Foreclosure and distressed property topics

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That's certainly no good, Liz.



I'm seeing a lot of loan fraud. Cases where a relative (or in some instances a stranger) has done a cash-out refi of the property without the knowledge or consent of the owner.
 
That's what title insurance is for.



Some insurers do not honor their contracts, of course.



tanta claims the endorsements in blank is no big deal.

I think some scummy laid of mtg worker could figure out

how to use the situation for fraud.
 
<img src="http://i-0.rfimg.us/photo/46/bigphoto/347/S528347_0.jpg" alt="" />

<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1631659">Affordable housing unit in Tustin Field</a>. Here is the description:



Irvine schools, affordable housing. Buyers MAXIMUM income for family of 1: $70,680; Family of 2: $80,760; Family of 3: $90,840; Family of 4: $100,920; Family of 5: $109,960; Family of 6: $117,120; Family of 7: $125,160. The city will have a deed on the property for the difference of the purchase price and the fair market value. Property can not be rented, it must be owner occupied. The City will determine sale price in future for the owner.
 
ipoplaya, here you go.



(O/O, R/T, full doc, SFR, 700+ FICO)



3/1 ARM fully amortized



Rate Disc.

5.500 #N/A

5.375 (1.250)

5.250 (1.000)

5.125 (0.875)

5.000 (0.750)

4.875 (0.500)

<strong>4.750 (0.375)

4.625 (0.250)</strong>

4.500 0.125

4.375 0.375

4.250 0.625

4.125 0.875



378000 x .375 = 1417 = no lender costs + some credit for other costs

378000 x .25 = 945 = no lender costs + 0 credit for other costs
 
[quote author="SoCalGal" date=1207872919]ipoplaya, here you go.



(O/O, R/T, full doc, SFR, 700+ FICO)



3/1 ARM fully amortized



Rate Disc.

5.500 #N/A

5.375 (1.250)

5.250 (1.000)

5.125 (0.875)

5.000 (0.750)

4.875 (0.500)

<strong>4.750 (0.375)

4.625 (0.250)</strong>

4.500 0.125

4.375 0.375

4.250 0.625

4.125 0.875



378000 x .375 = 1417 = no lender costs + some credit for other costs

378000 x .25 = 945 = no lender costs + 0 credit for other costs</blockquote>


This isn't interest-only is it SCG? I'm trying to keep the spend down so my place would look more viable as a rental unit, not that I really ever plan on renting it out...
 
[quote author="SoCalGal" date=1207890383]Add .25 (to rate, not fee) for interest only.</blockquote>


Looks like my pricing from Countrywide is about a eighth worse than the best rate in the market... I think I'll stick with them. An eighth isn't worth the extra hassle.



If you see those rates dip SCG, lemme know. Maybe I can throw some business your way? :)
 
When "interest only" came to market as a feature of a loan, lenders were giving it away. Then they started pricing it to fee (not rate). It became so popular that they now price it to rate (not fee) which, in my opinion, makes no sense unless you plan to pay interest only every single month. But if one is going to do that, you're just renting from the bank and making no progress in actually buying your home.



BTW, people criticize interest only because they think it's a mandate, not a feature, of a loan. One can pay down principal anytime you wish. Interest only is an option each month, not contractually required.



I'm just sayin'...
 
<a href="http://mortgage.freedomblogging.com/2008/04/12/data-tracker-says-oc-foreclosure-auctions-likely-to-rise/">Today at Mortgage Insider</a>:

<strong>

Q. What?s the latest foreclosure data for Orange County?</strong>



March data for OC:



Notices of Default: 2,533



Notices of Trustee?s Sale: 1,440



Sold at Auction: 569



The total of these three is up 19% from February and 62% year-over-year.



<strong>Q. Do you expect foreclosures to keep climbing in O.C.? When will they peak?</strong>



A. We have yet to see the full impact of ARM resets, pay option arms resetting due to negative equity, or the full impact of price declines, which are actually the primary cause of foreclosures. We?ve also just had a huge increase in defaults so auction sales are likely to increase. The good news is that prices are now getting back to levels that buyers can get excited about. Hopefully that will bring some balance soon. ...
 
Lenders SAY they are giving loans, but when you actually

apply for one, you may find that really, they aren't.



So actually apply for that loan and pull real money from the

HELOC and see what actually happens, and then tell me that

they are actually granting loans.



Hmm, maybe they shouldn't be granting loans until the mkt

falls, say, another 10%.
 
[quote author="lawyerliz" date=1208062762]Lenders SAY they are giving loans, but when you actually

apply for one, you may find that really, they aren't.



So actually apply for that loan and pull real money from the

HELOC and see what actually happens, and then tell me that

they are actually granting loans.



Hmm, maybe they shouldn't be granting loans until the mkt

falls, say, another 10%.</blockquote>


I made it through Countrywide's underwriting in a few days... :) In Captain Ipop CFC trusts...
 
Couple of juicy Irvine NODs filed this week. 32 Monrovia in Northpark, last sold in July 2004 for $1.18M. <a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1136962">33 Ridgeview in Shady</a>, last sold in 12/06 for $3.89M. Talk about the wrong time to buy a big expensive house... Also, 26 Desert Willow in VoC.
 
