Foreclosure and distressed property topics

[quote author="joeyp" date=1247535849]By my count, there are currently three listings for short sales in Turtle Rock:



<a href="http://www.redfin.com/CA/Irvine/18822-Saginaw-Dr-92603/home/4738023">One</a>

<a href="http://www.redfin.com/CA/Irvine/19272-Sierra-Inez-Rd-92603/home/4741159">Two</a>

<a href="http://www.redfin.com/CA/Irvine/19531-Sierra-Soto-Rd-92603/home/4740040">Three</a>



Could someone with access to the loan data post the total owed for each of these homes?



Not really interested in buying, I'm just a Turtle Rock spectator. I'm wondering about how the amount short relates to the time on the market.



Thanks</blockquote>


Send me an email address to send the reports to and it's yours.

-IR2
 
[quote author="IrvineRealtor" date=1247538220][quote author="joeyp" date=1247535849]By my count, there are currently three listings for short sales in Turtle Rock:



<a href="http://www.redfin.com/CA/Irvine/18822-Saginaw-Dr-92603/home/4738023">One</a>

<a href="http://www.redfin.com/CA/Irvine/19272-Sierra-Inez-Rd-92603/home/4741159">Two</a>

<a href="http://www.redfin.com/CA/Irvine/19531-Sierra-Soto-Rd-92603/home/4740040">Three</a>



Could someone with access to the loan data post the total owed for each of these homes?



Not really interested in buying, I'm just a Turtle Rock spectator. I'm wondering about how the amount short relates to the time on the market.



Thanks</blockquote>


Send me an email address to send the reports to and it's yours.

-IR2</blockquote>


Sent email address via pm. Thanks!
 
When FidelityASAP posts that a trustee sale has been postponed due to "mutual agreement", what does that mean?



Also has anyone noticed a pattern in postponements? For example, does the bank normally do three then foreclosure or is it totally random?
 
[quote author="Mcdonna1980" date=1247736820]When FidelityASAP posts that a trustee sale has been postponed due to "mutual agreement", what does that mean?



Also has anyone noticed a pattern in postponements? For example, does the bank normally do three then foreclosure or is it totally random?</blockquote>
It's all random.
 
[quote author="Mcdonna1980" date=1247736820]When FidelityASAP posts that a trustee sale has been postponed due to "mutual agreement", what does that mean?</blockquote>


Mutual agreement usually means the bank/trustee has agreed with the debtor to postpone it. They could either be in the process of a loan mod, a payment plan, or in the process of a short sale. I'm not 100% positive that the remarks there always mean something specific or not, because the beneficiary could postpone it for the same reasons. I think mutual agreement means that they are for sure working with the debtor.



<blockquote>Also has anyone noticed a pattern in postponements? For example, does the bank normally do three then foreclosure or is it totally random?</blockquote>


It is fairly common to be postponed at least two or three times, and on the rare occasion it will go on the first day. These are the ones who truly have mailed the keys back, or it is the second or third time it has been in foreclosure. The postponements are the reason why there are almost 4500 OC properties scheduled at just the Santa Ana location.
 
[quote author="graphrix" date=1247746188][quote author="Mcdonna1980" date=1247736820]When FidelityASAP posts that a trustee sale has been postponed due to "mutual agreement", what does that mean?</blockquote>


Mutual agreement usually means the bank/trustee has agreed with the debtor to postpone it. They could either be in the process of a loan mod, a payment plan, or in the process of a short sale. I'm not 100% positive that the remarks there always mean something specific or not, because the beneficiary could postpone it for the same reasons. I think mutual agreement means that they are for sure working with the debtor.



<blockquote>Also has anyone noticed a pattern in postponements? For example, does the bank normally do three then foreclosure or is it totally random?</blockquote>


It is fairly common to be postponed at least two or three times, and on the rare occasion it will go on the first day. These are the ones who truly have mailed the keys back, or it is the second or third time it has been in foreclosure. The postponements are the reason why there are almost 4500 OC properties scheduled at just the Santa Ana location.</blockquote>
Is there a maximum number of trustee sales the courthouse can handle on any given day? Maybe once they reach that capacity then those sales become automatic postponements?
 
[quote author="usctrojanman29" date=1247747274]Is there a maximum number of trustee sales the courthouse can handle on any given day? Maybe once they reach that capacity then those sales become automatic postponements?</blockquote>


Nope, that is why they moved the auction up from 2pm to 12pm to handle them all. I was there until 4:30 one day, and they still weren't finished, back when it started at 2pm. The courthouse closes at 5pm, so kinda hard to get a deed when no one is there to give it to you.
 
Someone on the main blog posted this <a href="http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode;=&q=&mrt=realestate&vps=6&sll=33.61805,-118.182678&sspn=0.474592,0.87204&ie=UTF8&rq=1&mpnum=10&radius=25.08">link to a nationwide listing of foreclosures on Google maps</a>



Just select the foreclosure option box and you can see them all over the country.
 
[quote author="joeyp" date=1248744715]Someone on the main blog posted this <a href="http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode;=&q=&mrt=realestate&vps=6&sll=33.61805,-118.182678&sspn=0.474592,0.87204&ie=UTF8&rq=1&mpnum=10&radius=25.08">link to a nationwide listing of foreclosures on Google maps</a>



Just select the foreclosure option box and you can see them all over the country.</blockquote>


Does this mean I can now buy a house in Shady Canyon?



B

26 Grey Owl, Irvine, CA? - more info ?

$175,000 5 bed 9 bath

"This is an REO, meaning this property has been foreclosed on because the owner couldn't meet their payments. The bank now owns this property."





