And you thought shadow inventory is getting bad...check this out.

usctrojanman29_IHB

usctrojanman29_IHB

New member
So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.
 
[quote author="USCTrojanCPA" date=1252750585]So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.</blockquote>


What is the site you use to see the upcoming auctions in santa ana?
 
[quote author="RoLar_USC" date=1252751571][quote author="USCTrojanCPA" date=1252750585]So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.</blockquote>


What is the site you use to see the upcoming auctions in santa ana?</blockquote>
http://www.fidelityasap.com
 
[quote author="USCTrojanCPA" date=1252751753][quote author="RoLar_USC" date=1252751571][quote author="USCTrojanCPA" date=1252750585]So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.</blockquote>


What is the site you use to see the upcoming auctions in santa ana?</blockquote>
http://www.fidelityasap.com</blockquote>


thank you
 
[quote author="USCTrojanCPA" date=1252750585]So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.</blockquote>


When you say taken back, you mean there was a trustee sale and JP bid $478,114? So then it becomes REO, no more trustee sales. Unless its some new strategy? Any seconds by the same bank?
 
[quote author="LoudRoar" date=1252767751][quote author="USCTrojanCPA" date=1252750585]So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.</blockquote>


When you say taken back, you mean there was a trustee sale and JP bid $478,114? So then it becomes REO, no more trustee sales. Unless its some new strategy? Any seconds by the same bank?</blockquote>
Yes, it was a trustee sale to JP Morgan for $478,144 because that was the opening bid and no 3rd party bid on it. There were 2 loans on the property...a first of $432,500 by WAMU and a second of $175,000 by WAMU.
 
[quote author="irvine_home_owner" date=1252767080]These are not the shadow inventory you are looking for.</blockquote>
It is some kind of inventory, that's for sure. Unless JP Morgan wants to remain the proud owner of this home for a while.
 
[quote author="RoLar_USC" date=1252752170][quote author="USCTrojanCPA" date=1252751753][quote author="RoLar_USC" date=1252751571][quote author="USCTrojanCPA" date=1252750585]So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.</blockquote>


What is the site you use to see the upcoming auctions in santa ana?</blockquote>
http://www.fidelityasap.com</blockquote>


thank you</blockquote>


If you used the search, you would have found this sooner. Would you like me to give you the sites for the other locations, er do you know the other locations? Would you like for me to hold your hand through this process... or would you rather I show you some respect? It's up to you, I can treat you like an adult, if you will appreciate what I can teach you.
 
[quote author="USCTrojanCPA" date=1252750585]So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.</blockquote>


Do you have an actual trustees deed filed for the property? If so... was it rescinded afterward? This has happened on quite a few properties that were "foreclosed" on by WAMU, but rescinded by JP Morgan after the fact. You know... JP Morgan needs to see if they qualify for the 125% DTI loan mod. I'm not kidding, and I appreciate your due diligence of this particular property, but I do think there is more to the story than you see here. If you PM me the name of the debtor, then I can check the true status at county records. This whole thing makes me think they rescinded the trustee sale. Which... makes for more shadow inventory, despite the facts presented by the imagination of others...
 
"This whole thing makes me think they rescinded the trustee sale. Which? makes for more shadow inventory, despite the facts presented by the imagination of others"



Where I come from, 1 - 1 + 1 is the same as 1.
 
You weren't paying attention, the 125% is the LTV of the refi (which is also different than a mod) program.
 
"If you used the search, you would have found this sooner."



Search results for auction sites:



And you thought shadow inventory is getting bad...check this out. 12

Waiting to catch a wave? Surge of REO listings is unlikely. 150

"4 weeks and then all hell breaks loose" 737

advice about moving to/buying in irvine 10

i am a buyer MY REALTOR AGENT DOES NOT WANT TO COOPERATE. HELP! 25

"In California, 97% of homes auctioned are bought back by the lender" 33

Questions about the Foreclosure Process and ForeclosureRadar 12

Charities that you like that need donations? 7

Investment Options When Saving For a Home 52

Bloodbath in Coto de Caza 572

Happy New Year from John Laing Homes 15

Losses Outside of Irvine 627

15 townhomes in Costa Mesa all in "The Village at Admiral Way" up for auction 34



I don't think it would be faster to read 2,286 entries than the 3 minutes it took above. Seriously, your search feature is terrible. Why do you keep hounding people about it? Is "Happy New Year from John Laing Homes" really the best way to index the goldmine of information you have here? Even if you try to be very specific, example: "where can i find auction" (see I wasn't overly-specific either) you get "Your search did not return any results". It doesn't work. I stand corrected, your site doesn't even allow quotation marks. The phrase "where can i find auction" yields 38 conversations, which I would guess contain at least 5,000 comments.
 
