now has 13,445 people who are worth more than $30 million, while New York has only 9,530. Texas (6,475) and Florida (4,650) followed in third and fourth place."

http://www.businessinsider.com/us-states-with-the-wealthiest-residents-2015-3

* Where a link is not provided, it is simply a humble opinion based on life experiences and expectations.

 

[MsJosie]

On my calendar I have the following court dates...have they changed? (Note the time I have down I may have changed to central time). Have these dates changed? Thanks.

June 21, 2016 1:30 JRR hearing
Sept. 1, 2016 1:20 CWW sentencing

 

[2Hope4]

If my daughter, sister, or Mom were killed in a home, I wouldn't want that home. However, a stranger killed or died in a home, that doesn't bother me. I guess we're all different.
I didn't think the house was in ruins, or a dump, etc. I realize there's probably a HOA in that area, so yeah, the lawn needing mowing, and that gate might bother the neighbors. However, realistically, you're looking at an hour or so labor. Not that big of deal. I guess having horse pastures beside my house, and cattle pastures across the road from me, tall grass is actually welcomed. :shrug:

I don't know about the mortage insurance either. We didn't have to buy any when we bought this place about 8 yrs ago. I remember asking my husband about it, but it was never brought up during the paperwork for the loan. I dunno.

CWW being in court.... I think it was a mind Fuc@ game to see if MS still has any control over CWW. Calling him SUPERDAD, either MS still calls the shots, or CWW has his own motive now. No idea why he would still cover for MS. Maybe because he knew it would make no difference in the custody. I don't know. Strange all the way around. Served a purpose but for who?? Wasn't for the judge!

 

[2Hope4]

Thanks for the locals for taking photos!! I had no idea the homes were THAT close together nor that the house was THAT close to the road! I mean anyone could have drove by and caught them going into the home, or heard noises! That's some brazen crap! Where was their vehicle parked to escape? In the garage? Well no, it couldn't have been...TS would have seen it. So how did they get in there and away? And how did they know neighbors wouldn't see a different vehicle and question it? I don't know why I was thinking long driveway off the road. But it's literally RIGHT THERE!! Like if the lights were on, and someone drove by or walked by, they could have seen into the house!

 

[IQuestion]

Most mortgage lenders make you get an insurance that will pay off the home loan upon your death.

But since Mark is on the paperwork and the title and is still living; Then he may be the one on the hook if Teresa didn't have one of those special mortgage insurance policies. Plus if they were getting other loans from other lenders; Then I'm sure they will be listed on the deed as well for being owed before releasing anything to the sole owner.

So you definitely ask a good question in regards to if her estate is still responsible or if it's just Mark.

Very good question indeed.

This may be something that her brother needs to consider. But since Mark is the sole person on the title without the kids names on it. Then maybe Mark is only responsible. Idk.

Ugh Dex....it depends! Three "different types of insurance" is being bandied about....I don't want to answer them all, because we have some fabulous contributors, who can answer them, too.
1) PMI or MMPI etc....payment mortgage insurance: It is now mandatory for many loans with less than a 20% down. (Is tax deductible if you AGI is under 100K and you itemize.) That protects the "lender" from losing a lot of money if you walk away from the property ie FORECLOSURE. (Quirky side note to this. During the financial crisis if commercial property gurus walked away from their loans, it was called a "strategic default." A foreclosure is a big hit to a person's credit score...and a lot of people suffered. The little guy looked like a foreclosure bum, ruining the neighborhood values. And, Financial gurus looked "smart" when they did the same thing, "strategic defaults." Go figure?)
2) Credit Life Insurance/Life insurance This pays off the mortgage, if the "insured borrower" dies. (Hey, if you are in bad health, probably a good bet. The chances of you dying before you pay off your mortgage vs your house burning down are 17 to 1!! And yet, banks don't require it....it is an "option." Some also offer disability coverage.
3) Hazard, Fire, Homeowner INS. Protects the "structure" & can also provide liability, contents and appurtenant structures coverage...Many different sub-categories and package offerings.
That's a summary, off the top of my head. There are "exceptions" to everything....but this should clarify a lot of confusion. IQuestion
BTW, the lender is in 1st position (ie first mortgage). If the house goes into foreclosure, the IRS will simply file/transfer liens to other properties/assets he owns. The IRS is a "patient entity"...waiting and watching. And just when you think you are in the clear....KABOOM...paychecks garnished, bank accts seized, letters go out to companies you do business with, your escrows can't close etc. (I get a little thrill when it happens to the bad guys. That's why they call it The IRS...it is all THEIRS!)

 

[CarolinaMoon]

I don't know how it is everywhere, but mortgage insurance is only required for a little while.i don't recall for how long.

We've bought 4 houses in 2 states. We were never required to have this kind of insurance. When we looked into it, we found it to be VERY expensive.

