Real Housewives of OC update

NEW -> Contingent Buyer Assistance Program
very true. earlier this yr or late last yr he did an interview with becky quick from cnbc from that place. he liked the burger and steak and a big cherry coke if i remember. my wife knows a couple of very wealthy chinese folks, very hard workign and very smart. we were in vegas last yr for a trade show and they invited us to dinner (off the main area) we went to a hole in the wall where the meals were $8-10. we ordered family style and when the bill came 3 of the 4 took out their black cards to cover a bill which i think did not exceed $150 and there were nearly 10 of us. LOL just always stuck with me cuz here in so cali we have people spending 150 per person and paying with their free high rate credit card and worrying about it later Lol
 
<a href="http://lansner.freedomblogging.com/2009/06/11/real-housewife-saves-coto-home-from-foreclosure/25593/">This appeared in the OCR today.</a> Here ya go:





<strong>Real Housewife saves Coto home from foreclosure</strong>



Former Real Housewives of Orange County cast member Jeana Keough says she?s now received a loan modification, saving her Coto de Caza home from potential foreclosure. We had earlier reported that Keough had received a notice of default on the mortgage on her Coto home.

Keough sent us a letter thanking ocregister.com reporter Mark Eades for letting her know about the loan default and that she had received a loan modification. Here?s the note (We added a few background words in parenthesis for context!) ?



Mark, thank you for making me aware of a NOD (notice of default) filed on my house, I have successfully completed a loan modification with Zachary Scoggins and Art Moore! Thanks guys! Washington Mutual/Chase are committed to keeping families in there homes. Thanks President Obama and HUD?s Jason Coughenour.



I have struggled for months with loan mods (modifications) for all my clients and myself. So many of my friends, Realtors, Actors, Mortgage brokers, writers and Directors and Producers and agents are struggling in this economy. Hopefully things will turn around, it is times like these when people?s true character?s come out. I am proud of all my friends who have struggled and kept positive in these uncertain times.



And my dear friends who have helped me Bridget Godardt of Pure Indulgence med spa and facials, Ken Pavis, and Kym Wyman for always keeping my hair looking good, Sabrina from Glitter Girl and Sky tops from Robertson Blvd, Liza from La Diva for always making me look good. And of course my fellow OC? housewives Gretchen and Slade, Tamara and Simon and Lynn and Frank, Quinn and Tammy Knickerbocker for all your moral support.



My favorite restaurants, who have suffered because I am not eating there 7 nights a week. Hanna?s, Infusion and Tutto Fresco! Thanks for your support and letters, leaving TRHOC (The Real Housewives of Orange County) is hard but I am confident I will be successful in what ever adventure is next.



I have a life coach, Tom Ferry, whose help through all this has been a god send. A literary agent Dan Conaway from Writer?s House, and a co-writer Laura Morton (she has written 36 celebrity books.) Kara (daughter) has transferred to UCLA and is taking summer school, doing an internship and writing a book about Reality TV?s effect on her life.



Colton (son) has been asked to try out for the Area Code Games, a very big deal for him, (baseball-related) and is getting great grades in school. Shane (son) is getting better every week at his Stockton Ports (minor league) baseball club and is settling in nicely to life on the road.



Thanks for all your letters of concerns and offers of financial aid, I am really touched. I probably will sell the house ? 8,500 feet with a guest house on a 1.2 acre lot with 6 garages is more than Colton and I need. My $6.5 million house is now worth $5 million, but the next house I buy will be cheaper, too.



? Jeana Keough
 
I will sleep so much better in my rental tonight knowing that my tax dollars are going to keep Jeanna in her $6.5 million home.



Thank you, Washington!
 
Ok, I'm ashamed to admit I noticed this but.... did anyone else notice Jeana didn't thank her "best friend" Vicki but mentioned all the other housewives and even some of the men on the show? There is some drama there that I'm sure we'll hear all about at some point.
 
[quote author="OC Zed" date=1244793884]I will sleep so much better in my rental tonight knowing that my tax dollars are going to keep Jeanna in her $6.5 million home.



Thank you, Washington!</blockquote>


None of your tax dollars are going to keep Jeana in her home.
 
[quote author="SoCal78" date=1244787769]<a href="http://lansner.freedomblogging.com/2009/06/11/real-housewife-saves-coto-home-from-foreclosure/25593/">This appeared in the OCR today.</a> Here ya go:

</blockquote>
Let's see if we can inject some "reality" in this housewife show.







[quote author="SoCal78" date=1244787769]

<strong>Real Housewife saves Coto home from foreclosure</strong>



Former Real Housewives of Orange County cast member Jeana Keough says she?s now received a loan modification,

</blockquote>
There has been or will not be any "loan modification" as you are thinking and Jeana is alluding to. When she gets a third mortgage or refi, it will be a hard money loan, not a loan modification.



[quote author="SoCal78" date=1244787769]

saving her Coto de Caza home from potential foreclosure.

