Foreclosure and distressed property topics

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Just to make all of you Slade bashers sleep better tonight...the guy will lose his house because he has been trying to pay the medical bills for his child who is very very sick with brain cancer. I don't think any of us in that situation would fair to well. So, next time you want to rip someone apart that you don't even know...maybe you should think twice about it. The guy is not an angel, and probably isn't the most trustworthy person in the world. However, anyone out there who has had a child battling cancer or any other medical problem knows how financially devastating it can be. You can't work because you are at the hospital with them all the time, and the medical bills just pile up. So, shame on you for gloating that he will lose his house. Hopefully, this will be a lesson for all before the next time you want to gloat about someone elses misfortune.
 
<p>I'm sorry if this seems rude but this was already brought up in the original blog post. I don't think anyone is gloating that he will lose his house. And how do you know that he will? Just because it is up for auction doesn't mean that it will go back to the bank. I'm sorry but I don't really feel much sympathy for him. He said he was rich and if paying medical bills is more important a good father would have sold everything he owns to save his kid. He could have sold his house a long time ago and rented or bought something more reasonable. But instead he drives around in his H2. He could have setup a charity auction for his son with all the nice clothes and watches he has and stupid real wives of OC fans would overpay for it. But instead he still wears his Zegna suit and Franck Muller watch. He and his partners sold their business to Land America at the peak. So WTF happened to the money? Maybe instead of buying a MBZ for his girlfriend he could have saved the money.</p>

<p>I know that if I had a kid with cancer I would sell everything I own and rent a studio apartment in Santa Ana and take the bus to work if that is what it took. I would even consider doing that for my closest friends and I know I would for anyone in my immediate family. So if you expect me to feel sympathy for him then you really need to ask yourself should you? What is shameful is not us "gloating" but the fact that he disgraces the term father. What is shameful is he is not willing to make sacrifices that a real father would and continues to maintain his image that he is rich. He is a bleeping loser.</p>

<p>I feel sorry the most for his kid because he has to go through this and his father won't do what it takes to truly help. I feel sorry for his kid because he sees this and I hope that he survives but this will be how he sees how a father should be. I feel sorry for his ex and the mother of his child because not only does she as mother have to deal with this but has to sue his loser ass for money. I can find millions of people who are in the same situation that don't have what Slade has who would have done so much more. So if you think I am gloating fine maybe I am but if you think I am going to give him an ounce of sympathy then you need to see how hard other real people have it.</p>
 
<em>"However, anyone out there who has had a child battling cancer or any other medical problem knows how financially devastating it can be."</em>





Yes, I know exactly how this feels, and I know the financial problems it brings.
 
I'm sorry, and I do somewhat understand what you have to go through. One of my nephews (I only have two) is autstic and he's one year older than my son so our families spend a lot of time together. His parents are wonderful people. Very smart, kind, fun, etc. They have told me all about the stuff they've gone through with him over the years; I am in awe of them, and what good parents they are both to Sammy, as well as his sister and twin brother. The mom was a PhD psychologist who has stayed home since the first one was born, and the dad is a physician. I'm sure they're struggling financially, too, as well as emotionally from all the stress. The mom flies to Chicago all the time with Sammy for his treatment program - some kind of cutting edge stuff that she knows about from being a child psychologist, I think. And by the way - I would commit murder with my teeth and fingernails to protect my son, and I don't see that as being in conflict with my morals. Your family SHOULD always win out in the end.
 
<p>Hi Graphrix, I would like to ask your expertise on where to find out about the loan history of a house.</p>

<p>Is there a web service that provides that or do you have to order a formal title search?</p>

<p>I've seen on multiple postings on this blog showing the 1st mortgage, 2nd mortgage, etc on a house, and it would be very useful as a buyer to know that information.</p>

<p>Thank you very much.</p>
 
<p>"Just exactly when did "auto repairs" become a problematic thing to do in a <em>garage</em>?"</p>

<p><a href="http://calculatedrisk.blogspot.com/2007/09/mmbs-bikes-on-balcony.html">Effen Tanta, I bet.</a></p>
 
<p><em>"Anecdotal evidence suggests that at least some of those no-doc loans involved drug money laundering to start with".</em></p>

<p>Uhhhh, Tanta said it, I didn't ! </p>
 
I think there are some CC&Rs which specify that the residents may not work on their car in the driveway or in the garage with the garage door open.
 