However, we are very cautious about buying a house. We always under-bought and could afford the mortgage and the 20% down payment. I have seen too many people put excessive amounts of money and be house-poor. There were (and still are) a lot of McMansions out there with very little furniture. One couple I knew couldn't afford to furnish the house, much less afford milk for the kids.

 

[Greater Than]

On my calendar I have the following court dates...have they changed? (Note the time I have down I may have changed to central time). Have these dates changed? Thanks.

June 21, 2016 1:30 JRR hearing
Sept. 1, 2016 1:20 CWW sentencing

Hi MsJosie! These are the next scheduled court appearances:


6/23 1:30 EST - JRR pretrial conference

7/27 1:30 EST - MS case management conference

8/1 1:30 EST - CWW sentencing

http://freesearch.leeclerk.org/default.aspx

 

[MsJosie]

Hi MsJosie! These are the next scheduled court appearances:


6/23 1:30 EST - JRR pretrial conference

7/27 1:30 EST - MS case management conference

8/1 1:30 EST - CWW sentencing

http://freesearch.leeclerk.org/default.aspx

Thanks GT!

 

[Zuri]

Hold on. 3 million to see them through college. Lol.

You can raise 2 girls with a nice lifestyle on a 70k a year salary. Now if you allocate 70k a year for 15 years. Then that's still only about 1 million.

Plus the girls would be 25 years old or close to by then.

Plus it will still be 2 plus million left.

Which is way more than enough for them to live a good life while owning homes and cars and keep maintenance paid with regular jobs while still being able to go on vacations. Jmo.

The girls should be set for life without going to a big college. Jmo.

But since we all know that the housing market will be fairly expensive in the next 15 years.

Then maybe it would be cheaper to by them good homes right now and keep the homes rented and maintained until the girls are old enough to move in or sell if they want. Jmo.

But I honestly would hand pick the smartest things for my kids. And not just say to take this and do whatever you want.

I have had 2 friends that rummaged through their inheritance in 2 years.

One had 500k. And the other had 900k.

And when it was all said and done. They still didn't own not 1 piece of property or home or anything. Jmo.

Its not the money amount. But its how you humble yourself and expectations while making a 3 or 4 million dollars last for all involved. Jmo

I agree with you Dexter, that you can raise 2 girls on $70K/yr income. People raise children on that or less all the time. Not everyone makes $150K/year. It is all about providing a loving, nurturing stable environment and where/when possible, investing well for the future. It sounds as though TS brother is smart enough to get financial advisors et al to make sure the girls are well taken care of and have the ability to have exposure to cultural activities. IMO

 

[human]

And if your house is paid off, that is plenty of disposable income. They will get SS also. Maybe they get special health Insurance with that as well?

 

[Oregonmama]

I agree with you Dexter, that you can raise 2 girls on $70K/yr income. People raise children on that or less all the time. Not everyone makes $150K/year. It is all about providing a loving, nurturing stable environment and where/when possible, investing well for the future. It sounds as though TS brother is smart enough to get financial advisors et al to make sure the girls are well taken care of and have the ability to have exposure to cultural activities. IMO

Your last sentence hit me hard....

MS should have been doing those things and not taking field trips to feed his sexual addiction

I have been thinking about the girls since summer has now begun in my area and when my 11 yr old son and i do our away day trips it hits me that TS lost her time with her girls.....I know Mary is probably doing awesome things with them....still sad.....Mark really screwed a lot off ppls lives

 

[Frigga]

I'm just going to say this about BS's- and to me, it speaks volumes. I cannot even fathom how that woman could let the house that her supposed beloved granddaughters AND daughter-in-law (cough, cough) ever become in disrepair the way it is now. For god sake supposedly her son is innocent and will be home when he is acquitted. GMAB.

It would cost maybe $50 to $70 per month to keep the grounds mowed and trimmed and I'm sure a Gardner would throw in the repair of the stupid gate door- for free! I live in Southern California- way more expensive a location than Bonita Springs and if our Gardner comes every week it's $65 and if he comes every two weeks it's $45.

I'm sure some neighborhood kid or teen from Bonnie's church could and would do it for even less. Those two (M&B) Sievers give themselves away by their actions and inactions alone. It sickens me the way they both treat something that Teresa worked so hard for (Mark, I get) and the place she created most of her memories with her children. If she actually believed her son was innocent of this, that place should be a shrine to the love and legacy of Teresa, preserved out of love and reverence, and not treated like the crime scene it was for a moment in time. Mark is so territorial, if he was innocent, that's exactly what he'd be doing, or demanding be done for his beloved wife's memory!

SMDH- it all is SO transparent, as far as I'm concerned- when it comes to BS- the pets... that's a whole other can of worms or bullchit. Pfftt