Foreclosure and distressed property topics

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ns2524



Was your Acorn a Trustee Sale? 20% off of the previous sale, looks like an 80/20, and the subsidiary note just got wiped out.
 
<p>EvaL--I don't understand your question. I've never practiced in a title theory (posting) state.</p>

<p>You "foreclose" on a mtg/deed of trust. Actually title theory says that the lender actually owns the property and it is "reconveyed" when the deed of trust is paid off.</p>

<p>Strictly speaking, it's a DEED of Trust. </p>

<p>In Florida, when a mtg is paid off, they are "Satisfied".</p>

<p>If you want to ignore the property, in Florida, anyhow, you can just sue on the note. It's almost never done. As I posted once before, the only situation I can think of where you wouldn't want to take the property back, if where Big Bad Rich Pollution Company mtges the property, and later it appears that there is pollution and remediating it would be cost mucho dinero. You sue on the note and collect against the other assets of Big Bad.</p>

<p>I don't know how assignments work out there. I don't know if the trustee changes when the note is assigned. Maybe Irvine Commuter could tell us? Or Buster?</p>
 
Tanta at Calculated Risk has extensive quotes from Judge Royko's opinion roasting and toasting Deutche Bank and their attys. Everybody, take a look. Tanta especially likes Royko's jokey-poo at the bottom of the footnote. I confess, I didn't get the joke at first, I had to get over the hurdle that a judge was actually making a joke in print, at the expense of all those high paid lawyers.
 
51 DUET, Irvine, CA 92603

List Price: $479,000

Last Sale: 05/18/06

Sales Price: $565,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,099

Lot Size: N/A

Year Built: 2005

Listing Date: 11/14/07

On Market: 3 days

Type: CONDO/TH

Status: ACTIVE

MLS #: S513148

**********************

50 WOODLEAF, Irvine, CA 92614

List Price: $379,000

Last Sale: 08/04/06

Sales Price: $470,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,140

Lot Size: N/A

Year Built: 1983

Listing Date: 11/06/07

On Market: 11 days

Type: CONDO/TH

Status: ACTIVE

MLS #: S512427

***************
 
After losing 175,000 in 2 years, back for some more…..

Price: $699,900

2245 Watermarke PL

Irvine, CA 92612

Beds: 3

Baths: 2

Sq. Ft.: 1,440

$/Sq. Ft.: $486

Lot Size: -

Type: Condominium

Style: Contemporary

Year Built: 2004

Stories: One Level

View(s): Back Bay, City Lights, Mountain

Area: Airport Area

County: Orange

MLS#: P610734

Status: Active

On Redfin: 1 day

07/18/2007 $732,916 -16.9%/yr

08/02/2006 $875,000 44.2%/yr

03/01/2006 $750,000 255.9%/yr

12/20/2005 $586,000 --
 
NSR,





Very good point. I noticed that the chart is missing the Q3 NODs of 40,803. I also calculated the ratio of NOD per population and NOD per owner occupied housing stock.





From 1996 to 2006 population in SoCal increased by 16.7%, and owner occupied housing by 12.8%.





1996 Q1 NOD per population ratio 1:535.


2007 Q2 NOD per population ratio 1:606.


2007 Q3 NOD per population ratio 1:520.





1996 Q1 NOD per owner occ. ratio 1:106.


2007 Q2 NOD per owner occ. ratio 1:116.


2007 Q3 NOD per owner occ. ratio 1:100.





Ouch, 2007 Q3 was worse than 1996's Q1.
 
<p>As expected Graphrix. </p>

<p>The NODs bottomed out around 9000 in 2005. If I recall correctly, NOTs (actual foreclosures) went to essentially zero in that time period. NOTs are not high (yet), but rising rapidly and the conversion rate from NOD to NOT is well above 50% and may be pushing toward 70-80% with the softness in the market and lack of easy funding.</p>

<p>Imagine an market in which 1 in every 100 homes is foreclosed on in a quarter. That may be Q1 or Q2 of next year.</p>

<p>How come I feel like the Ghost of Christmas Yet to Come visiting with Ebenezer?</p>
 
<p>I was told by a litigating atty that a judge he was friendly with said that all the judges have 400-500 cases more than usual here in beautiful Miami-Dade County. The increases are virtually all foreclosures.</p>

<p>Local prosecutors are going after flippers, in one case the developer of a condominium. </p>

<p>The same litigator told me his client signed a contract with GMAC to buy an REO.</p>

<p>Everybody signed the contract, the deposit was paid, and then. . . nothing.</p>

