Archive for the ‘This Week in Foreclosure Auctions’ Category

This Week, 9/7/10, in Foreclosure Auctions

Sep 5th, 10 / by cdcrez / 0 Comments

31752 Secoya Way

Address SaleDate Postponements Previous Auction Date Redefault
6 Roosevelt Drive 9/7/10 0 none no
6 Fair Valley 9/7/10 18 8/24/10 no
26 SAWGRASS 9/7/10 9 8/24/10 no
26 Constellation Way 9/7/10 1 7/23/10 no
80 Via Candelaria 9/7/10 0 none no
9 MARQUETTE WAY 9/8/10 6 8/5/10 no
49 Dartmouth Lane 9/10/10 1 8/5/10 no
31932 VIA COYOTE 9/10/10 4 8/9/10 yes
6 SEACLIFF 9/10/10 4 8/25/10 no
47 LEXINGTON WAY 9/10/10 6 8/26/10 no
23102 MARAVILLA LN 9/10/10 6 8/27/10 no
10 TUCSON 9/10/10 5 8/27/10 yes
31752 Secoya Way 9/10/10 3 3/9/10 yes
This Week in Foreclosure Auctions

Update to This Week, 8/29/10, in Foreclosure Auctions

Sep 4th, 10 / by cdcrez / 0 Comments

8 Hubbard Way

Address SaleDate Postponements Previous Auction Date Redefault Disposition amount
18 KNOTTY OAK CIR 8/30/10 6 8/13/10 yes Sold $1,325,000
31361 Summerhill Court 10/1/10 4 8/30/10 no
19 KNOTTY OAK CIR 8/30/10 5 6/3/10 no Cancelled 8/24/10
37 VIA CANDELARIA 9/13/10 6 8/30/10 no
4 VIA ANDORRA 9/14/10 4 8/31/10 no
114 VELA CT 9/14/10 5 8/31/10 yes
31572 VIA COYOTE 10/1/10 8 8/31/10 no
18 Douglass Drive 9/2/10 3 8/31/10 no
8 Hubbard Way 9/30/10 1 8/31/10 yes
2 Dornach Way 10/1/10 2 9/1/10 No
8 MACKENZIE LN 10/25/10 5 9/1/10 no
18 Douglass Drive 9/2/10 3 8/31/10 no Canceled 9/1/10
51 Oak Knolls #31 9/22/10 2 9/2/10 No
22931 SONRIENTE TRL 10/4/10 9 9/2/10 no
24262 FAIRWAY LN 9/17/10 7 9/2/10 yes
18 NORTHAMPTON PL 9/2/10 2 8/2/10 no to 3rd at Auction $555,000
29 SALINGER CT 10/4/10 2 9/3/10 no
23 Sunningdale 10/1/10 2 9/3/10 no
This Week in Foreclosure Auctions

Due Diligence – 18 Northampton Place

Sep 2nd, 10 / by cdcrez / 0 Comments

18 Northampton Place

18 Northampton, the featured property of our post, “The Housing ATM – 18 Northampton“, sold to a 3rd party at the foreclosure auction on 9/2/10 with a winning bid of $555,000 on the 2nd mortgage according to Foreclosure Radar.  But because it shows as the 2nd mortgage on Foreclosure Radar does not necessarily mean that there is an existing first mortgage.  To know that, a wise bidder would go to county records and find out what mortgages are still liens on the property and which have been paid off.  If there exists a 1st mortgage for more than $150,000, we may be hesitant to consider $555,000 a winning bid.  The mortgage that shows as a 1st on Foreclosure Radar was for $483,750 in 2003.

Who knows?  Hopefully the winning bidder.  Our guess is that the foreclosing loan showing as the 2nd on Foreclosure Radar is actually a refi that paid off the loan that Foreclosure Radar is showing as a 1st, and $555,000 is indeed a winning bid.  But, it is just a guess.

Do your own due diligence.

Sold at Foreclosure Auction, This Week in Foreclosure Auctions

More Loan Mods Gone Wild – 8 Hubbard Way

Aug 31st, 10 / by cdcrez / 1 Comment

8 Hubbard Way

The notice of trustee sale for 8 Hubbard Way, the featured property of our post, “For Sale?  Nah.”, was canceled in Mayof 2010 after a previous NTS had been canceled in November of 2009.  The original published bid amount was $1,362,499 or $143,699 more than the original loan amount of $1,218,800.  The published bid amount, ( the total amount owed on the foreclosing loan), for the next notice of trustee sale on the same loan was $1,401,642 or $39,143 more that the last published bid and $182,842 more than the original loan amount.