Does anyone know where LandAmerica Default Services publishes their NODs, Notices of Trustees Sales, etc.? I have tried looking on their website, but get nada, except a phone number to call. The defaults they process do not show up in Fidelity's records through Fidelity ASAP. Any thoughts? They are processing one and I would like to head over to the sale.
 
Pace of NODs on Irvine properties appears to be down in April... I think we had been averaging over 5 per business day but April so far is more like 4.5.
 
[quote author="EvaLSeraphim" date=1208222466]Does anyone know where LandAmerica Default Services publishes their NODs, Notices of Trustees Sales, etc.? I have tried looking on their website, but get nada, except a phone number to call. The defaults they process do not show up in Fidelity's records through Fidelity ASAP. Any thoughts? They are processing one and I would like to head over to the sale.</blockquote>


I looked into this a while back and ran across the same stumbling block as you did. But, after I did some research today, I may have found a possible solution for you. I checked the Nef Cortez site, and even if I didn't go through all 469 pages of 1407 trustee sales, I did see 5 that were LandAmerica's and all were at the Placentia court house. Which makes me believe that Fidelity is all of the sales at the Santa Ana court house.



Anyway, if you go to <a href="http://www.priorityposting.com/">priority posting</a>, you can search by the TS number, which is usually the NTS recorded doc number but not with LandAmerica. I looked one of LandAmerica's properties up in the posting in the OCR and the TS #057-17358 came up at priority posting. Again, all of the LandAmerica deals in the OCR were at the Placentia court house. Another one is <a href="http://www.nationwideposting.com/">nationwide posting</a>, and you can search by doc number or by county. For the Orange court house, I found <a href="http://www.rsvpforeclosures.com/">RSVP foreclosures</a> as a source.



ipoplaya - 50 Winding Way is scheduled for the auction on 4/28 at the Orange court house. RealtyCrap sucks, go get a <a href="http://www.foreclosureradar.com/">foreclosureradar</a> account and cancel that crap
 
If I had Moderator privileges, I'd sneak into your post and add a thank you. Just sayin'. :coolsmirk:



One other thing: It's Placentia City Hall. There's no courthouse in Placentia. But that is such an odd place, I don't blame you for being confused. What lender is going to want to use a service that doesn't make their NTSs easy to find or hold the sales at an intuitive location?
 
Well now here is something odd. The Nef Cortez list comes from Fidelity Information Services. Do you think that the free service (ASAP) doesn't carry competitor information?
 
Hey Graphrix,



DataQuick noted a drop in completed foreclosures for the month of March (Month over Month), but that was noted with the dreaded "*" ("Permission to Revise and Extend").



What are your thoughts on the numbers, and what do you think DataQuick is looking at as a cause to the discrepency.



Also, do you see a trend to hold up trustee sales to attempt a short sale as an preferable alternative?



Do the DataQuick numbers include "Deed in Lieu"?
 
Some Laguna Beach pre-foreclosures. Sorry, the cut and paste didn't work very well, can someone fix?



Type

Address

City

Prop Type

Yr Built

Sq Ft/Lot Size

Beds/Baths

Sale Date

Loan Date

Est. Value

Amount

Position

LTV / CLTV



Preforeclosure

30512 PASEO DEL VALLE

LAGUNA BEACH

Single Family

1977

2,961/15,125

4/3.50

06/11/08

04/28/06

$1,095,380.00

NaN

First

/ 166%



Preforeclosure

31371 MONTEREY ST

LAGUNA BEACH

Single Family

1965

2,590/7,000

4/3.00

07/22/08

02/01/05

$1,313,807.00

$1,023,202.00

First

78% / 125%



Preforeclosure

860 LA MIRADA ST

LAGUNA BEACH

Single Family

1,121/2,500

2/2.00

06/05/08

08/15/06

$1,340,215.00

$1,005,255.00



75% / 27%



Preforeclosure

39 WOODSWALLOW LN

LAGUNA BEACH

Single Family

1978

2,074/NaN

3/2.50

05/25/08

07/08/05

$675,135.00

$597,109.00



88% / 85%



Preforeclosure

2032 HIDDEN VALLEY RD

LAGUNA BEACH

Single Family

NaN/NaN

/

05/01/08

07/21/05

$591,920.00

$379,135.00



64% / 33%



Preforeclosure

1005 BALBOA AVE

LAGUNA BEACH

Single Family

1975

1,322/2,375

2/1.50

05/18/08

07/01/05

$1,427,118.00

$998,552.00

First

70% / 66%



Preforeclosure

1420 DEL MAR AVE

LAGUNA BEACH

Single Family

NaN/2,867

/

06/16/08

10/27/06

$1,283,629.00

$523,394.00

Second

41% / 117%



Preforeclosure

1000 FERNANDO AVE

LAGUNA BEACH

Single Family

NaN/2,500

/

04/10/08

01/12/07

NaN

$117,365.00



/



Preforeclosure

800 ACAPULCO ST

LAGUNA BEACH

Single Family

1973

1,126/NaN

3/2.00

04/10/08

06/15/05

$1,511,238.00

$698,166.00

First

46% / 45%



Preforeclosure

996 NORIA ST

LAGUNA BEACH

Single Family

1978

992/2,500

2/2.00

05/19/08

08/05/05

$1,261,869.00

$959,445.00

First

76% / 124%
 
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