[ADiamond]

i have a client that was literally put out of business thanks to the Mississippi Dept of Revenue because although my client was paying their tax liens, their payments were some times late. The client was more than willing to pay, some times late, some time a bit less but more than willing to pay. They shut his business down, levied his bank account, and told him if we even get word that you are running your business we will put you and your wife in jail.

sounds far fetched, but it is true. client had such a good business to the point of doing nearly $3MM in annual revenue. HVAC, if you're wondering, for commercial clients. I guess his bottom line was a bit sparse than what we had originally thought, but due to this dilemma he lost most of his big accounts.

i recommended that maybe he go through bankruptcy chapter 11, he doesn't even have the money now to pay for a lawyer. i am considering paying for the BK if it'll wrap up the liens and let him operate his business and eventually pay me back but that is last resort.

the point of this post is this guy actually owns like 5 properties. 3 properties outright, and two with mortgages - a total available equity of about $250k, he says. he last tried to go through WBL, the bums that had him on a leash for 3 weeks then decided not to do the deal for whatever reason - probably because they're 2nd-rate mortgage brokers trying to get paid like an MCA, and saw the guy couldn't handle the payments.

can anyone liquidate these properties or get a HELOC against them with a low monthly payment? and i have a contact of someone that will negotiate the tax liens, i will try to get a handle on that and we can make this happen.

[Zach]

i have a client that was literally put out of business thanks to the Mississippi Dept of Revenue because although my client was paying their tax liens, their payments were some times late. The client was more than willing to pay, some times late, some time a bit less but more than willing to pay. They shut his business down, levied his bank account, and told him if we even get word that you are running your business we will put you and your wife in jail.

sounds far fetched, but it is true. client had such a good business to the point of doing nearly $3MM in annual revenue. HVAC, if you're wondering, for commercial clients. I guess his bottom line was a bit sparse than what we had originally thought, but due to this dilemma he lost most of his big accounts.

i recommended that maybe he go through bankruptcy chapter 11, he doesn't even have the money now to pay for a lawyer. i am considering paying for the BK if it'll wrap up the liens and let him operate his business and eventually pay me back but that is last resort.

the point of this post is this guy actually owns like 5 properties. 3 properties outright, and two with mortgages - a total available equity of about $250k, he says. he last tried to go through WBL, the bums that had him on a leash for 3 weeks then decided not to do the deal for whatever reason - probably because they're 2nd-rate mortgage brokers trying to get paid like an MCA, and saw the guy couldn't handle the payments.

can anyone liquidate these properties or get a HELOC against them with a low monthly payment? and i have a contact of someone that will negotiate the tax liens, i will try to get a handle on that and we can make this happen.

Anthony,

I definitely appreciate your sentiments about WBL in this thread. I found a few comments particularly interesting:


1. "They shut his business down, levied his bank account, and told him if we even get a word that you are running your business we will put you and your wife in jail."

2. "I recommended that maybe he go through bankruptcy chapter 11, he doesn't even have the money now to pay for a lawyer."

3. "...or get a HELOC against them with a low monthly payment?"



Normally at this juncture I'd extrapolate on how your comments are incorrect, misinformed and might even explain why. I might further add that perhaps your credentials as an underwriter ought to be questioned.

Luckily in this situation I find that completely unnecessary, as you have already sufficiently embarrassed yourself enough to not warrant further degradation.

Your pal,

Zach

[RickyR3712]

Are you asking them to fund him so he can have money to file bankruptcy and then they can take his properties for pennies?
Anthony i know you are smarter then everyone so can you please break it down for us simpletons on what we are missing here.

