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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Ward : UCC-1 Filing question? my BVD's Posted by chalazion on October 17, 2001 at 9:21 PM In Reply to: Re: Ward : UCC-1 Filing question? posted by Ward-CA- on October 17, 2001 at 8:14 PM : : Hey ward... : : I just got final paperwork, today to complete my HELOC on my co-op. : : Questions: : : 1) What is a UCC-1 Financing Statement? (It is filed with the county records I believe!, what information does it contain? [i.e. ss#, etc]? : : 2) Is UCC-1 info freely avaiable to the public? Basically, I like my privacy, what will the filing of a UCC-1 allow others to see. : : BTW - I have 100% equity in my unit (so no mortgage is filed) : : ---------------------------------------------------------------- : : Thanks for response on Judgment Lien Buyouts. : : I'm in NYC area and feel buyouts may be a great/low risk way for me to start out generating capital/income. Do you have any idea of the pulse of this market? : : I am not in a position to make it out west just yet :) I checked out your pupil walters, I know you said they missed the boat on one or two points but barring those points would their experience(that came from you and within my current budget) be a starting point to get me going? : : Thanks : =•=•=•=•=•=•=•=•=•=•=•=•= : Chalazion, occasionally a lender seeks additional security, besides a lien against the title to real property, to secure their loan. So they will require a security interest against the borrower’s personal property to further secure a money obligation. Under the Uniform Commercial Code (UCC) a security interest attaches automatically when there’s an agreement between the borrower and lender that it will attach, that value has been given (promise of a future advance), that the debtor has rights in the personal property collateral and that the agreement has been put in writing. : The security interest in the borrower’s personal property is perfected by giving public notice by filing in the recorder’s office either the security agreement or a financing statement. : I won’t give any lender such additional security over my personal property, but I have seen many such statements when doing title record research. As far as the debtors are concerned the financing statement contains the debtors’ names, address, social security numbers, signatures and description of collateral being secured. : The county recorder’s record is about as public as you can get. Virtually anybody and everybody can freely read the records it contains, including all recorded UCC-1 financing statements. : -------------- : As far as judgment liens are concerned, I’m positive you have as good a market for buying them there as we do out here. : I haven’t read Lloyd’s book. But yes, it will probably give you lots of info and hints that are worth while. : Hope all this helps. Thank you for the above, A point of clarification, in laymen terms would be the bank not only wants to secure it position with my co-op unit, but also include everything in it (not that I would default, but if I did, that would mean not only would I be homeless, but they would own everything down to my BVD's!!?) You mentioned you won’t give any lender such additional security over personal property. So is signing the UCC-1 optional nationwide? I don't want to give away more than I have to that's required by law. thanks again (your help is appreciated) Follow Ups: Re: Archaic lending practice when applied to residence. Ward-CA- 10:05 PM, 10/17/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Hey ward... : : : I just got final paperwork, today to complete my HELOC on my co-op. : : : Questions: : : : 1) What is a UCC-1 Financing Statement? (It is filed with the county records I believe!, what information does it contain? [i.e. ss#, etc]? : : : 2) Is UCC-1 info freely avaiable to the public? Basically, I like my privacy, what will the filing of a UCC-1 allow others to see. : : : BTW - I have 100% equity in my unit (so no mortgage is filed) : : : ---------------------------------------------------------------- : : : Thanks for response on Judgment Lien Buyouts. : : : I'm in NYC area and feel buyouts may be a great/low risk way for me to start out generating capital/income. Do you have any idea of the pulse of this market? : : : I am not in a position to make it out west just yet :) I checked out your pupil walters, I know you said they missed the boat on one or two points but barring those points would their experience(that came from you and within my current budget) be a starting point to get me going? : : : Thanks : : =•=•=•=•=•=•=•=•=•=•=•=•= : : Chalazion, occasionally a lender seeks additional security, besides a lien against the title to real property, to secure their loan. So they will require a security interest against the borrower’s personal property to further secure a money obligation. Under the Uniform Commercial Code (UCC) a security interest attaches automatically when there’s an agreement between the borrower and lender that it will attach, that value has been given (promise of a future advance), that the debtor has rights in the personal property collateral and that the agreement has been put in writing. : : The security interest in the borrower’s personal property is perfected by giving public notice by filing in the recorder’s office either the security agreement or a financing statement. : : I won’t give any lender such additional security over my personal property, but I have seen many such statements when doing title record research. As far as the debtors are concerned the financing statement contains the debtors’ names, address, social security numbers, signatures and description of collateral being secured. : : The county recorder’s record is about as public as you can get. Virtually anybody and everybody can freely read the records it contains, including all recorded UCC-1 financing statements. : : -------------- : : As far as judgment liens are concerned, I’m positive you have as good a market for buying them there as we do out here. : : I haven’t read Lloyd’s book. But yes, it will probably give you lots of info and hints that are worth while. : : Hope all this helps. : : Thank you for the above, : A point of clarification, in laymen terms would be the bank not only wants to secure it position with my co-op unit, but also include everything in it (not that I would default, but if I did, that would mean not only would I be homeless, but they would own everything down to my BVD's!!?) : You mentioned you won’t give any lender such additional security over personal property. So is signing the UCC-1 optional nationwide? : I don't want to give away more than I have to that's required by law. : thanks again (your help is appreciated) Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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