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  1. #1
    arbie nadeau Guest

    Default Boarding Barn in Foreclosure-Ideas/Thoughts?

    Hi there,
    We just found out, via a real estate friend of ours, that the barn where we board at has been in foreclosure for the last month. The barn works well for our situation so we are very disappointed, to say the least! The owner has not mentioned anything but our suspicions were confirmed by a search of public record.

    Anyone else had experiences like this. How did it work out? How long were you able to stay?

    In this economy, it seems many properties are left alone by banks for years, so we are hoping we have some time, maybe even a year. But, since it is a working business we are not sure if it works the same as say a house in forclosure.

    We have a back pasture with our own pipe corrals and round pens. A move is going to be a huge inconvenience. But, obviously not as big a heartbreak as for the poor owner.

    Please, any similar experiences out there? We are in southern california, by the way.

    Thanks,
    arbie



  2. #2
    Join Date
    Nov. 19, 2005
    Posts
    1,994

    Default

    One concern I might have if I were you is that if it changes hands while you are still there, your pipes and corral may be considered part of the property if they were not designated otherwise in the transaction (which of course you have no part in) --I am not sure how you protect your interest in them without moving them now (I defer to the real estate experts on whether that is a real concern.)



  3. #3
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,071

    Default

    I agree with omare, and say you should move your stuff right now, before they have an actual foreclosure and your stuff gets swept up in the legal action and you have to go to court to get it back (if you do). Some foreclosures do take a long time, but I think it's more likely before they file the actual foreclosure action, and it can move quickly after that depending on the bank or other lender's work load. They might move sooner so they get it on the market during the high sales season this summer.
    You can't fix stupid-Ron White



  4. #4
    Join Date
    Nov. 1, 2008
    Location
    NY
    Posts
    1,014

    Default

    My thought is: Why risk it? You know you'll have to move at some point, so I'd motor on out of there before your horses/belongings get tangled in the whole financial mess...
    JB-Infinity Farm
    www.infinitehorses.com



  5. #5
    Join Date
    Mar. 6, 2009
    Posts
    8,814

    Default Jingles for you and your horses ~ inventory and pack

    Jingles for you and your horses ~ how terrible.

    Inventory and pack ~ remove all but minimal equipment ~ make sure your name is on everything you own in big black letters.

    Start looking and get out as soon as you find a suitable place ..... this is like a sinking ship ~ IMHO

    Jingles and hugs ~
    Zu Zu Bailey " IT"S A WONDERFUL LIFE !"



  6. #6
    Join Date
    Jan. 16, 2002
    Location
    West Coast of Michigan
    Posts
    36,321

    Default

    Make plans to get out fast if you have to. Boarding operations are often not run very well on the business end, sadly. What occasionally happens when the wheels fly off is that the owner/manager stops looking after the horses or the propeety. I have seen barn owners move their horses and gear, leaving boarders' horses unfed and alone. I have seen utilities cut off. I have seen things disappear.

    I'd remove everything of value, and find a new place pronto. Very tough situation; been there.
    Click here before you buy.



  7. #7
    Join Date
    Jun. 21, 2009
    Location
    Hunterdon County NJ
    Posts
    3,009

    Default

    Been there.
    Done that.
    More than once.

    The main difference I noticed was one property was in very good shape and very re-saleable. Bank repossessed it within a year.

    On another occasion, property was not very attractive to be resold. Property was very wet. Had a couple of (hundreds of years) old houses, not in particularly good shape, that were worth virtually nothing. Other issues (including the hairy little 'where has the deed gone' issue on the bank's side) made it hard for the bank to repossess. Several years on and the property is still in the hands of the owner and not the bank.

    Another occasion, property is in the middle of absolutely nowhere upstate NY. Old house is icky. New house was built cheaply and has some serious construction issues (in one place there is a huge crack that goes up two floors through the wall .) Homeowners have filed bankruptcy but somehow they still own the house in NY. Their $ situation is uber complicated (numerous previous spouses, court ordered child support that has defaulted, blah blah blah) but the bank doesn't want that farm in NY back on their balance sheet. It's basically just a hundred acre hay field with two crappy houses in the middle of nowhere that no one wants.

    I would recommend to the OP to look at the details of the property as a whole. Is there a really nice house on the land? If so, the bank will want it back. No nice house? Swampy land? Next to a pig farm? etc. If the bank can't resell it, then they are going to be less likely to want it back.



  8. #8
    Join Date
    Sep. 29, 2009
    Posts
    2,576

    Default

    I would be looking to move out right away. Take corrals with you. The appraiser will consider them property of the property. IOW not yours.

    I know huge hassle to move, but you must move on to a new place.

    Maybe you could buy it? Then you would not have to move. Lots of messy things go on socially and financially on repos. Bank is going to want to make money on it, since they have lost so much on other properties. Property may go to auction at some future date, but maybe not. They want highest bidder and they do not care who that is as long as their money is good.

    Move on and really soon.



  9. #9
    Join Date
    Aug. 25, 2007
    Posts
    9,224

    Default

    Do you have contract? If so, what does it say about structures you have built? Removal of personalty is not a problem, but if the corrals are "fixtures" then you might be opening yourself up to a charge of theft.

    As for an immediate move, that depends upon the circumstances. A sale might mean a move out notice but maybe not. It all depends on what the bank wants to do and that the owner can negotiate.

    You might also ask what "in forclosure" means. It can mean anything from a formal notice of default to immenant entry of a judicial order of sale. You might have weeks, you might have years. It all depends on local law and procedure.

    I'd be asking the owner some pointed questions.

    The better program is probably to prepare to move on and if you find a good opportunity to do so then take it. It will mean movement at leisure, not in a "mad scramble."

    Good luck no matter how it turns out.

    G.



