Announcement

Collapse
No announcement yet.

Mexico- leins more than value of property

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

  • Mexico- leins more than value of property

    Hi....
    So two American guys, one a silent partner, buy a condo building and hires a American manager to run it, she buys off a notary and he changes the contract so that now she is 80% owner and the real owner has 20%, the silent partner has nothing......he files leins on all condos.....he takes her to court and she wins (buys a judge). She wins the appeals too, but she never pays the lawyers, they file leins on the condos. The silent partner sues his partner......they both are found guilty of fraud and flee the country.

    The condo owner cannot sell any units because the real owner still has 20% and he won't sign any sale papers.
    5 years go buy, with no one paying dues on the unsold units (which are more than 50% of the building)

    The HOA files for unpaid dues....the courts arrange an auction.....but the leins (unpaid taxes and lawyers filing leins) exceed the value of the condos by quite a lot.

    What will happen?

  • #2
    Re: Mexico- leins more than value of property

    I wish to inform you that the silent partner who is a American citizen may contact the Citizens Department of the US embassy/consulate having jurisdiction over the location in which the condo is located and seek guidance in the matter of fraud committed and the Court order in the matter. The US embassy/consulate also maintains a list of attorneys who may be contacted if needed for guidance or representation.

    AFF

    Comment


    • #3
      Re: Mexico- leins more than value of property

      Originally posted by Dawna View Post
      Hi....
      So two American guys, one a silent partner, buy a condo building and hires a American manager to run it, she buys off a notary and he changes the contract so that now she is 80% owner and the real owner has 20%, the silent partner has nothing......he files leins on all condos.....he takes her to court and she wins (buys a judge). She wins the appeals too, but she never pays the lawyers, they file leins on the condos. The silent partner sues his partner......they both are found guilty of fraud and flee the country.

      The condo owner cannot sell any units because the real owner still has 20% and he won't sign any sale papers.
      5 years go buy, with no one paying dues on the unsold units (which are more than 50% of the building)

      The HOA files for unpaid dues....the courts arrange an auction.....but the leins (unpaid taxes and lawyers filing leins) exceed the value of the condos by quite a lot.

      What will happen?
      The liens will be extinguished by the sale. And the new owner will get the property.

      The owners who invested can chalk the deal off to life experience. And write off their losses on their income tax.

      Comment


      • #4
        Re: Mexico- leins more than value of property

        Americans can write off losses in a foreign country?

        So the courts will sell a condo for 50,000. when the liens are 100,000.? and that extinguishes the liens? The people with liens just get screwed? There's no mortgage.

        I cannot imagine an American consulate working against the Mexican legal system, judges are bought off all the time. Or maybe I don't understand.

        Comment


        • #5
          Re: Mexico- leins more than value of property

          The judge and lawyers involved will likely buy them at auction which conveniently will be the day before you receive notice.
          Due to a recent promotion, I should now be referred to as Major Obvious.

          I would not be trying to provide information and knowledge if I did not sympathize.

          Some days it is just not worth chewing through the restraints to face life.

          Comment


          • #6
            Re: Mexico- leins more than value of property

            Originally posted by Unregistered View Post
            Americans can write off losses in a foreign country?

            So the courts will sell a condo for 50,000. when the liens are 100,000.? and that extinguishes the liens? The people with liens just get screwed? There's no mortgage.

            I cannot imagine an American consulate working against the Mexican legal system, judges are bought off all the time. Or maybe I don't understand.
            Yes, one would write it off against their U.S. income taxes. Yes, people who put liens on property lose their security when a property is sold at public auction. The only liens that survive are taxes. It is not a matter for legal construction, a judge's opinion one way or another. It is the law.

            There is always a risk making a mortgage, or liening a property for debts. Should the property go under the hammer at public auction like for delinquent taxes or condo association fees, these take precedent over other types of liens. Even when a property is foreclosed upon for a mortgage, the mortgage company has to bid for the property at the auction -- usually bidding the amount that is owed. If they believe they can make a profit on it, that is the norm.

            The American consulate exists to handle American's problems overseas and usually does not get involved in their financial transactions. So appealing to them is useless. If you need further clarification on the status of that property, have a Mexico lawyer look into the file.

            Comment


            • #7
              Re: Mexico- leins more than value of property

              Very interesting and informative....thanks for the details.

              As I own a condo in the building of course I hope the HOA is paid, however.....a lawyer, working for the manager (who now is the legal owner) was just given the best apartment in the building.....which makes me suspicious that another judge has been bought....and so the proceeds from the sale will go the way the manager/owner wants. Maybe the manager/owner has filed liens, through a friend, and so she will get paid...if anyone shows up to buy it.


