"Going Bankrupt" - Not as bad as you would think.

[Stevegoodey]

Bankrupt Kiwi property developer is still living in a 660sq m Las Vegas home despite defaulting on its $2.8 million mortgage four years ago.

Rod Nielsen was declared bankrupt in September 2009 over a personal guarantee on $14.5 million owed to failed finance company Bridgecorp.

While the loan that sank him was to fund Queenstown's Lake Esplanade development, the 45-year-old was already known for his involvement in substandard and incomplete terraced housing projects.

The Official Assignee has opposed Nielsen being discharged from bankruptcy and wants him to stay adjudicated for a further three years.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10897006

[Memphis Turnkey Property]

I know people here that have lasted over 6 years before they actually get foreclosed on. And then once the bank owns it often the owners are still left in to prevent vandalism!

[speights boy]

Yep.
That whole area of the US housing / banking system sure seems a shambles.

Little doubt that nothing will have changed by the time we see the next debt meltdown.

At least we don't have non recourse here, as it is still far too easy for some borrowers to escape their personal responsibilities.

[Memphis Turnkey Property]

Well I was brought up in it so I think it's "normal" but I think we have a huge lack of accountability here. Even bankruptcy itself is almost a strategy rather than any form of consequence.
Did you know that if you go bankrupt under the right chapter and you are a landlord you get to keep all your properties and all your rent but don't have to make any loan payments? Crazy huh!

[speights boy]

Crazy huh!

Yep.
And that is why many elsewhere in the world will have little sympathy when the house of cards -pun intended- implodes under it's own stupidity.

[Shane D]

Well I was brought up in it so I think it's "normal" but I think we have a huge lack of accountability here. Even bankruptcy itself is almost a strategy rather than any form of consequence.
Did you know that if you go bankrupt under the right chapter and you are a landlord you get to keep all your properties and all your rent but don't have to make any loan payments? Crazy huh!

Memphis Turnkey Property,

Welcome to Property Talk. That is really interesting stuff you are posting above. I find it really interesting to hear your insights into the USA market. It's bloody mindboggling and difficult for us kiwis to get our head around most of the rules and stuff like bankruptcy that you mention above.

Lack of accountability you call it.....sheeeesh.....I call it "lunatics are running the asylum" over there.

Thanks again for sharing.

Shane

[Memphis Turnkey Property]

us kiwis

Why would you name yourselves after a small green fleshed acidic fruit?

[Shane D]

Why would you name yourselves after a small green fleshed acidic fruit?

Not sure if you are joking around ...?

So....Kiwi...a silly bird that can't fly and is native to NZ.....a kiwi bird. That is what NZers call each other.

Not the silly fruit ;-)

Shane

[Memphis Turnkey Property]

Really? Now that's funny. I just googled it. Wow that's really a bird? Looks more like a fat rodent with a huge nose!
Anyway just goes to show you never stop learning.

[speights boy]

Why would you name yourselves after a small green fleshed acidic fruit?

Really? Now that's funny. I just googled it. Wow that's really a bird? Looks more like a fat rodent with a huge nose!
Anyway just goes to show you never stop learning.

I've had this feeling of deja vu before.

Goodness you Nzers. So can I ask what shafting and rodgering are then?

[donna]

Yeah me too SB - you're not wondering if Dean Letfus is in the house by chance are you? Similar style etc aye.

cheers,

Donna

[Memphis Turnkey Property]

Well if you mean style as in "he has great style" I don't think Dean qualifies. If you mean "I can't believe he's wearing that" then I guess you could be right.
When I told him the other day I had found this New Zealand forum called Property Talk he laughed for quite a while but didn't tell me why. So I guess y'all know him then?
I'll tell him you reached out to say Hi Donna. I assume he will know who you are.

And I am also wonderin what shafting and rogering are?? Real Estate terms?

[muppet]

And I am also wonderin what shafting and rogering are??

Ask Dean.
I am sure he give you one explanation.

[Keys]

Ask about the phrase Shaftor and Shaftee.

[Xav]

What amazes me is that after selling an internet based product someone can still be so clueless about the internet and the information that is readily available.

http://whois.domaintools.com/turnkeypropertyinvestment.com

That is the ownership record for the website given by "Chuck" in his posts in the caveat emptor forum.