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Foreclosure of Sober Living Home

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  • 09-13-2012, 04:03 PM
    Buddhalike
    Foreclosure of Sober Living Home
    My question involves a mortgage in the state of: CA.,
    Operational sober living home 15+ years, foreclosed 5/2012, still occupied, grossing 6K month. We are still here with a manager, I would like to save this business, it's residents and sustain the recovery of 10 residents. Is there an "out of the box" idea to do this? We need 10K to bring it up to code now that the city stuck their nose in, this is a profitable and altruistic business, please help.
  • 09-13-2012, 04:08 PM
    jk
    Re: Seeking Solution to Foreclosure of Sober Living Home (Reo Status, Occupied
    Quote:

    We need 10K to bring it up to code now that the city stuck their nose in, this is a profitable and altruistic business, please help.
    You have a problem with the city "sticking their noses in" and requiring a business such as this comply with codes? Seriously?


    If it is profitable, leverage the profit to purchase the building and pay for the repairs.


    The bigger question is: if it is a profitable business, why was it ever foreclosed on?
  • 09-13-2012, 04:46 PM
    Disagreeable
    Re: Seeking Solution to Foreclosure of Sober Living Home (Reo Status, Occupied
    Find a 501(C)3 willing to take it over and run it as a non profit.
  • 09-13-2012, 10:47 PM
    Buddhalike
    Re: Seeking Solution to Foreclosure of Sober Living Home (Reo Status, Occupied
    I am looking for a legal solution, not an argument or traveling down these other paths that are irrelevant. The business model of sober houses is a turn key proposition with the right manager. The personal issues of the previous owner's finances is not relevant here, nor do I wish to reveal them. My thoughts were; it is pointless for the bank to loose tenants, would they be open to a lease? If the house resells to an individual family, the business is practically dissolved, which is not necessary to recoup the money owed to the bank. Many people can benefit here. I am looking for that key. The bank is satisfied, the recovering people (9) maintain their support system and the "business" survives, that's the goal.
  • 09-13-2012, 10:54 PM
    jk
    Re: Seeking Solution to Foreclosure of Sober Living Home (Reo Status, Occupied
    Quote:

    My thoughts were; it is pointless for the bank to loose tenants, would they be open to a lease?
    the bank isn't worried about losing tenants. They don't want tenants. They don't want to be landlords. They are lenders, not owners.

    You either find a way to finance the loan or plan on the business coming to an end.
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