[FCF Fund]

i have a client that was literally put out of business thanks to the Mississippi Dept of Revenue because although my client was paying their tax liens, their payments were some times late. The client was more than willing to pay, some times late, some time a bit less but more than willing to pay. They shut his business down, levied his bank account, and told him if we even get word that you are running your business we will put you and your wife in jail.

sounds far fetched, but it is true. client had such a good business to the point of doing nearly $3MM in annual revenue. HVAC, if you're wondering, for commercial clients. I guess his bottom line was a bit sparse than what we had originally thought, but due to this dilemma he lost most of his big accounts.

i recommended that maybe he go through bankruptcy chapter 11, he doesn't even have the money now to pay for a lawyer. i am considering paying for the BK if it'll wrap up the liens and let him operate his business and eventually pay me back but that is last resort.

the point of this post is this guy actually owns like 5 properties. 3 properties outright, and two with mortgages - a total available equity of about $250k, he says. he last tried to go through WBL, the bums that had him on a leash for 3 weeks then decided not to do the deal for whatever reason - probably because they're 2nd-rate mortgage brokers trying to get paid like an MCA, and saw the guy couldn't handle the payments.

can anyone liquidate these properties or get a HELOC against them with a low monthly payment? and i have a contact of someone that will negotiate the tax liens, i will try to get a handle on that and we can make this happen.

Ask how much are the tax liens, how much are the value of the properties ($250k) then ask what mtge company / bank would offer a LTV to payoff the liens / mtges.

[ADiamond]

Anthony,

I definitely appreciate your sentiments about WBL in this thread. I found a few comments particularly interesting:


1. "They shut his business down, levied his bank account, and told him if we even get a word that you are running your business we will put you and your wife in jail."

2. "I recommended that maybe he go through bankruptcy chapter 11, he doesn't even have the money now to pay for a lawyer."

3. "...or get a HELOC against them with a low monthly payment?"



Normally at this juncture I'd extrapolate on how your comments are incorrect, misinformed and might even explain why. I might further add that perhaps your credentials as an underwriter ought to be questioned.

Luckily in this situation I find that completely unnecessary, as you have already sufficiently embarrassed yourself enough to not warrant further degradation.

Your pal,

Zach

Zach I'd normally not respond to your sad attempt of making me look bad while trying to defend your company but luckily in this situation I find it completely necessary to tell you that the 3 comments you quoted as incorrect and misinformed are exactly what occurred whether true or not. Finally, before you question my credentials as an UW please be mindful that those credentials have nothing to do with the field or topic that is being discussed here so if you want to see how good my credentials actually are - open your legs and let me underwrite that v*gina because based solely off of the initial interview I'd feel safe on betting that it is quite sour.

RickyR and anyone else that wants to waste time, make a show and input worthless commentary - please be aware that I have no idea how to help this guy but I am trying to explore every option. This is not my area of expertise, simply helping a merchant stay in business and trying to get paid while doing so.

Bankruptcy is obviously a last resort - I am no BK attorney so would a BK wrap up the properties? I don't know. According to Ricky they will. So maybe a certain chapter (13 or 11) would just restructure the debt and allow him to keep his properties? Again - I have no idea.

The point is - getting the liens under control would allow him to operate his business and then pay his debt in a way he could manage it. The liens could be negotiated by a professional OR I was simply going to see if a BK would cover them at which point he would be allowed to operate his business again. There is a lot to this file that has not been mentioned - don't know if the liens are on the biz or personal - the biz is in his wife's name... what exact authority does the MS Dept. of Rev. have over him that he can't operate? Did they simply levy his bank account or did they freeze his HVAC license?

If all else fails he wanted to leverage his equity in the properties - and yes he would be OK with using them as collateral to pay the liens. Can it be done? I don't know I don't do these types of deals. Luckily we have Daily Funder to ask these types of questions to our peers who may have experience with such things but are most of the time more critical than they are helpful. Can he take an HELOC? guess what Zach? I really have no f*ckin idea to be honest with you and I have no interest in being correct about it.

Simply here asking if anyone can do anything with it - if you can, then make some money for yourself - if not, then keep it moving. It REALLY is as simple as that.

[John Galt]

Why not just declare Chapter 7 for the corp (not too expensive, under 2k usually) and then sell or mortgage the real estate, which apparently is the only asset left (personally) other than tel numbers and goodwill (corporately). Then incorporate again and open under a new name. If he still owns the company and they haven't touched the personal property it's corporate not personal unless he did something wrong on his payroll taxes or sales taxes (which could make it a personal liability) but all of that can be renegotiated in an offer in compromise (OIC). If a regulator has in effect kicked him out of the business for sales practices, use his wife or friend as the new officer and new shareholder and reconnect with old customers.