Coto Housing Blog

114 Vela Court

Hmm-m-m-m, I half expected to see a white Hummer in the driveway.

Do you know that back in April of 2007, this home was for sale and the owner was asking $2,500,900?  Yeah, seriously.  Remember, the peak of the market was the summer of ‘06 give or take a few months so the trend was down.  But folks have a hard time giving up their paradigms.  Fantasies would be more accurate, but I just wanted to show y’all that I know a few hip words.

Instead of a fantasy, let me tell you a story.  A nice, no very nice, person loans money to a homeowner(s), and takes a second mortgage as collateral.  Some time goes by, and as happens in so many of these stories, the homedebtor(s) realize they can not make their mortgage payments.  The nice, no very nice, person holding the second mortgage comes to the rescue and frees the homedebtor(s) from their burden.  Now you see why they are nice, no very nice.  But, with transfer of ownership, the first mortgage becomes due and payable, so the nice, no very nice, person obtains a first mortgage.  And a HELOC.  And a few other assorted HELOCs, seconds, and thirds.

I do not know how long it takes to accumulate an amount in default of $153,706, but a Notice of Default was recorded for that amount, … and that is on one loan.  Whew!  Truly, I am in awe.  If you can’t sell it, borrow on it.  No capital gains … no tax liability of debt forgiveness.  Is this a great country or what?  This was Obama’s intention, right?

114 Vela Court – Trustee Sale is scheduled for 10/06/09.  The amount on the NOD is $5,269 and was filed by the CZ Master Association and the NTS appears to also be from the CZ Master Association.  There was also a recorded NOD filed by the first mortgage holder for $153,706, and it may have been canceled.