</blockquote>
Temporarily, because she still has to make payments on the loan(s), and she does not have the income to do so.



[quote author="SoCal78" date=1244787769]We had earlier reported that Keough had received a notice of default on the mortgage on her Coto home.

Keough sent us a letter thanking ocregister.com reporter Mark Eades for letting her know about the loan default

</blockquote>
You do not really think she did not already know about the NOD, do you?



[quote author="SoCal78" date=1244787769] and that she had received a loan modification. Here?s the note (We added a few background words in parenthesis for context!) ?



Mark, thank you for making me aware of a NOD (notice of default) filed on my house, I have successfully completed a loan modification with Zachary Scoggins and Art Moore! Thanks guys! Washington Mutual/Chase are committed to keeping families in there homes. Thanks President Obama and HUD?s Jason Coughenour.

</blockquote>
Do not let some irrelevant name throwing dissuade you from reality.

[quote author="SoCal78" date=1244787769]I have struggled for months with loan mods (modifications)

</blockquote>
Keough would not know a loan mod if it slammed her in the face, and she has no idea what it means to help somebody.

[quote author="SoCal78" date=1244787769]for all my clients and myself. So many of my friends, Realtors, Actors, Mortgage brokers, writers and Directors and Producers and agents are struggling in this economy. Hopefully things will turn around, it is times like these when people?s true character?s come out. I am proud of all my friends who have struggled and kept positive in these uncertain times.



And my dear friends who have helped me Bridget Godardt of Pure Indulgence med spa and facials, Ken Pavis, and Kym Wyman for always keeping my hair looking good, Sabrina from Glitter Girl and Sky tops from Robertson Blvd, Liza from La Diva for always making me look good. And of course my fellow OC? housewives Gretchen and Slade, Tamara and Simon and Lynn and Frank, Quinn and Tammy Knickerbocker for all your moral support.

</blockquote>
Can you imagine referencing some of these people for moral support?



[quote author="SoCal78" date=1244787769] My favorite restaurants, who have suffered because I am not eating there 7 nights a week. Hanna?s, Infusion and Tutto Fresco! Thanks for your support and letters, leaving TRHOC (The Real Housewives of Orange County) is hard but I am confident I will be successful in what ever adventure is next.

</blockquote>
Is there still anybody who thinks she is off the show because of negotiations?





[quote author="SoCal78" date=1244787769]I have a life coach, Tom Ferry, whose help through all this has been a god send. A literary agent Dan Conaway from Writer?s House, and a co-writer Laura Morton (she has written 36 celebrity books.) Kara (daughter) has transferred to UCLA and is taking summer school, doing an internship and writing a book about Reality TV?s effect on her life.



Colton (son) has been asked to try out for the Area Code Games, a very big deal for him, (baseball-related) and is getting great grades in school. Shane (son) is getting better every week at his Stockton Ports (minor league) baseball club and is settling in nicely to life on the road.



Thanks for all your letters of concerns and offers of financial aid, I am really touched. I probably will sell the house ? 8,500 feet with a guest house on a 1.2 acre lot with 6 garages is more than Colton and I need.

</blockquote>
She has to sell the house.



[quote author="SoCal78" date=1244787769] My $6.5 million house is now worth $5 million,

</blockquote>
6.5 mil? 5 mil?

Try a little over 2 mil.



[quote author="SoCal78" date=1244787769]

but the next house I buy will be cheaper, too.

</blockquote>
Cheaper, yes. Buy? We will see.



[quote author="SoCal78" date=1244787769]



? Jeana Keough</blockquote>
Pathetic or Pathological? You be the judge.
 
She sounds like she was accepting some sort of award. "Pure Indulgence", what an appropriate name, pretty much sums of the whole show. I thought she was joking about a restaurant suffering because "she" doesn't eat there 7 nights a week. What a bunch of crap.
 
For the love of God, will someone please spike all of their drinking supplies with water from Chernobyl? I'm tired of the prospect of foreclosure for them. Can we move on to radiation poisoning?
 
[quote author="awgee" date=1244808309][quote author="OC Zed" date=1244793884]I will sleep so much better in my rental tonight knowing that my tax dollars are going to keep Jeanna in her $6.5 million home.



Thank you, Washington!</blockquote>


None of your tax dollars are going to keep Jeana in her home.</blockquote>


A simple thanks does not do your words justice. Why do people continue to front this myth?
 
Wait, it's a real letter? I thought it was a parody. That's something I would read in The Onion.



<blockquote> And my dear friends who have helped me Bridget Godardt of Pure Indulgence med spa and facials, Ken Pavis, and Kym Wyman for always keeping my hair looking good, Sabrina from Glitter Girl and Sky tops from Robertson Blvd, Liza from La Diva for always making me look good. </blockquote>


I mean, seriously?



I also like how Slade is a housewife.
 
