Foreclosure and distressed property topics

NEW -> Contingent Buyer Assistance Program
<p>penn1 - The lender is going to be tough to find. Ironically Steward Financial went out of business last month. I have feeling they were a correspondent lender meaning they had a warehouse line of credit to fund the loans in their name and hide the back end yield spread premium fee. Then within days they would sell it to the actual bank like Countrywide which is the bank I think it is. I could be wrong. The trustee was California Reconveyance and their phone number is 800-892-6902 and you will need the TS# 209088CA but give them a call to see if they can help. I will pull the NOD and NTS docs later to see if they say who the lender is.</p>

<p>You should know the loan history on this property. They bought it 12/05 for $1.188mil and put $18,500 down. In 6/06 they refi'd with new loan balances of $1.192mil getting back their down payment and $12k. Also the owner is a RE agent who had another foreclosure in the Orange Hills on 5/31 sucking out $170k phathom equity. What is wrong with these people?</p>

<p>As for the selling agent's commission it is usually 1-2% and the buyer's commission is usually 3%. Will they try to dump it for cheap? Probably not since almost $1.2mil was owed on the place but if it is Countrywide they seem to have an inventory problem so it is possible.</p>
 
graphrix, thanks so much for all this info. This makes a lot of sense since I did call the agent several times over several weeks prior to it being "de-listed" and the guy never called me back . Thus, I think it was a ploy to show that he's trying to sell it in good faith, when in fact he just wants to take the "phantom equity" and run. I'm really not looking too seriously at buying right now, unless they are willing to go down to the low 800K , which I doubt.
 
<p>I am seriously becoming concerned with the default numbers. For the 8 business days of June there has been about 474 NODs where as May had 391. This increase rate is much higher than that of the 90s. The actual foreclosure rate is way above what the 1992 numbers were. I hate to be bear and I would love to be a bull on RE but this really concerns me. </p>



Anyone waiting for a major spike in foreclosures to buy a discounted home should forget it, said broker Watts. "They're not going to see it," he said.



<p><a href="http://www.ocregister.com/ocregister/money/abox/article_891975.php">http://www.ocregister.com/ocregister/money/abox/article_891975.php</a></p>

<p>Mr. 15% is discredited again as he has no clue.</p>

<p>I will be doing a post on the foreclosure numbers since it has soared beyond what I thought would happen at the beginning of the year. It is over twice what I had expected.</p>
 
graphix,





That article is classic. We need to keep that link for the archives of predictions that were 100% totally and completely wrong for reasons which were obvious to anyone who cared to see.
 
<p>IR,</p>

<p>I found that article such a classic that I have it saved in MS Word along with an article from May of 1991 on foreclosures. The 1991 article has some great quotes by John Burns before he started his own company. Ironically he was sounding the alarm then just as he is now. I am thinking this topic should become a sticky. What do you think?</p>

"It's an alarming trend," said John Burns, regional vice president for General Electric Capital Mortgage Insurance Corp. in Irvine, a subsidiary of Connecticut-based General Electric Corp.

"We feel the top of the real-estate market was mid-1989, and that home prices in some pockets of the county have dropped 2, 10 and 30 percent," Burns said.

He added that when home prices drop, a higher number of homeowners owe more on their mortgage than their house is worth, so they can't sell their home to pay off their debts.

"When (a long-term decline) happens to home prices, you're going to have a lot of <strong>foreclosures</strong>, and they're going to hurt."








 
<p>The last two days haven't been that exciting on the foreclosure front but 6/20 looks like it could be fun.</p>

<p>59 Nightshade 92603 NTS $536k</p>

<p>14 Bluebell 92618 NTS $529k</p>

<p>858 Skyler Way Brea 92821 NTS $492k The recent comps for this place is in the mid $700k range.</p>
 
mino - Check out the very first post on this thread. I give a breakdown of how the foreclosure process works and what the acronyms are. NTS is the notice of trustee sale and when I post that is the NTS amount. It's fun to see if the actual opening bid is more or less. Let me know if you have any more questions and hopefully I can answer them.
 
Graph -





A follow up to the "operation of law" language. I've had reason to see some trustee sales stopped because the trustee did not give sufficient notice of the sale under the statute. Perhaps its a reference to a failure to follow the Civil Code's procedures?
 