              A realtor who owns a condo put it up for auction and no one showed up, we have such a bad reputation.

              The sale is happening the end of the month....I'll let you know what happens. It's Mexico! It's always a surprise!

              Comment


              • #8
                Re: Mexico- leins more than value of property

                Larceny in Mexico is not a surprise. It is a way of life. One just hopes if they must live there, they can keep their assets from those on the prowl.
                Due to a recent promotion, I should now be referred to as Major Obvious.

                I would not be trying to provide information and knowledge if I did not sympathize.

                Some days it is just not worth chewing through the restraints to face life.

                Comment


                • #9
                  Re: Mexico- leins more than value of property

                  Originally posted by Dawna View Post
                  Very interesting and informative....thanks for the details.

                  As I own a condo in the building of course I hope the HOA is paid, however.....a lawyer, working for the manager (who now is the legal owner) was just given the best apartment in the building.....which makes me suspicious that another judge has been bought....and so the proceeds from the sale will go the way the manager/owner wants. Maybe the manager/owner has filed liens, through a friend, and so she will get paid...if anyone shows up to buy it.


                  A realtor who owns a condo put it up for auction and no one showed up, we have such a bad reputation.

                  The sale is happening the end of the month....I'll let you know what happens. It's Mexico! It's always a surprise!
                  The auction should extinguish the liens.

                  Let us know what happens.

                  Comment


                  • #10
                    Re: Mexico- leins more than value of property

                    The auction was granted by the courts for March 15, however our manager and attorney have not done anything, when we ask, we are ignored. I learned that they need to hire a auctioneer to run it. It's been more than a month....

                    Does anyone know what is a usual amount to be charged from a notary to protolocolise and register the Minutes to a condo assembly?

                    Many thanks

                    Comment


                    • #11
                      Re: Mexico- leins more than value of property

                      A Notarios fees are usually relatively inexpensive in US dollars assuming you have agreed upon the price beforehand. Otherwise expect to pay the ****** surcharge which could be hundreds of US dollars.

                      Hmmm G-r-i-n-g-o is a cuss word?
                      Due to a recent promotion, I should now be referred to as Major Obvious.

                      I would not be trying to provide information and knowledge if I did not sympathize.

                      Some days it is just not worth chewing through the restraints to face life.

                      Comment


                      • #12
                        Re: Mexico- leins more than value of property

                        Originally posted by Dawna View Post
                        The auction was granted by the courts for March 15, however our manager and attorney have not done anything, when we ask, we are ignored. I learned that they need to hire a auctioneer to run it. It's been more than a month....

                        Does anyone know what is a usual amount to be charged from a notary to protolocolise and register the Minutes to a condo assembly?

                        Many thanks
                        I would call a Mexican lawyer, real estate specialist preferably, who could answer your question in a minute. An abagado.

                        Comment


                        • #13
                          Re: Mexico- leins more than value of property

                          In many cities, they conspire to achieve the highest fees.

                          Originally posted by Friend In Court View Post
                          I would call a Mexican lawyer, real estate specialist preferably, who could answer your question in a minute. An abagado.
                          Due to a recent promotion, I should now be referred to as Major Obvious.

                          I would not be trying to provide information and knowledge if I did not sympathize.

                          Some days it is just not worth chewing through the restraints to face life.

                          Comment


                          • #14
                            Re: Mexico- leins more than value of property

                            If I was in Mexico I would call around and ask, but I'm not.

                            Our manager charged us 5,000. pesos, about $400. USD.....which is why I asked, seems way high, I thought it would be great if someone knew here. Our manager doesn't seem to represent us....

                            Comment


                            • #15
                              Re: Mexico- leins more than value of property

                              We have no way of determining whether you just made a lousy condo choice or not. Generally, ******s' pay more in some circumstances.
                              Due to a recent promotion, I should now be referred to as Major Obvious.

                              I would not be trying to provide information and knowledge if I did not sympathize.

                              Some days it is just not worth chewing through the restraints to face life.

                              Comment

                              Previously entered content was automatically saved. Restore or Discard.
                              Auto-Saved
                              Wink ;) Mad :mad: Big Grin :D Frown :( Embarrassment :o Confused :confused: Smile :) Stick Out Tongue :p Roll Eyes (Sarcastic) :rolleyes: Cool :cool: EEK! :eek:
                              x
                              Insert: Thumbnail Small Medium Large Fullsize Remove  
                              x

                              the color of snow is... (write the answer twice with an "@" between the words)

                              Loading...
                              Working...
                              X