Foreclosure and distressed property topics

NEW -> Contingent Buyer Assistance Program
Nah, It doesn't work like that.



We have Motion calendar. 5 minutes apiece for foreclosures and

arguments about discovery, and uncontested minor stuff.



You just have to send your motion in a week ahead (tho it's better

to do it 2 weeks ahead), and the judge hears all comers. A summary

judgment is supposed to have 20 day's notice. But if it was scheduled

before, I don't know if you'd really have to wait another 20 days.



2 or 3 weeks ago, and maybe a bit longer, I went to a final Summary

Judgment which I told my client that she was going to lose and should

make her plans accordingly. I think I already posted about this.



Plaintiff's atty didn't show, and they still haven't rescheduled it. I'm

finding that if I can get around the first final summary judgment,

they don't reschedule for say, months. All I wanted to ask the judge

for was an extra month or so before the sale is scheduled. Otherwise,

I might not have bothered to attend. Well, until the deluge is over with,

I guess I will attend.
 
New jobs for former homebuilders and subs -<a href="http://www.signonsandiego.com/uniontrib/20080517/news_1n17default.html"> fixing up foreclosures.</a>
 
From Mortgage Insider: <a href="http://mortgage.freedomblogging.com/2008/05/19/banks-take-possession-of-record-number-of-oc-homes/">Banks take possession of record number of O.C. homes</a>



But we already passed the bottom...right?....right?....
 
[quote author="caliguy2699" date=1211244457]From Mortgage Insider: <a href="http://mortgage.freedomblogging.com/2008/05/19/banks-take-possession-of-record-number-of-oc-homes/">Banks take possession of record number of O.C. homes</a>



But we already passed the bottom...right?....right?....</blockquote>


Hehehehe... just wait for the new record in May...



For the first 10 business days



1151 NODs, or 115 per day. Over 2500 possible for the month.



1157 NTSs, or 116 per day. Over 2500 possible for the month.



542 foreclosures, or 54 per day. Over 1100 possible for the month.



There will be another bottom in May.
 
[quote author="graphrix" date=1211289301][quote author="caliguy2699" date=1211244457]From Mortgage Insider: <a href="http://mortgage.freedomblogging.com/2008/05/19/banks-take-possession-of-record-number-of-oc-homes/">Banks take possession of record number of O.C. homes</a>



But we already passed the bottom...right?....right?....</blockquote>


Hehehehe... just wait for the new record in May...



For the first 10 business days



1151 NODs, or 115 per day. Over 2500 possible for the month.



1157 NTSs, or 116 per day. Over 2500 possible for the month.



542 foreclosures, or 54 per day. Over 1100 possible for the month.



There will be another bottom in May.</blockquote>


Incredible. It seems like the number of properties coming up for sale at the Santa Ana courthouse is really starting to pick up in the next number of weeks. I would assume it's a fairly similar thing going on at the other ones.



Oh, and more pesky examples that get in the way of the bull logic that "they're only discounting properties in the ghetto" - 12 Mondrian in Aliso Viejo had a notice of sale amount of $513,340.97. Opening bid for yesterday's auction established at <strong>$227,000</strong> (56% off). It did sell for $342,100.
 
I s'pose it is up to the bank (or new owner). The bank may have decided it's easier to allow the person who is there to stay there to maintain the property until it gets sold. Or, maybe the bank has not got around to evicting the resident. Also, it's possible that the lien that foreclosed was recorded after a recorded lease (this doe not happen usually, but since the underwriting standards were so low, who knows). In which case, the bank took ownership subject to the preexisting lease. Lots of possibilities. If you're interested, call the bank. They might be very happy to hear from you.
 
I have heard that sometimes the bank or new owner will rent it back to them,

but I haven't actually run into that in Miami-Dade or Broward County.



It would provide some cashflow, but it's agin the RULES, that foreclosure

houses have to be empty to market to eager buyers.



I vote to the haven't gotten around to evicting them yet proposed by EvaL,

or too overburdened to even think about what to do with the prior owners.



It used to be that shamed and humbled foreclosees escaped in dead of

nite, so the banks have not got used to having to deal with this.
 
The latest in the foreclosure wars in South Fla.



Guy was persuaded by a childhood friend to let him use his credit. To buy

a house in late Augues, 2007.



He never signed any disclosure papers up front. They brought the closing

papers to his business, where he signed them. The notary wasn't there.