  10. #10
    Join Date
    Mar. 4, 2007
    Location
    Western Washington
    Posts
    2,977

    Default RE: the pipe corrals

    I interpreted the OP as saying the OP has pipe corrals and a round pen in the OP's back yard. So the OP could move the horses home if everything goes south, but that it would be inconvenient.

    NOT that the OP owns the pipe corrals at the boarding barn.

    IMHO



  11. #11

    Default

    Foreclosures can take a really long time. I just ran into a woman at our local tack shop who just bought a house on five acres that has been bank owned for 3 1/2 years! Of course, the original mortgage lender was Countrywide, which was purchased by Bank of America, so that complictaed the process. I talk to the owner of the property (who may or may not be inclined to tell you the truth) and at the same time, start looking for another place to board your horse. If you have any equipment there like pipe corrals, move it NOW before the property goes to auction.



  12. #12
    Join Date
    Feb. 28, 2006
    Location
    The rocky part of KY
    Posts
    9,495

    Default

    You're really better off to have a plan to get out.

    Sometimes this stuff drags on forever and everybody gets to stay but bear in mind banks usually don't like to be running a business, they are likely to boot everybody and leave it vacant - wasn't there a thread on something like this with a caretaker not doing a good job of running the place so after complaints were made the bank/owner just shut it all down?
    I'm aware of one case in which the owner was able to refinance, about ten years ago, but in this market that isn't too likely.
    Courageous Weenie Eventer Wannabe
    Incredible Invisible



  13. #13
    Join Date
    Jan. 26, 2010
    Posts
    6,220

    Default

    I just left a barn like that (in CA.) They hadn't paid the mortgage for over a year and still had boarders. It went into foreclosure and someone was trying to buy it, but the bank was still not selling. The place needed a LOT of work, so it was not something the bank wanted to deal with. If the place has an problems, or even if it doesn't, I don't think anyone is going anywhere quickly.

    I would start looking around, but not fuss about a sudden eviction. The only reason I and everyone else left where I was was because the owners were taking everyone's money and saying they had bills to pay (which they weren't paying) and not providing services, like paying the help or buying enough feed or bedding.



  14. #14
    arbie nadeau Guest

    Default

    I should have been a bit more clear in my original post. We don't have a backyard and we own the pipe stalls at the boarding barn.

    Unless a miracle occurs with the owner of the property, we will be moving out as soon as our board payment is through within the next month or two. Found a nice barn with plenty of pasture!

    Thanks for all your advice, everyone!

    arbie



  15. #15
    Join Date
    Mar. 5, 2003
    Location
    Wake Forest, NC
    Posts
    613

    Default

    Time to look for a new place to board. In the meantime, be aware of the daily care of your horse. If the owners are behind in their mortgage payments, they could be defaulting on their feed bills as well. I've been in a situation where my horse lost weight because the BO/BM could not pay her feed bill.

    Best of luck to you.



  16. #16
    Join Date
    Dec. 21, 2008
    Location
    Missouri
    Posts
    2,201

    Default

    I would remove the pipe stalls that belong to you now. I would also find a new place asap. Once foreclosure starts the owners can do some pretty stupid things to the property , out of anger and just because they don't care anymore. They can also pack up and leave with no warning. I wouldn't want to put my horses at risk.



  17. #17
    Join Date
    Dec. 16, 2007
    Location
    Oklahoma
    Posts
    206

    Default

    You really need to find a new place. The foreclosure process itself does not take that long. The property will go for sheriffs sale, and at the sale 2 different things can happen. If there is not much owed against the property, a third party may buy it. Nine times out of ten the bank will purchase it to protect their mortgage. This process can take from 3 months to about a year in complicated cases. After the sheriff's sale, it then (usually) becomes a bank-owned property, and I can almost guarantee you that the bank will not want to be in the boarding business. More than likely they will want the property vacated asap due to liability issues.

    At the very least, have a back-up plan in place.

    Liz



  18. #18
    Join Date
    Aug. 27, 2010
    Location
    OH
    Posts
    416

    Default

    I know someone boarding at a farm that got foreclosed on 6 months ago, the property actually backs up to mine and they are still there. I suppose the boarders banded together to take advantage of no boarding payment, and are taking care of each others horses, somehow getting water, and keeping the pastures usable. I wouldn't suggest this however, I agree that you should get out.



  19. #19
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,071

    Default

    I agree with moving the pipe corrals and any spare tack or equipment that's yours right now. Even if you have to rent a storage unit for a month or so it will be cheaper than going to court or hashing out the ownership of your property with the bank. And if you park trailers or anything there I would move them right now also.
    You can't fix stupid-Ron White



  20. #20
    Join Date
    Mar. 5, 2007
    Posts
    1,704

    Default

    Quote Originally Posted by Prime Time Rider View Post
    Foreclosures can take a really long time. I just ran into a woman at our local tack shop who just bought a house on five acres that has been bank owned for 3 1/2 years! Of course, the original mortgage lender was Countrywide, which was purchased by Bank of America, so that complictaed the process. I talk to the owner of the property (who may or may not be inclined to tell you the truth) and at the same time, start looking for another place to board your horse. If you have any equipment there like pipe corrals, move it NOW before the property goes to auction.
    The foreclosure process is usually pretty quick.
    You are confusing the length of time the property is bank owned with the length of time to foreclosure.
    In the case you mention yes, the bank had owned it for 3.5 years but that's not how long foreclosure takes. Once it's foreclosed depending on the state, etc etc if the bank assumes ownership they can do whatever they want, sell. lease, do nothing.
    Often the bank will want something like a boarding stable to be vacant.
    And it does not always have to go to auction. Title can pass to the bank or mortgage holder immediately on foreclosure.
    All depends where you are located and the terms of the mortgage.



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