Coto Housing Blog

8 Mackenzie

Every now and then while researching a property we run into the name of a particular real estate venture, Pacific Legacy Real Estate.  Our assumption was that Pacific Legacy was a flipper, but y’all know about assumptions.  Honestly, we do not understand exactly what we are seeing, so we will just give you, our dear readers, the info and let you decide what you are seeing.  And of course we welcome any comments or speculation you have on what gives here.

8/28/97 – 8 Mackenzie sells to Patty Doe, (ficticious name), for $514,500, (real price).

10/24/04 – The 1st is refi’ed for $390,000 funded by WaMu.

1/13/05 – A HELOC is funded by WaMu for $500,000

2007 – A NOD and later a NTS are recorded.

3/18/08 – A deed transfer takes place with a trustee’s deed – Certificate of Title.  The new owner of record is Mackenzie Trust #8, Pacific Legacy Real Estate & Investments.  Here is what I found as a definition for a trustee’s deed -

A deed is the written document which transfers title (ownership) or an interest in real property to another person. A trustee’s deed is a deed to be executed by a person serving as a trustee in their appointed capacity. A trustee’s deed is often used, for example, by a trustee in bankruptcy to sell real property of the debtor.

So, it looks like there may have been a bankruptcy involved, or maybe a trustee sale.  I dunno.   Any of you know?  What is interesting is that it looks like the 1st and 2nd were never paid off.  Yeah, it looks like the property transfered ownership, but the loans were not extinguished.  Honestly, I know nothing about bankruptcy and maybe less about foreclosures, so I do not understand any of this.

And this gets more intersting.

1/22/10 – A new NOD records on 8 Mackenzie from JP Morgan Chase as a 2nd position loan for $500,000.  The default amount is $87,831 so it would appear that it has been quite awhile since a payment has been made on this loan.  The date this loan was made is showing as 1/13/05, which would be the HELOC funded by WaMu.  Didn’t WaMu get “taken over” by JPM?

5/14/10 – A NTS is recorded by JPM on the same loan with an auction date set for 6/04/10 and a published bid amount of $595,103, indicating amounts in arrear, fees, penalties, and possible neg am of $95,103.

The photo above was taken a few days ago.  We can not be certain, but it appears that somone is taking care of the property.  Is anyone living there?  The original owner, Patty Doe?  Mackenzie Trust #8?  A renter perhaps?