Got to love the NYRA......

Originally Posted by Downthestretch55

Euro,
I'm with Gander on this.
Did you ever try to get a loan when you had nothing to put up?
Though I've never filed for bankruptcy (came close, knock on wood), lawyers ain't for free. How the heck can you pay them? They know your credit history from the get go.

I dont understand your point here. I have had several loans with nothing to put up. All I had was my credit, reputation and assests. The difference here is that they NYRA is not even sure they own the collateral they were putting up.

[Downthestretch55]

Originally Posted by eurobounce

I dont understand your point here. I have had several loans with nothing to put up. All I had was my credit, reputation and assests. The difference here is that they NYRA is not even sure they own the collateral they were putting up.

Sure Euro,
No question about credit for nothing. I've done the same. (Credit cards, more).
When you're talking big bucks, you need something.
Even if NYRA is bluffing that they have what they're putting up...let the lawyers sort it ot. They'll take their cut.

[blackthroatedwind]

Maybe I'm crazy, but having the deeds and having purchased the property is at least a reasonable case for ownership.

[Sightseek]

Originally Posted by blackthroatedwind

Maybe I'm crazy, but having the deeds and having purchased the property is at least a reasonable case for ownership.

I was wondering if they could also place an Adverse Possession claim as well, but I don't know how well that would hold up against the state seeing as it is a difficult case against individuals who own property.

[blackthroatedwind]

Originally Posted by Sightseek

I was wondering if they could also place an Adverse Possession claim as well, but I don't know how well that would hold up against the state seeing as it is a difficult case against individuals who own property.

I don't know what that is.

[SentToStud]

Originally Posted by blackthroatedwind

I don't know what that is.

it means when one party posesses the property of another over an extended period and claims legal title.

[Sightseek]

Originally Posted by SentToStud

it means when one party posesses the property of another over an extended period and claims legal title.

Also generally followed up by tax payments of the land by the party trying to take possession. Very tough case to prove though.

[Downthestretch55]

Originally Posted by blackthroatedwind

Maybe I'm crazy, but having the deeds and having purchased the property is at least a reasonable case for ownership.

BTW,
I think you're right, not crazy.
Deeds will work, so will tax records.

[Downthestretch55]

"Adverse Possession" is used to demonstrate use for seven years (NY Law).
Not a solid case for NYRA, as the state is also the beneficiary.
Might play, but I think tax records are all that's required.
We'll see.

[AeWingnut]

I think Enron used to use the same collateral over and over. They simply used off sheet balancing to hide the first loans.. not that anyone bothered to check.

Why not just do what the Russian gangs are doing. Have someone appraise everything at 10 times the value, get a loan, split up the cash and let them foreclose while you move to the next mark.

[sumitas]

The NYRA has paid lots of taxes for many years on what is probably their property. I don't think the state will be able to get around that.