Thanks Eva! I posted the question on <a href="http://www.foreclosureforum.com">www.foreclosureforum.com</a> and one response was that it could be a restraining order. I.E. the borrower went to court and said the broker or loan broker did something wrong so they would be able to get a restraining order to stop the foreclosure. I will see what I can find on it to see what the story really is.
 
<p>Updates:</p>

<p>59 Nightshade 92603 NTS $536k: Postponed to 7/2</p>

<p>14 Bluebell 92618 NTS $529k: Postponed to 7/20</p>

<p>858 Skyler Way Brea 92821 NTS $492k: Cancelled 6/19</p>

<p>Up for auction 6/21:</p>

<p>61 Kazan St. #60 92604 NTS $343k</p>

<p>31 Havenwood #81 92614 NTS $370k</p>

<p>23 Rossano 92620 NTS $600k</p>

<p>4253 Ironwood Ave. Seal Beach 90740 NTS $817k</p>
 
<p>Updates:</p>

<p>61 Kazan St. #60 92604 NTS $343k Back to the bank $343k</p>

<p>31 Havenwood #81 92614 NTS $370k Postponed to 7/23</p>

<p>23 Rossano 92620 NTS $600k Postponed to 7/23</p>

<p>4253 Ironwood Ave. Seal Beach 90740 NTS $817k Postponed to 6/22 tomorrow</p>
 
graphix,





Have you ever been to a real estate auction? I don't mean any of those slick ones with the emcees and blaring music and obnoxiousness. I mean those where there's just some lawyer in a room at the courthouse and the lien holders are there kind. I've been told they are over and done with often in 5 or 10 minutes. Can you share anything if you've been to one?
 
<p>Darin,</p>

<p>I have been to an auction before and I think I may go again soon to see what is happening or not happening. There was a video on youtube that I think I saw on one of the bubble blogs and it is pretty much what it is like. Well except the youtube video was a guy who was trying to fight the foreclosure. It is just a county clerk with a clipboard out on the steps of the courthouse in Santa Ana or Placentia taking or not taking bids. You will know who the pros are when there is bidding because the clerk will know them by name. It takes about 5 minutes and then they go inside and hand over that cashier's check and sign the deed. Presto now you have home that may be great or completely stripped with angry ex-owners who won't get out. I will see if I can find that youtube video and you can go any weekday at 2pm 700 Civic Center Drive West in Santa Ana or 410 E. Chapman in Placentia. If I do decide on a day to go I will post it.</p>
 
<p>As for some properties here are some updates of what has happened and what is coming up.</p>

<p><a href="http://maps.google.com/maps?f=q&hl=en&q=1301+Ocean+Avenue,+Seal+Beach,+CA+90740">1301 Ocean Ave. Seal Beach</a> had a NTS over $1.5mil but the bank didn't get any bids starting at $1.242mil on 6/29. Yeah the high end market is immune right? Click the address, the only way you could get closer to beach front is to be the house in front of this one.</p>

<p><a href="http://maps.google.com/maps?f=q&hl=en&q=209+7th+Street,+Huntington+Beach,+CA+92648">209 7th Street HB</a> had a NTS of $882k but again no one was bidding at $772k so the bank now has a home a block from the beach. I hope the owner at 211 is as clueless as Ken (Lansner's Blog) because in December they paid $1.3mil for their home. Ouch there is your 40% drop if they are like properties.</p>

<p>Up for auction on Monday 7/2:</p>

<p>59 Nightshade 92603 NTS $536k.</p>

<p>51 Sconset 92620 NTS $665k.</p>

<p>4253 Ironwood Seal Beach NTS $817k.</p>

<p>Stay tuned for Thursday as we have 9 Irvine properties up for auction. </p>
 
<p>Hi Graph;I don't think I have the guts or the cash to ever pick up a foreclosed property at auction, but it would be interesting and worthwhile to know the existing properties on the MLS that are at risk for foreclosures; which of the multitude of commercial list do you recommend; I see Realty-trac advertised everywhere, but are they the best?</p>
 
How do you find foreclosed homes... other than the websites where you have to pay a fee. Graphrix, where did you find all the listings you've posted?
 
<p>Ouch for those that <strong>need</strong> to sell their house now. It is just an absolute price vacuum that has been created from the dearth of buyers. </p>
 
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