Coto Housing Blog

18 Knotty Oak Circle

The Notice of Trustee Sale filed on 18 Knotty Oak Circle with a auction date scheduled for 3/06/09 was cancelled.  The published bid amount, amount owed, was $1,719,560 or $109,560 more than the original loan amount of $1,610,000.  There is no record of a refi so the original 1st mortgage was modified and the NTS was cancelled.  This was not a HAMP or HARP loan mod because this loan would not qualify nor did HAMP or HARP loan mods exist at the time of the NTS cancellation.

A new Notice of Trustee Sale has been filed and recorded with a new auction date scheduled for 3/26/10.  The new published bid amount is $1,857,386 or $247,386 more that the original loan amount and $137,826 more than was owed the last time a NTS recorded.  Thank goodness for loan mods.  Without loan mods, this house would have gone to foreclosure or short sale and someone who could afford the payments would have bought 18 Knotty Oak Circle and most likely would have made their payments for the last year because they would have had 20% or 30% or more skin in the game.

History:

3/11/05 – 18 Knotty Oak Circle sells to its current owners for $1,775,000 with 10% down on an ARM.

5/26/06 – The 1st and 2nd are refied into one 1st for $1,610,000

7/27/06 – A 2nd is funded for $200,000.

8/28/06 – A 3rd is funded for $240,000.

7/28/08 – Listed for sale at $1,999,900

11/12/08 – Notice of Default records for $56,640

2008 – 2010 – 23 delistings, relistings, and price changes

2/18/09 -  An NTS records with a published bid amount of $1,719,560 and an auction date scheduled for 3/06/09.

3/06/09 – The NTS is cancelled.

2/26/10 – Currently listed as a short sale for $1,375,000

3/03/10 – A new NTS records with an auction date set for 3/26/10

3/10/10 – The listing status changed to ”Backup Offers Accepted”.  How convenient.