[quote author="graphrix" date=1252772817][quote author="RoLar_USC" date=1252752170][quote author="USCTrojanCPA" date=1252751753][quote author="RoLar_USC" date=1252751571][quote author="USCTrojanCPA" date=1252750585]So I was on the LPS site taking a peek at what is coming up for auction on Monday and Tuesday at Santa Ana. I came up something very, very interesting you folks would find fascinating.



Looks like 16351 Arlington Lane in Huntington Beach was taken back by JP Morgan on 2/23/09 for $478,114. Here's the kicker...on 9/14/09 this same property is scheduled to be auctioned at Santa Ana (looks like it was already postponed). A search of MLS shows that JP Morgan did not even try to list the property for sale since they got it back in late Feb. I never knew that the banks could go back to the auctions for a second time and it really makes me wonder how common this is.</blockquote>


What is the site you use to see the upcoming auctions in santa ana?</blockquote>
http://www.fidelityasap.com</blockquote>


thank you</blockquote>


If you used the search, you would have found this sooner. Would you like me to give you the sites for the other locations, er do you know the other locations? Would you like for me to hold your hand through this process... or would you rather I show you some respect? It's up to you, I can treat you like an adult, if you will appreciate what I can teach you.</blockquote>


Actually I spent about 30 minutes before I asked using the "search" function, proved again to be pretty worthless. Searched again this morning and I finally found the link to fidelityasap, and individual bank sites, but again, definitely does not save any time. And, what is with you and wanting to hold my hand? Come on now, it's getting a little creepy.
 
Like father like son. I searched foreclosure sites, and <a href="http://www.irvinehousingblog.com/forums/viewthread/346/">I found this</a>, all within the first few results. Do you guys need instructions on how to use the search?
 
[quote author="graphrix" date=1252805500]Like father like son. I searched foreclosure sites, and <a href="http://www.irvinehousingblog.com/forums/viewthread/346/">I found this</a>, all within the first few results. Do you guys need instructions on how to use the search?</blockquote>
Show off
 
[quote author="graphrix" date=1252805500]Like father like son. I searched foreclosure sites, and <a href="http://www.irvinehousingblog.com/forums/viewthread/346/">I found this</a>, all within the first few results. Do you guys need instructions on how to use the search?</blockquote>


Yes, once again. Ill repeat myself for you. I searched again, and found the fidelity site... It's a lot easier to search for something when you already know what thread the link is posted in.. It's pretty easy to search for a thread you've already read



How many possible keywords could you search for to try to find that link, and how many actually bring up the correct results? I can show you all the other keywords that brought up nothing useful. If you would still like to hold my hand, well too bad.
 
[quote author="RoLar_USC" date=1252806392][quote author="graphrix" date=1252805500]Like father like son. I searched foreclosure sites, and <a href="http://www.irvinehousingblog.com/forums/viewthread/346/">I found this</a>, all within the first few results. Do you guys need instructions on how to use the search?</blockquote>


Yes, once again. Ill repeat myself for you. I searched again, and found the fidelity site... It's a lot easier to search for something when you already know what thread the link is posted on..</blockquote>


I get it. I am just trying to help you with the search function. Really, it is not that difficult. You see, if you click the link I gave you, and took the time to read some, not all, just some of that thread... you would find a whole lot more info. But... I know... you like to take short cuts, or just not do it all. Really, I'm just trying to help.
 
[quote author="graphrix" date=1252806683][quote author="RoLar_USC" date=1252806392][quote author="graphrix" date=1252805500]Like father like son. I searched foreclosure sites, and <a href="http://www.irvinehousingblog.com/forums/viewthread/346/">I found this</a>, all within the first few results. Do you guys need instructions on how to use the search?</blockquote>


Yes, once again. Ill repeat myself for you. I searched again, and found the fidelity site... It's a lot easier to search for something when you already know what thread the link is posted on..</blockquote>


I get it. I am just trying to help you with the search function. Really, it is not that difficult. You see, if you click the link I gave you, and took the time to read some, not all, just some of that thread... you would find a whole lot more info. But... I know... you like to take short cuts, or just not do it all. Really, I'm just trying to help.</blockquote>


There's 36 pages of posts on that thread! I got my answer with 20 seconds of my time and a 3 minute wait. Thank you for the additional information, but I think I got my answer as quick as possible.
 
[quote author="RoLar_USC" date=1252807077]There's 36 pages of posts on that thread! I got my answer with 20 seconds of my time and a 3 minute wait. Thank you for the additional information, but I think I got my answer as quick as possible.</blockquote>


You know, if you would stop bitching to me about your inabilities to use the search function and how you don't want to take the time to read, you could be spending it reading through that thread, not all of it but skim it, you might learn a few things that might be useful to you. Just sayin...
 
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