You might think the lender is smart enough to realize at this point that the borrower is not going to pay the money they agreed to pay, but nope; the lender again cancels the NTS.  The latest NTS, the 3rd, recorded on 8/10/10 with a published bid amount of $1,417,702 or $198,902 more than the original loan amount.  So why do bankers have a reputation for being smart?  Is it because they know how to get paid huge bonuses while getting the American taxpayers to pay for their bad decisions?

The auction for 8 Hubbard Way is scheduled for 8/31/10, and there is already an opening bid of $999,000 posted, even though most opening bids are not posted until the morning of the auction.  Maybe the bank is thinking, “Fool me five times, shame on you.  Fool me six times, shame on me.”

Loan Mods Gone Wild, Peakage Buying, This Week in Foreclosure Auctions

This Week, 8/29/10, in Foreclosure Auctions

Aug 29th, 10 / by cdcrez / 0 Comments

114 Vela Court

Address SaleDate Postponements Previous Auction Date Redefault
31361 Summerhill Court 8/30/10 3 7/28/10 no
37 VIA CANDELARIA 8/30/10 5 8/16/10 no
4 VIA ANDORRA 8/31/10 3 8/16/10 no
114 VELA CT 8/31/10 7 8/17/10 yes
31572 VIA COYOTE 8/31/10 7 7/27/10 no
18 Douglass Drive 8/31/10 2 7/29/10 no
8 Hubbard Way 8/31/10 0 none yes
2 Dornach Way 9/1/10 1 8/25/10 No
8 MACKENZIE LN 9/1/10 4 8/2/10 no
51 Oak Knolls #31 9/2/10 1 8/2/10 No
22931 SONRIENTE TRL 9/2/10 8 8/2/10 no
24262 FAIRWAY LN 9/2/10 6 8/19/10 yes
18 NORTHAMPTON PL 9/2/10 2 8/2/10 no
29 SALINGER CT 9/3/10 1 6/8/10 no
23 Sunningdale 9/3/10 1 8/5/10 no
This Week in Foreclosure Auctions

Update to “This Week, 8/22/10, in Foreclosure Auctions”

Aug 28th, 10 / by cdcrez / 3 Comments

24311 Fairway Lane

Address SaleDate Postponements Previous Auction Date Redefault Disposition amount
31 BRASSIE LN 9/15/10 4 8/23/10 no
7 BIRDIE LN 8/23/10 3 7/22/10 no Cancelled 8/19/10
20 DARTMOUTH LN 9/22/10 9 8/23/10 no
31746 VIA PATITO 9/17/10 6 8/23/10 no
37 CHARLESTON LN 10/22/10 4 8/23/10 no
6 AQUILA WAY 10/7/10 12 8/23/10 no
26 SAWGRASS 9/7/10 9 8/24/10 no
15 EASTHILL 8/24/10 4 7/23/10 no Cancelled 8/23/10
6 Fair Valley 9/7/10 18 8/24/10 no
6 SEACLIFF 9/10/10 4 8/25/10 no
2 Dornach Way 9/1/10 1 8/25/10 No
98 VIA CANDELARIA 9/15/10 25 8/25/10 yes
31 FONTAIRE 9/27/10 3 8/26/10 yes
9 BRENTWOOD 9/27/10 6 8/26/10 no
42 Vela Court 8/26/10 5 7/26/10 no Cancelled 8/23/10
47 LEXINGTON WAY 9/10/10 6 8/26/10 no
1 Sawgrass 10/12/10 1 8/26/10 No
43 Augusta 8/26/10 0 None No Cancelled 8/24/10
5 Winston Drive 9/13/10 3 8/27/10 No
23102 MARAVILLA LN 9/10/10 6 8/27/10 no
10 TUCSON 9/10/10 5 8/27/10 yes
24311 FAIRWAY LN 8/27/10 1 7/6/10 no Back to Bank $586,586
23491 VIA ALONDRA 9/27/10 5 8/27/10 no
13 ALTIMIRA 8/27/10 2 7/30/10 no Cancelled 7/31/10
18 TORTOISE SHELL 9/14/10 9 8/27/10 yes
Sold at Foreclosure Auction, This Week in Foreclosure Auctions

Update to Idiots Guide to Becoming a Land Baron – 24311 Fairway Lane

Aug 27th, 10 / by cdcrez / 0 Comments

24311 Fairway Lane

Foreclosure Radar is showing an opening bid of $586,586 posted for the today’s auction of 24311 Fairway Lane.  It also shows the foreclosing loan as being junior to the 1st mortgage.  What are they, Wells Fargo, thinking?