I found a better one:



66 Golden Eagle

Irvine, CA 92603

$99,500

5 bed 8 bath

realtystore.com



Price?: $99,500

Bedrooms?: 5

Bathrooms?: 8

Posted on?: June 24, 2009

Listing type?: foreclosure

Property type?: single family

Lot size?: 10,500

Year built?: 2007
 
<a href="http://mortgage.freedomblogging.com/2009/08/06/foreclosure-wave-gets-bigger/15037/">OCR Story on Foreclosure</a>
 
Any of the foreclosure hunters on the blog know anything about 2305 Half Moon Ln, Costa Mesa, CA that sold in the middle of August to a 3rd party at auction?



That's East Side, large new built homes (2005-2006 builds).



I see a last sale in 2006 for $1.1M



I see an NTS of $977K on a 1st loan.



I see sold to 3rd party at auction of $532K...
 
[quote author="No_Such_Reality" date=1252145273]Any of the foreclosure hunters on the blog know anything about 2305 Half Moon Ln, Costa Mesa, CA that sold in the middle of August to a 3rd party at auction?



That's East Side, large new built homes (2005-2006 builds).



I see a last sale in 2006 for $1.1M



I see an NTS of $977K on a 1st loan.



I see sold to 3rd party at auction of $532K...</blockquote>


What do you want to know? I know who got it, and if you want to go to a foreclosure auction I can point him out to you. Not sure if he would appreciate that, but I can do it.



Also, in your roaming of the east side, do me a favor, go check out 151 E. 23rd st. That one was a bidding war up to $602.5k. Rumor has it it was owned by a contractor who spent his equity on the house. Supposed to be beautiful inside.
 
[quote author="No_Such_Reality" date=1252145273]Any of the foreclosure hunters on the blog know anything about 2305 Half Moon Ln, Costa Mesa, CA that sold in the middle of August to a 3rd party at auction?



That's East Side, large new built homes (2005-2006 builds).



I see a last sale in 2006 for $1.1M



I see an NTS of $977K on a 1st loan.



I see sold to 3rd party at auction of $532K...</blockquote>
If that is true it's a good price, they should be able to unload it for around $700k. I looked on my MLS property detail and it doesn't show the transfer to the investors yet.
 
I'll look for it to come up on a flip then. I'm assuming the buyer is an investor.



Just curious on the condition of the flip due to the sale price being both substantially below NTS amount and a fair chunk below current market.



$530K on what was a $1.1M house in mid-2006 is a pretty harsh drop. So I'm more curious if it was:

A) Trashed (doubtful)

B) just a stupid bank

C) sign of what's coming with the banks



There are literally three places currently trying to do a short sale for $200-$300K more than that auction price.



I'm guessing C and the bank in question wasn't as dumb as it looks when you realize that the entire complex was bought at peak.
 
[quote author="No_Such_Reality" date=1252150945]I'll look for it to come up on a flip then. I'm assuming the buyer is an investor.



Just curious on the condition of the flip due to the sale price being both substantially below NTS amount and a fair chunk below current market.



$530K on what was a $1.1M house in mid-2006 is a pretty harsh drop. So I'm more curious if it was:

A) Trashed (doubtful)

B) just a stupid bank

C) sign of what's coming with the banks



There are literally three places currently trying to do a short sale for $200-$300K more than that auction price.



I'm guessing C and the bank in question wasn't as dumb as it looks when you realize that the entire complex was bought at peak.</blockquote>


Buyer was an investor. They know/knew what they were doing. But, it is choice C for this bank. This one just made it through the system faster than most at this bank. They know that two other homes are NOD in this complex, including the one right across the street. Some people think the banks are stupid, yeah some are, but not this one. Of course, this was the same one that saved the banks who were solvent in 1907 too.
 
Sorry for what may be an obvious question. I ran across this foreclosure auction and was confused about whether this auction is still taking place on 9/10 or whether it was originally scheduled for 9/10 but was cancelled back on 8/20.



I dropped by this house the other day and very interesting, too late for me to do anything about it, but thought that if anyone could put together their $2M this might be something to chase.



Sale Date/Time: 9/10/2009 10:00 AM

Status: Cancelled 08/20/2009

Estimated Debt: $2,024,569.64

Bid Amount: N/A

Sale Amount: N/A

TS Number: 733345CA

APN: 047-201-014

Priority #: 600365



Property County: Orange

Property Address: 1710 W OCEANFRONT, Newport Beach, CA 92663

Google Map



Sale Location: In the front of the flagpoles at the main entry area to the Placentia Civic Center 401-411 E. Chapman Ave. Placentia, CA
 
That one was canceled, but it could show up again. Nice house though. <a href="http://www.redfin.com/CA/Newport-Beach/1710-W-Oceanfront-92663/home/3235212">Too bad they are still on planet WTF with the price</a>. Even after they have dropped it by $1.5M. At $2M it would be a good deal. <a href="http://www.redfin.com/CA/Newport-Beach/1618-W-Oceanfront-92663/unit-1/home/5730886">1618 W. Oceanfront Unit #1 is also in default</a>. Too bad it is on the $555k second lien, and with that $1.3M first, it pretty much makes it a short sale after they dropped the price nearly a million bucks to $2.4M.
 
Does anyone know how to check if a property has IRS tax liens before bidding at Trustee Sale? Any other types of tax liens or liens in general I need to watch

out for at the trustee sales?
 
What effects does filing for bankruptcy have on foreclosure?

Does it interrupt the foreclosure? And if so, for how long?
 
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