Grammatical mistakes, misspellings, improper usage of capitalization and apostrophes...Jeana's letter really makes her look like an idiot. It bothers me psychologically that somebody so stupid was ever allowed to live in a house allegedly worth $5 million.
 
[quote author="OC Zed" date=1244793884]I will sleep so much better in my rental tonight knowing that my tax dollars are going to keep Jeanna in her $6.5 million home.



Thank you, Washington!</blockquote>


I don't think that's accurate. Let's say her house would be worth 4 million if sold today. In that case, having the bank give her a loan mod down to 5 million is simply good business, and it would be good business even if the government wasn't involved.
 
[quote author="Geotpf" date=1244842040][quote author="OC Zed" date=1244793884]I will sleep so much better in my rental tonight knowing that my tax dollars are going to keep Jeanna in her $6.5 million home.



Thank you, Washington!</blockquote>


I don't think that's accurate. Let's say her house would be worth 4 million if sold today. In that case, having the bank give her a loan mod down to 5 million is simply good business, and it would be good business even if the government wasn't involved.</blockquote>Huh?
 
[quote author="awgee" date=1244809328]

6.5 mil? 5 mil?

Try a little over 2 mil.

</blockquote>


Ya... having never seen her home.



At 8500 square feet you are looking at $550/sqft at the $5mil price. I guess that's inline with the value 5 Shire has on their home.



Jeana's home has a nice flat lot. The lot has minimal upgrades (aka she didn't pave the thing over and turn it into a concrete castle), but unfortunately it also backs up to Coto Drive, and is also sets on the entryway into her neighborhood... not the most private lot.



I haven't seen her home, but looking at a good comp would probably be 6 Fresian (8000 square feet, 1 acre lot) at $3.9mil. I'm just going off the MLS pictures and the inside of Jeana's home per the show... they look roughly equivalent. Jeana's home at 8500 square feet (if it is that, anyone know... I'm going to suspect its not 8500 square feet completely finished at a high level...?) is a bit larger than 6 Fresian, but 6 fresian doesn't back up to a major street.



Now granted, 6 Fresian IMHO is overpriced at $3.9mil...



Based on the show, the interior of Jeana's home looks nice but not "WOW". Same for her lot. I would doubt it commands $5mil. For $5mil you need wow factor... her home looks like a home a family would live in. (Which isn't a bad thing... based on the show, I actually like what I see about her home)



$2mil is the "I need to sell it in a firestorm" price. If I'm an agent, I think you list this home at $3.5mil, and you bring it down, and it eventually (in these market conditions) sells in the $2.4 to $2.7mil range.



Again, I haven't ever been in her home. The big variable to me is really the 8500 square feet, because the show has probably only shown 2k square feet of that home. If you've got some unfinished storage space or an attic adding to that, then its closer to $2mil, and you would use 9 Shire as a comp. (9 Shire has 6k square feet of nicely finished space, plus some garage/attic space that can be built out easily) Just from what I see on that show, and looking at the outside, I've got a hard time believing that home is 8500 square feet completely furnished out. But I'm probably wrong.



Note the homes I listed as comps are listings, not sales. So that price is the high range. The point of this post is to say, ya, $5mil is probably a stretch... but $2mil might be a bit low unless it went for an auction.



Delroy
 
[quote author="awgee" date=1244843094][quote author="Geotpf" date=1244842040][quote author="OC Zed" date=1244793884]I will sleep so much better in my rental tonight knowing that my tax dollars are going to keep Jeanna in her $6.5 million home.



Thank you, Washington!</blockquote>


I don't think that's accurate. Let's say her house would be worth 4 million if sold today. In that case, having the bank give her a loan mod down to 5 million is simply good business, and it would be good business even if the government wasn't involved.</blockquote>Huh?</blockquote>


The government was not the reason this loan was modified. This loan was modified because the loss is less for the bank to do so than to foreclose on it.
 
Just becasue she claimed the loan was modified doesn't mean it's so.



Has anyone on this board seen an actual loan modification (one that reduces principal) with thier very own eyes? I keep hearing them rumored, but all I can find is NOD's 90 days later........
 
[quote author="Geotpf" date=1244843571][quote author="awgee" date=1244843094][quote author="Geotpf" date=1244842040][quote author="OC Zed" date=1244793884]I will sleep so much better in my rental tonight knowing that my tax dollars are going to keep Jeanna in her $6.5 million home.



Thank you, Washington!</blockquote>


I don't think that's accurate. Let's say her house would be worth 4 million if sold today. In that case, having the bank give her a loan mod down to 5 million is simply good business, and it would be good business even if the government wasn't involved.</blockquote>Huh?</blockquote>


The government was not the reason this loan was modified. This loan was modified because the loss is less for the bank to do so than to foreclose on it.</blockquote>


The total amount of the loans is less than $1.7 mil. The home would sell at foreclosure auction for over $2 mil.
 
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