He makes a good livintg, but they put a phone employer on the loan

application. I guess he couldn't qualify.



The flip didn't happen and the "real" buyer never made a single payment.



the buyer's wife's signature on the mortgage was a forgery.



The mtg broker was working with Wells Fargo, that I thought was pretty

careful--not.



My guy's credit was ruined.



The broker did this with his brother in law too, ruined his credit. He says

he has lost everything.



Called a buddy of mine at the state atty's ofc, said the guy might get

himself in trouble if he reported it. I remarked that I had never seen

so much fraud in my life. He heartily agreed. The client who runs a

body shop is seeing lots and lots of fraudsters, maybe car theives, maybe

people who are trying scam insurance companies.



Are people so desperate, or have they become overall dishonest.
 
[quote author="lawyerliz" date=1211950536]

Are people so desperate, or have they become overall dishonest.</blockquote>


I vote dishonest. The breakdown of morals in our society is truly astounding. Between Enron and this current crisis, I think Armageddon's bound to be around the corner.
 
The world has always dealt with bad apples, but I suspect that we just have a higher quantity of them due to population growth. Ratio of good to bad is probably not that much different. Still, I can't believe what people do sometimes.
 
I think the problem is our PC culture. If people exercise critical thinking and pass judgement, they're often labeled, racist, biased, bigots, or any other sundry set of slurs for not agreeing with the PC world-view. Hence, people get a free pass on basic cretinism.
 
I just want to let everyone know, that May will have over 1000 foreclosures. I know, the month isn't over, but I am confident that this number will stick. I will even say that there might be between 10k to 15k foreclosures this year. Keep in mind, most of the time I make these long term predictions... I am wrong, I tend to underestimate the true numbers.



There are three condos in the same complex in Quail Hill up for auction tomorrow.



The bottom is not even close.
 
[quote author="graphrix" date=1211989229]I just want to let everyone know, that May will have over 1000 foreclosures. I know, the month isn't over, but I am confident that this number will stick. I will even say that there might be between 10k to 15k foreclosures this year. Keep in mind, most of the time I make these long term predictions... I am wrong, I tend to underestimate the true numbers.



There are three condos in the same complex in Quail Hill up for auction tomorrow.



The bottom is not even close.</blockquote>


<a href="http://www.ipoplaya.com/0508.irvnod.pdf">May NODs for Irvine per Realtytrac</a>



Looks like the NOD pace slowed a bit. Around 4 per business day...
 
[quote author="ipoplaya" date=1212480685][quote author="graphrix" date=1211989229]I just want to let everyone know, that May will have over 1000 foreclosures. I know, the month isn't over, but I am confident that this number will stick. I will even say that there might be between 10k to 15k foreclosures this year. Keep in mind, most of the time I make these long term predictions... I am wrong, I tend to underestimate the true numbers.



There are three condos in the same complex in Quail Hill up for auction tomorrow.



The bottom is not even close.</blockquote>


<a href="http://www.ipoplaya.com/0508.irvnod.pdf">May NODs for Irvine per Realtytrac</a>



Looks like the NOD pace slowed a bit. Around 4 per business day...</blockquote>


Well, maybe for Irvine it slowed a bit, but for OC it didn't, and it should be about 109 per day compared to 105 last month. Plus, I think RealtyCrap, is well... crap. The one on Leucadia already went back to the bank, and one of the North Korean units had the NOD recorded on 4/4. So, I thought they were ahead of DQ because they used the filing numbers, but they shouldn't be behind the recorded numbers if they are. And Ipo, you know that one month does not constitute a trend.
 
Another day, another foreclosure client.



Also, another eviction client.



The foreclosure is in Lee County (Cape Coral, Ft Meyers), the inner circle of

doom, where the foreclosures are up 1000% or more yoy.



The lady borrowed most of it, and ran into financial problems at the end of last

year. She offered to pay half of it and then send the other half in a month

and was haughtily turned down. By some avator of Citi. It's been plain for

some time that the area is in the inner circle of doom. But. . . there is some

RULE about not taking part payment, and we gotta follow the rules, whether

it makes any sense or not.



One more piece of evidence for my banks are stupid argument.



I was told one of the "W" banks, forget which one, which has declared all

of Broward County (where Ft Lauderdale is) verbotten. If you have 30%

to put down and 800 scores you might get a loan, but beware, the under-

writer will be trying to figure out a way to turn you down.
 
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