Results 1 to 5 of 5
  1. #1
    Join Date
    Sep 2012
    Posts
    2

    Default 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.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Seeking Solution to Foreclosure of Sober Living Home (Reo Status, Occupied

    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?

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default 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.

  4. #4
    Join Date
    Sep 2012
    Posts
    2

    Default 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.

  5. #5
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Seeking Solution to Foreclosure of Sober Living Home (Reo Status, Occupied

    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.

    1. Sponsored Links
       

Similar Threads

  1. Roommates: Sober Living Home
    By Harrison in forum Landlord-Tenant Law
    Replies: 1
    Last Post: 07-17-2012, 06:57 PM
  2. Enforcing Custody Orders: Custodial Parent Withholding Child Because of Sober Living
    By nickson in forum Child Custody, Support and Visitation
    Replies: 10
    Last Post: 12-28-2011, 01:26 PM
  3. Foreclosure: Foreclosure of a Manufactured Home in a Mobile Home Park
    By eao76 in forum Buying, Selling and Conveying Real Estate
    Replies: 2
    Last Post: 10-03-2011, 10:20 PM
  4. Eviction Process: Being Evicted from a Sober Living Residence
    By sandyclaus in forum Landlord-Tenant Law
    Replies: 5
    Last Post: 07-04-2010, 04:42 PM
  5. Eviction Process: Can I Be Kicked Out of a Sober Living House
    By jyacoub in forum Landlord-Tenant Law
    Replies: 1
    Last Post: 02-12-2009, 09:01 AM
 
 
Sponsored Links

Legal Help, Information and Resources