Foreclosure and distressed property topics

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So no one else is surprised that Northpark (92602) has the third highest rate of foreclosure in the OC?

1 in 40 households, annualized?

Worse than all but one zip in Santa Ana (and Ladera, of course, where it is 1 in 4, annualized)
 
freedomCM said:
So no one else is surprised that Northpark (92602) has the third highest rate of foreclosure in the OC?

1 in 40 households, annualized?
Click to expand...

Makes a bit of sense to me - the build out for 92602 (which also includes West Irvine and Northpark Square) hits the sweet spot for 5- and 7-year fixed mortgage resets.
 
IrvineRealtor said:
freedomCM said:
So no one else is surprised that Northpark (92602) has the third highest rate of foreclosure in the OC?

1 in 40 households, annualized?
Click to expand...

Makes a bit of sense to me - the build out for 92602 (which also includes West Irvine and Northpark Square) hits the sweet spot for 5- and 7-year fixed mortgage resets.
Click to expand...

Uh... even this housing bear has to question where they are getting their "household" number. Granted, 92602 is getting pummeled by foreclosures, but their household number is lower than the 2000 census number by about 600. Doesn't sound like much, but when you realize the census number is 2700ish and the Times is 2100ish, that is a big difference.

Eh, I am just being a stickler for accurate and consistent numbers.

Anyway, the April foreclosure numbers keep getting worse, so whatever household number they use will just get worse.
 
freedomCM said:
Have people checked out the forclosure by zip code tool at the LA Times site?

http://www.latimes.com/classified/realestate/la-foreclosures-county-search,0,3866081.htmlstory?COUNTY=ORANGE COUNTY&appSession=9665100882115&RecordID=&PageID=2&PrevPageID=2&cpipage=1&CPISortType=desc&CPIorderBy=Q12008_DefaultsPerHH

interesting quick finds:

Highest foreclosure rate:

Ladera Ranch 92694 38 15.58

Third highest (between 5 Santa Ana zips)

Irvine 92602 13 170.08
Click to expand...

Thanks for the chart! Interesting to see what areas one would think had "no" foreclosures actually have several.
 
graphrix said:
IrvineRealtor said:
freedomCM said:
So no one else is surprised that Northpark (92602) has the third highest rate of foreclosure in the OC?

1 in 40 households, annualized?
Click to expand...

Makes a bit of sense to me - the build out for 92602 (which also includes West Irvine and Northpark Square) hits the sweet spot for 5- and 7-year fixed mortgage resets.
Click to expand...

Uh... even this housing bear has to question where they are getting their "household" number. Granted, 92602 is getting pummeled by foreclosures, but their household number is lower than the 2000 census number by about 600. Doesn't sound like much, but when you realize the census number is 2700ish and the Times is 2100ish, that is a big difference.

Eh, I am just being a stickler for accurate and consistent numbers.

Anyway, the April foreclosure numbers keep getting worse, so whatever household number they use will just get worse.
Click to expand...

Speaking of April foreclosure numbers, I've dumped the April NODs to a PDF. You can find it here. April per day NODs are definitely up, almost 6 per business day for the month, with 92620 leading the way this month...
 
To me, a deed in lieu is the easy equivalent to foreclosure, and so

should be treated the same way.

In Florida, a quit claim deed is often used.

Actually, I haven't seen much activity in deeds in lieu, don't know

why. Only reason not to use them is if you have liens or 2nd mtges

you have to get rid of. I assume in a posting state like California,

they are eliminated automatically?

They speed things up for the lender a lot. Gosh, maybe that is

why they aren't being used. Lenders have to keep hiding losses

so don't want speed.

Surely this will come to an end soon.
 
anonymous - If you are a subscriber to foreclosureradar.com, would you mind posting one of those foreclosure pin maps for zip code 92679, Coto de Caza?
 
awgee said:
anonymous - If you are a subscriber to foreclosureradar.com, would you mind posting one of those foreclosure pin maps for zip code 92679, Coto de Caza?
Click to expand...

Do you need Coto foreclosure info awgee?
 
News from the South Florida foreclosure wars.

Guy comes in, he actually succeeded in re-fi-ing. But. . .

his title company didn't pay the underlying mtg. He

can't possibly pay both mtges.

Allegedly the title underwriter is taking care of it.

He owes 99.9% of the value of the house. . this week,

who knows how low the mkt will be next week.

Should he walk? His credit is already ruined because he didn't

make the monthly payments on the loan that was supposed to

be paid off.

Do you like your house I ask?

I tell him he should pay for the next few months and see if the

title underwriter comes thru and then he can repair his credit.

If they don't, frankly he has nothing to lose. He can live there for

10-12 months free and save the 1800 a month he was paying for

the mtg. During that time, I presume the house values will continue

to fall. With 20-22 grand, he can maybe try to buy another house

in his wife's name. For another 10-20 off the current mkt value,

maybe. In future years he can distinguish himself from other walk-aways.

If I didn't make it clean, the loan that was supposed to be paid off is

still in first position, and his new first is now a second.

Have another client with a stupendously complicated fact pattern,

but the bottom line is that somebody forged the name of the borrower

on the note and the mtg. A bad, obvious foregery. So maybe the

2nd is really the first.

I couldn't make this stuff up.

Any title company defalcations in your neck of the woods?
 
Where did the payment go that was supposed to pay off the former mortgage?

It didn't just disappear and create double-debt. There must be more to the story.

The refi escrow should have never closed without all sides being even.

If it did indeed slip through the cracks, an incident like this should easily be contestable and purged from credit records.

A pain to have to go through, but better than the alternative of just being abused.

Would love to hear how that one plays out. I'm guessing the owner has more blanks to fill in for us.
 
Whoo boy . . . What have I seen lately? Forged notes and deeds (including many that were notarized), embezzling escrow officers, escrow officers cutting checks to friends and listing them as "courier fees," parents who re-fi and lend their adult children the proceeds (who then don't pay back the loan), HOAs who do not apply payments correctly and improperly lien the home, etc. It's messy, messy, messy. I used to have zero interest in real estate law, and now I specifically request those files. A motion to expunge lis pendens?!? Oh, can I have it, please, please, please.

Yeah, I'm a total nerd. :red:
 
Actually, it's not the borrower's fault at all.

The title closer--who was an atty here simply kept the money. There were

2 mortgages. One for 171, and one for 43. The 43 thou one was paid off.

The 171 was paid off with supposedly good funds but was $500 short. Instead

of crediting the amount paid and billing for the remaining $500, the entire check

was sent back by Wells Fargo. A new correct check was sent out, but the closer/

atty stopped payment on the check!!

The title company denied liability because the borrower didn't buy an owner's policy

at closing, he'd already bought one when he bought the house.

They are taking care of it anyway, since the insured mtg is now a second not a first.

Allegedly.

I believe an insurance company will do something after it actually does it.

The closing atty stole the money, I assume. I called claims counsel at the company,

and he had done the same thing with at least 2 other mtges. He hasn't been disbarred

yet; it just happened.

So you are just coming to the idea that real estate law is interesting, EvaL? To me,

there is never a dull moment.

But remember, South Florida is home of the weird.
 
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