<p>CC&Rs are like many laws are made for the 1%ers. Sure, some of the grumpy neighbors will complain about you changing your oil, replacing your brake pads, etc, the real driver of the CC&Rs are the one guy in the neighborhood that creates an ad hoc auto-repair shop in his garage for all his friends.</p>

<p>That's the thing I learned when living in my last place with CC&Rs. You read them as a reasonable person and think that's oppressive, yet while the line is draconian, the line is draconian because the interpetation literally has to be black & white.</p>
 
<p>Returning to foreclosures, saw this on the Bubble Markets Blog and Santa Monica Blog. </p>

<p>I can't feel one iota of pity for the banks or investors, I use that term loosely, for paying $500,000+ for a rental condo that is rent controlled at $482.</p>

<p><a href="http://smdistress.blogspot.com/2007/09/foreclosure-battlein-same-building.html">http://smdistress.blogspot.com/2007/09/foreclosure-battlein-same-building.html</a></p>

<p>Santa Monica has rent control. You can look a unit up to see what the rent control max rent is: <a href="http://csmweb4.santa-monica.org/mar/">http://csmweb4.santa-monica.org/mar/</a></p>
 
<p>This is great article (and accompanying video). </p>

<p><a href="http://www.cnbc.com/id/20971727">http://www.cnbc.com/id/20971727</a></p>

<p class="textBodyBlack">"And then there's the dental assistant, a single mother of three, who doesn't want us to reveal her name, but who has to be out of her repossessed home in 14 days. She has nowhere to go and no creditworthiness to qualify as a renter. What happened? Her $2,000 mortgage payment (which she had to work two jobs to cover) reset after two years, and it shot up to $3,800. I asked her how she thought she could take on the loan, knowing the rate would rise. "I just thought things would work out." </p>

<p class="textBodyBlack">She regrets now that she did not stay within her intended budget but let herself be talked into buying more than she should have. She doesn't blame the realtor or the broker or the bank. Ok, she does a little. Mostly, though, she is stressed about finding a new place to live. Her three kids want to know why notices keep getting posted on the door. </p>

<p class="textBodyBlack"><strong>Should we feel sorry for her? I sure did. Should she be bailed out? Not if it keeps her in a house she can't possibly afford over the long run. That's not fair to the people who did stay within their budgets, people who have seen their home values plummet as their neighbors go into foreclosure</strong>."</p>

<p class="textBodyBlack"> </p>
 
<p>Here is a little update on OC's foreclosure numbers. I can't say this enough but September has three less business days than August. So while the numbers may improve from month to month they are in fact getting worse, much worse.</p>

<p>For the 14 business days of September there has been 904 NODs or 64.5 per day compared to August at 62 per day.</p>

<p>Trustee sales so far are 341 or 24.5 per day compared to 22 in August.</p>

<p>Now here is where the sh*t storm begins. Notice of trustee sales are already 605 or 43 per day. This is more than August's total of 594 and drastically higher than the 26 per day. So when you hear the MSM touting that foreclosures have decreased know that the NTSs have increased at an amazing rate meaning October and November will slaughter the previous numbers. </p>

<p>The way that the NTSs have increased and the continued increase of trustee sales OC could see the highest amount of foreclosures for the 4th quarter on record. Even if there is a slight slow down it will be close to a 95 or 96 number. Consider this that the 4th quarter will be more than triple than all of 2006. And there is a strong possibility that one of the months in the 4th quarter will be higher than all of 2006. The rate of increase is unheard of and in Q4 of 92 to 93 the increase was 37% and 06 to 07 could be 4000%. This is ridiculous and not even a bear like me could ever imagine something like this. </p>

<p>I think we need to help people like ladera1 and Janet understand just how ugly this is. I know I am guilty of lashing out so I am not claiming to be the model person but we need to inform these people. As fun as it is to see their smugness squashed, I know we all have good hearts and at the least should point them in the right direction. If after we point them to the stats and they still refuse to believe us then we can justify making fun of their smugness. </p>

<p>I will be going to the foreclosure auction today to see if Slade's place becomes Countrywide's place.</p>
 
<p>I did this with San Diego's foreclosure numbers last month. <a href="http://piggington.com/sd_foreclosure_trend">http://piggington.com/sd_foreclosure_trend</a> </p>

<p>OC is following the same trend. If I remember correctly, one of the IHB team put up a similar one for Irvine/OC.</p>

<p>The San Diego chart is interesting because of how well it correlates. The other interesting thing is August came in 902 Foreclosures. A touch above the exponential trendline. If you drop the August, Sept, Oct numbers in based on the 50% conversion rate in SD to foreclosure for NODs, the estimates all fall on the exponential trend line.</p>

<p>To put it in biblical porportions, if the trend line holds, it's possible SD has one foreclosure for each resale home sale just in time for Christmas.</p>
 
<p>NSR,</p>

<p>I am working on a post for the main blog on foreclosures. I plan on using some thing similar to that as well as a chart that shows the rate of increase skyrocketing faster than anytime since 91. It is getting really ugly.</p>
 
<p>On the bright side, the rate of increase cannot continue exponentially indefinitely. Eventually it must plateau. Granted, with nearly 4000 sales per month at peak on lax credit loans, that peak could be akin to standing on the summit of Everest without an oxygen tank. One thing I've always like that Rich T. does down at Piggington's is displays the foreclosures/population.</p>

<p>Controlled for population, San Diego is at 2X peak NODs and 150% on NOTs compared to the last downturn. </p>

<p>Imagine what's going to happen as all those mortgage, RE, finance job losses start to register like the the Aerospace stand-down in the early 90s.</p>
 
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