Forclosures in Irvine - ZIP 92602

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IrvineMom_IHB

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Zovall - I do see more notice of defaults for IRVINE - ZIP 92602, published on <a href="http://www.Foreclosure.com">www.Foreclosure.com</a> Could you give us your take on this? Thank you.
 
<p>IrvineMom - I don't know what your level of interest is on the foreclosure data is but <a href="http://www.fidelityasap.com">www.fidelityasap.com</a> actually handles a majority of the Notice of Trustee Sales. It is free to sign up and they don't send you anything after the intial email. I like the site mostly because the info is current where as foreclosure.com gets their info from county records which is two weeks behind. It also has info on if the sale has been postponed, cancelled, sold or back to the beneficiary/bank with the price. We should have another record month for NOD's, NTS and REOs.</p>
 
graphrix,





I signed up on the fidelityasap.com site - I saw a house that I was semi-interested in (30 Antique Rose) that is listed as a postponed sale for this coming March 15 at $1,098,247.00. The reason for the postponement is listed as "bankruptcy. " HUH?





I originally found the house through Ziprealty though... it has been listed on the market for 60 days at $1,975,000.





I have a couple questions:





1. How does one go about looking for trustee sales in OC/Irvine, where is this info posted? The sales of most of these houses are located at the Santa Ana Courthouse. I've looked this up, websites say usually they are listed in classifieds, etc. It seems that in trustee sales, people have to prove they have liquid assets to cover the final auction price in cash.





2. In this particular case, what does that mean "sale postponed till March 15 due to bankruptcy?" Does this mean the auction winner went bankrupt or didn't have sufficient cash? Or the original owner of the house went bankrupt - why would this affect the auction?



 
Continued from above.





3. If this house was sold at an auction, why is it still listed on Ziprealty for $1.975 million? Did the winner try to flip the house to cover the cost of the house and make nearly $875,000? I thought this wasn't possible because they have to pay immediately presumably in cash after he/she wins the auction? Or was it listed by the Trustee?





Sorry, I have no knowledge of how Trustee Sales work. Any responses would be much appreciated. Thanks!





The Trustee Sales Listing is below:











Thursday


3/15/2007 2:00:00 PM











<strong>Address:</strong>

<a title="Get Google Map" target="_blank" href="http://maps.google.com/maps?f=q&hl=en&q=30+Antique+Rose,+Irvine,+CA+92620">30 Antique Rose</a>


<a target="_blank" href="http://maps.yahoo.com/beta/#maxp=search&q1=30+Antique+Rose,+Irvine+CA,+92620"><img alt="Get Yahoo! Map" src="http://www.fidelityasap.com/i/icon_yahoo.gif" /></a>





<strong>City:</strong>

Irvine





<strong>State:</strong>

CA





<strong>Zip:</strong>

92620





<strong>County:</strong>

Orange





<strong>APN:</strong>

551-101-20





















<strong>Sale Status:</strong>

Postponed to 03/15/2007 2:00 pm


(Bankruptcy)





<strong>TS Number:</strong>

0618130





<strong>Notice of Sale Amt:</strong>

$1,098,247.00





<strong>Opening Bid Amt:</strong>

0





<strong>Sold Amt:</strong>

0





<strong>Sale Location:</strong>

<a title="Get Google Map" target="_blank" href="http://maps.google.com/maps?f=q&hl=en&q=700+Civic+Center+Drive+West,+Santa%20Ana,+CA+92701">At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.</a>


<a target="_blank" href="http://maps.yahoo.com/beta/#maxp=search&q1=700+Civic+Center+Drive+West,+Santa%20Ana+CA+92701"><img alt="Get Yahoo! Map" src="http://www.fidelityasap.com/i/icon_yahoo.gif" /></a>





<strong>Trustee:</strong>

Recon Trust Company N.A.





<strong>Trustee Phone#:</strong>

(800)281-8219














 
<p>Thank you Graphix for the site.</p>

<p>Muffdaddy, 30 Antique Rose is a very nice home. Bankruptcy halts the Trustee sales until court allow sales to continue. The default owners probably trying to buy time to sell the home through MLS. From what I can see, there is more than enough equities to cover debts</p>
 
<p>muffdaddy - No problem in answering your questions. This is what this forum is for.</p>

