The Latest: Cabin's ownership changed days after abduction
Dad transferred cabin’s ownership to a credit union on 10/23. I used to work for a credit union, in the collections department. Mind you this was nearly 20 years ago, so some things could have changed. But, I do have some questions.
Normally someone signing over the deed is a way to avoid the legal costs of foreclosure. The financial institution is about to foreclose, the owner knows they can’t make the payments and they sign over the deed. Why? Because all legal fees involved in a foreclosure are charged to the owner. As soon as the home is sold, all fees are paid first, the balance of the proceeds are applied to the mortgage. If there is a balance left on the loan, the owner is still responsible for paying this amount. The financial organization could file suit and garnish wages and/or bank accounts. If the property sells for more than what is owed, the excess is given to the individual.
After a home is legally foreclosed or a deed in lieu of foreclosure is signed, the financial institution inspects the property. They need to know what they have, what repairs it may require, an updated value, etc. Also, at this time, they would do what was needed to secure the house while it sat vacant, including doing any necessary winterizing for the plumbing, etc.
With all that in mind... How JTP hide his existence at this residence from the credit union? Was his family not questioning where he was staying? LE asked people to check their cabins. Did both JTP’s dad and the credit union ignore these requests?
Just curious and wondering if LE could have found JC sooner had due diligence, by all, been done.