<p>GMAC moved back to Pennsylvania, the atty who represented the seller wouldn't return phone calls, and finally the guy filed a suit for specific performance. They were defaulted, and the guy either got a judgt, or could have gotten one, but didn't pursue it further because the roof had a leak, the house was totally neglected by the lender, and eventually the roof actually collapsed. Naturally the interior was ruined. And this is without any looters, just the action of nature. I think that the local officials need to get on the ball with the lenders, or we will see a huge part of our housing stock ruined by lenders, sloppy til the end.</p>
 
<p>The number of foreclosures is going to overwhelm the manpower. Like you said, one judge has 400-500 cases...impossible task. Now think about the Detective or municipality worker who has to actually do the investigation on those 400-500 (if there is fraud involved) before they even make it to the judge. IMPOSSIBLE TASK. </p>

<p>When I was a Burglary Detective a couple of years ago, I used to average 100 cases a month. I could only possibly handle 15-20 competently. The other 80 fell by the wayside.... sorry, that's just the way it is. Crime has overwhelmed the resources.</p>
 
<p>Not one in a hundred of those foreclosures will get investigated. Nobody will complain, so nothing will happen. The flippers they are going after are the obvious, low handing fruit, who made hundred of thousands of dollars, not the wage-slave who lied on the mtg app of the house he's going to live in.</p>

<p>I just think the municipalities should keep a close eye on things and freely lien houses that are ruining the neighborhoods. Sooner or later the lender will sell and then they'll have to pay the lien, so there will be money to pay for the extra efforts.</p>

<p>Whereas, alas, there is no money in prosecuting burglaries.</p>
 
Bought from the builder.

109 REUNION, Irvine, CA 92603

List Price: $529,950

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,447

Lot Size: N/A

Year Built: 2005

Listing Date: 11/20/07

On Market: 0 day

Type: CONDO/TH

Status: ACTIVE

MLS #: P611008

Sales History

No data is available for this property.

Taxable Value

Taxable Land $417,522

Additions $172,454

Total $589,976

Taxes paid in 2006: $7,711



54 PAISLEY PLACE, Irvine, CA 92620

List Price: $515,000

Last Sale: 01/30/06

Sales Price: $575,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,050

Lot Size: N/A

Year Built: 1998

Listing Date: 11/21/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: S513519
 
<p>Downtown Dadeland, which is across the street from Dadeland Mall, one of the biggest and most sucessful regional malls, is now in foreclosure. The debt was originally $224 million, tho how much is owed is not known, since the proceeds from the sold condos would have been used to pay the mtg for partial releases. This is the biggest default in Miami-Dade


County, ever.</p>

<p>It's had a lot going for it, and now the post I found it on is saying how stupid, how could the lender loan so much on such a stupid project. Well, when it was conceived, it wasn't stupid at all. Dadeland is at the south end of Metrorail, a light train, which pleasantly takes you right downtown. It is surrounded by very successful office towers, and a very nice neighborhood.</p>

<p>I thought the condos were too expensive--it was mixed use and retail, but I also thought that it would be the ideal place to retire. 2 big bookstores in walking distance. Dozens of restaurants, ditto. A short drive to a very good hospital. Right across the street from a mall selling almost everything your heart could desire.</p>

<p>I'm a bit puzzled about the foreclosure. A lot of the retail space is visibly in use. I guess they just spent too much money.</p>

<p>I had thought that most of the condos had been sold. Maybe not. I assume a lot were sold to flippers, but I think they were required to put something like 30% down. I guess there is retail space which is not so obvious, which is not being used. Also, it looks rather like Manhattan, very dense. But, there is landscapting, there are some low rises, and I personally like density, if it is set up so you can actually walk. Metrorail takes you to a bunch of shopping nodes, and at least 2 libraries are on the metrorail and a museum. You could even get off at one stop, and be able to walk to a beach. A longish walk, but a walk nevertheless.</p>

<p>I guess it's because all those other condos came on line at the same time. What were the authorities thinking to give out so many permits?</p>

<p>I'm thinking in 3 or 4 years the prices will have come down and this will make an excellent investment.</p>
 
A project is part physical design and part financial design. Both have to be successful in their design and implementation for a project to be considered a success. It sounds as if this one was a successful physical design but the financial proforma required an unrealistic market price to succeed.





We have a similar project here in Irvine. There is a place called <a href="http://www.cpwliving.com/">Central Park West</a> which Lennar just mothballed. The design is great, but Lennar overpaid for the land and needs to obtain a sales price per unit which is over market. Lennar will probably end up selling this place for about 30 cents on a dollar. The second developer will make money on the place because the design is good.
 
Dadeland Mall. Metrorail. Ponce Blvd. All-Sports. Sebastian. Canton's honey chicen. SportsFest. Snoozing on the stairway of the Science Building. Putting blue bubbles in the fountain. Palmetto bugs. Ahhh, the good old days.
 
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