<p>1. You can find the NTS on the site I pointed out or you can find them in the newspaper. I live in Villa Park and on Thursday the Register has a section called the Orange City News and it lists some of them. It has been a while since I lived in the Irvine area but I know they have something similar. Also thanks to oc_fliptrack for this find you can find them here <a href="http://www.nefcortez.com/home-files/Foreclosures/Foreclosures-home.htm">http://www.nefcortez.com/home-files/Foreclosures/Foreclosures-home.htm</a> I like the Fidelty site since it is up to date all the other sources are behind because county records is behind. You can go here to see how behind they are and get a general idea of how many NOD's have been filed <a href="http://cr.ocgov.com/grantorgrantee/searchDocumentName.asp">http://cr.ocgov.com/grantorgrantee/searchDocumentName.asp</a> You can always go down to the court house and get the info as well.</p>

<p>2. The one you are looking at is postponed due to the current owner filing for BK and will probably postponed again. I doubt he will sell it for the price he is dreaming of because the comps I get don't support it. He bought it 3/05 for $1.465mil with 10% down. Now here is the rub he has a pay option arm so the loan balance is probably even higher. Without increasing the balance he owes $1.320mil because he has a second of $320k. So if he does sell he may have enough to cover his debts depending on the price. </p>

<p>3. It hasn't sold at auction yet because it was postponed. The way to tell if they have sold is if it states sold which means someone like you or I bought it. Or it would say back to beneficiary which is the bank. Yes you are right you do have to have cashiers check for the amount to win or buy a house at auction. So in a sense it would be best to have the bank take it back and try to go from there that way you could get a loan. </p>

<p>I hope that helps answer your questions and if you still have more let me know. </p>
 
<p>I have a Realtytrac account if that helps anyone. It's $40/mo for access to that craptastic site but I pony up simply for the entertainment value.</p>
 
inre 92602, Realtytrac shows 23 NOD's, 9 NTS, and 16 REO. Keep in mind that their recordkeeping is very sloppy -- Some of these could have been cleared yet they tend to linger on Realtytrac for months.
 
oc_fliptrack - Which one has better info, Realtytrac or Fidelityasap? I hope to buy 1 home at the auction site. I never bought one so I need to make sure I have good information. I appreciate any good advice.
 
graphrix, thanks again for your incredible insight, knowledge and willingness to share. I'm going to sign up for fidelityasap.com I've tried both Realtytrac and Foreclosure.com in past--these are way behind the times. Thus, I've resorted to paying $89/month for county records research. Their NOD's and NTS are up to date but the price is higher than the other services.
 
MuffD -





If you can find out who the bank(s) is/are, you may be able to work with them and perhaps get the house on a short sale. I (obviously) don't know what all the mechanics are, but I know of some people who did this during the '90s crash and got some nice places for a bargain.
 
<p>IrvineMom - My opinion is fidelityasap.com is the best when it comes to up to date info. You can search for what happened on 3/2/07 and know what transactions/cancellations happened that day. The downside is they only handle a portion of the NTS but it is a large portion. Foreclosure and realtytrac get their info from county records so they have more of what is happening. The problem is it is not up to date. For example there was a NTS on my street that kept showing in both FC and RT until the end of January but someone bought it and it recorded in late December.<em> </em>I have yet to find a free or pay site that is complete an accurate. </p>

<p>Here is what I do . I search on foreclosure.com for what I am looking for and they give the street and the persons name. Next I go to <a href="http://cr.ocgov.com/grantorgrantee/index.asp">http://cr.ocgov.com/grantorgrantee/index.asp</a> and search the person's name to see if they have any other liens and what not. If it is not too scary I do a title search. This is something I am fortunate to have access to and then I search the person's name and zip and I get the complete address and basic loan info. Next I go to <a href="http://www.ttc.ocgov.com/tcweb/search_page.asp">http://www.ttc.ocgov.com/tcweb/search_page.asp</a> and check to see if they are behind on their property taxes. If you find a property that you are really interested in I would be willing to do a few title searches for the people on here that are serious. Just know that the bank info could be out of date since most loans get sold on the secondary market. Keep in mind that I am alloted a certain amount of searches per month and depending on what I am doing I can go through those in a few weeks. </p>

<p>I am also going to post more info in the buying foreclosure topic that ocprince started.</p>
 
Regarding buying foreclosures, I've heard it's best to buy a property before it goes to the trustee auction. The bank is more inclined to deal to avoid the costs of foreclosure proceedings and subsequent carrying costs as an REO. Once it becomes an REO and re-listed on the MLS, the price is lower but still pretty high. I've heard that you can get a property just for the amount of the first plus and maybe a very small amount for the second (pennies on the dollar, if it goes to auction then the starting bid is the first and the the second lien holder usually ended up with nothing). Plus buying at auctions you need full cash so it's hard. The only problem buying before the auction is that you need to deal with the owner who may not cooperate. Maybe talking to the lender first to indicate your interest and have the lender talk to the owner is probably much better than talking to the stressed owner directly. I've never done it so those are just my thoughts.
 