3:46 pm edit:  24311 Fairway Lane went back to the 2nd mortgage holder, Wells Fargo, at the trustee sale with an opening bid of $586,586.  The question that goes through my mind is will the new owner, Wells Fargo, make the mortgage payments on the 1st mortgage, and if not, with the property be foreclosed on, … again?

Sold at Foreclosure Auction, This Week in Foreclosure Auctions

Sign o’ the Times? – 1 Sawgrass

Aug 26th, 10 / by cdcrez / 0 Comments

1 Sawgrass

1 Sawgrass has been the featured property of our posts, “Paint is so Expensive in Coto“, “Update“, “Update to the Update“, “Update to Paint is so Expensive in Coto“, and another “Update to Paint is so Expensive in Coto“.

As far as we know, 1 Sawgrass is the first home in Coto to reach foreclosure by two different owners within a relatively short period of time; three years.  Heck, it takes more than one year to receive an NOD these days.  1 Sawgrass’ last seller had achieved ownership through grant deed while she was foreclosing.  Is that what they call ‘deed in lieu’, and ‘jingle mail’?

Anywhooz, a new buyer bought 1 Sawgrass in July of 2008 for $1,975,000 and did some remodeling.  We say remodeling rather than remuddling because we thought the upgrades and fixes to be quite nice.  In our opinion some more upgrading is desirable, but we have no criticism of that which was finished.

The auction for 1 Sawgrass is scheduled for 8/26/10.  The sales listing for 1 Sawgrass was closed in July of 2010 but we do not know what became of the for lease listing.

This Week in Foreclosure Auctions

Loan Mod Strategy – 2 Dornach Way

Aug 24th, 10 / by cdcrez / 0 Comments

2 Dornach Way

The auction for 2 Dornach Way is scheduled for 8/25/10 with a published bid amount of $296,361 from the 1st mortgage holder.  The NTS recorded on 8/3/10 and was probably filed a day or two before that, so the total amount owed on the first and the maximum opening bid can not be much more than $296,631.

Some recent sales on Dornach Way are 104 Dornach Way for $687,500 and 112 Dornach Way for $668,000, with 50 Dornach Way currently listed @ $699,000.  If the total amount owed on all existing mortgages on 2 Dornach Way is around $630,000, (a guess), then it would seem that a sale would be relatively easy to transact, but 2 Dornach Way is not listed for sale, as a short or equity sale.

If we were the 1st mortgage holder, we would see no reason to modify the loan.  The 1st mortgage holder gets paid the full amount owed if the owner pays the amount in arrears, or if the house goes to foreclosure and subsequently sells for more than the amount owed.  The only way the 1st mortgage holder does not get paid the full amount owed would be to modify the loan, so why bother with modifying the loan?  Seriously, if you were the bank, would you even bother with postponements?

This Week in Foreclosure Auctions

This Week, 8/22/10, in Foreclosure Auctions

Aug 22nd, 10 / by cdcrez / 0 Comments

15 Easthill

Address SaleDate Postponements Previous Auction Date Redefault
31 BRASSIE LN 8/23/10 3 8/9/10 no
20 DARTMOUTH LN 8/23/10 8 7/23/10 no
31746 VIA PATITO 8/23/10 5 7/28/10 no
37 CHARLESTON LN 8/23/10 3 7/21/10 no
6 AQUILA WAY 8/23/10 11 7/8/10 no
26 SAWGRASS 8/24/10 8 8/10/10 no
15 EASTHILL 8/24/10 4 7/23/10 no
6 Fair Valley 8/24/10 17 8/10/10 no
6 SEACLIFF 8/25/10 3 8/11/10 no
2 Dornach Way 8/25/10 0 none No
98 VIA CANDELARIA 8/25/10 24 8/11/10 yes
31 FONTAIRE 8/26/10 2 7/12/10 yes
9 BRENTWOOD 8/26/10 5 7/26/10 no
42 Vela Court 8/26/10 5 7/26/10 no
47 LEXINGTON WAY 8/26/10 5 8/12/10 no
1 Sawgrass 8/26/10 0 None No
43 Augusta 8/26/10 0 None No
5 Winston Drive 8/27/10 2 7/23/10 No
23102 MARAVILLA LN 8/27/20 5 8/13/10 no
10 TUCSON 8/27/10 4 8/13/10 yes
24311 FAIRWAY LN 8/27/10 1 7/6/10 no
23491 VIA ALONDRA 8/27/10 4 7/26/10 no
18 TORTOISE SHELL 8/27/10 8 8/13/10 yes
This Week in Foreclosure Auctions