The ReconTrust website is www.ctcres.com, they list foreclosures for Countrywide and others.





As for title search, I have an account with www.realquest.com (part of First American). There's no monthly charge, if you generate a "Property Detail" report then it's $4 per property which is not too bad. I like it because there's no fixed monthly charge, you only pay for actual reports. If you just search by a property address to get the owner name then there's no charge. There's also a foreclosure indication thru this search. For example, I searched for address given above, "Antique Rose, Irvine, CA" and it listed all the properties on Antique Rose, and two have "Foreclosure Activity", one at 23 Antique Rose and the other at 30 Antique Rose.
 
Thank you to all who responded to my questions, with special thanks to Graphix, who provided a lot of quality information for me to chew on and clarified my initial confusion. Obviously, I am a housing neophyte - I really appreciate the willingness of people to share their seemingly vast real estate knowledge on this forum.





So to sum up:


1. Current (perhaps original) owner bought it on 3/05 for $1.465mil with 10% down <= thanks for digging the detailed info Graphrix ! From thehttp://cr.ocgov.com/grantorgrantee/index.aspwebsite?





2. Due to late/failed mortgage payments or real estate taxes, the bank started the foreclosure process. [Notice of Default (NOD), Lis Pendens (LIS) filed = Pre-foreclosure.]





3. The default amount was not paid for sometime so the property was legally seized and the trustee (Recon Trust) made arrangements for sale. [NTS, NFS = Notice of Trustee or Foreclosure sale].





4. Owner filed for bankruptcy to buy time (Auction is postponed until 3/15 according to fidelityasap.com or 6/22 according to recontrust.) This action effectively extends the pre-foreclosure duration, which allows the owner to sell through MLS for a couple more months.





5. If the owner sells 90% of $1.465 + Interest owed on payments then he breaks even with the exception of a Chapter 7 or Chapter 13 (most likely) on their credit report. (OR is it NOT on their records because they effectively eliminated their debts??)





Boy, I really hope the current owner doesn't stumble upon this forum - I feel like a vulture that's circling around the owner's limping wildebeest of a house.





I still have to make arrangements to take a look at this property (have a family friend realtor), but the location is very attractive to my family for the simple fact that it is very close to our current house. I did see the exterior of the house by driving through the neighborhood. We are mostly looking for a 3000+ sq ft house in Irvine or Tustin that has a downstairs full bed/bath. Our current house (that my family bought in the early 80s) lacks that. Currently, I have no idea whether this Antique Rose house satisfies this condition either.
 
muffydad - make sure your realtor friend knows how to buy homes in BK. Someone correct me, but would the sale be under BK court's jurydiction?
 
<p>muffdaddy - You got it spot on. Only two things are slightly off that are irrelevant to the process. I get some of my research via a titlesearch and you can get more info in the foreclosure thread by ocprince. Since I know your situation from previous posts and can understand your needs I'd be more than willing to help you out. The other thing is if you file for BK 7 or 13 it is on your credit report for 10 years from the discharge date. </p>

<p>I also second IrvineMom's idea the Realtor should know the process for a BK because it is in the BK court jurisdiction. There are different forms and it will have to get approval from the judge. It's a whole different animal and if your agent doesn't have the experience you could be wasting your time. Unfortunately I've seen it happen.</p>

<p>Also Fieldstone was the builder so you may want to try calling them up and see if they could provide you with a floor plan. Just give them some fluff about how you have a friend who bought there and you want to see if they have anything like that in the future so that you can compare the two.</p>
 
<p><strong>Muffdaddy-o "Boy, I really hope the current owner doesn't stumble upon this forum - I feel like a vulture that's circling around the owner's limping wildebeest of a house."</strong></p>

<p> </p>

<p>Nice information, all this is great! Hopefully given enough time my evil plan will come together. I don't feel bad at all, they got themselves in this situtation by making a GAMBLE. We all chose to NOT gamble, the slow and low route is always just that, very slow. So we live with a little less, but when the time comes, we make our way under our OWN power, with OUR choices. Not somebody elses.</p>

<p> </p>

<p>-bix</p>
 
Seems like a lot of fraud going. My other post shows a couple of houses purchased by the same person. Additionally, her sister and husband/partner show up on the 92602 foreclosure list separately.
 
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