Coto Housing Blog

8 Brumby

Brumby Trash

I don’t know how much you can see in the photo, but there is trash laying around in the driveway of 8 Brumby.  Trash in the driveway is not an oft sighted sight in Coto.  Did the owners leave in a hurry?  Were their trash cans full?  Were their trash cans repossessed?  If nobody is home to receive a Coto Masters Association letter, was the letter really ever written?  I dunno, but I wouldn’t think there was much cause to rush to move.

 The auction scheduled for July 31, 2009 is the first scheduled date for the foreclosure auction for 8 Brumby, so chances are fairly good that the auction will be postponed, and postponed again after that, and again after that.  I imagine that if folks knew how long it actually takes for a home to go back to the bank, they would not be in such a hurry to move.  I have mentioned before that it seems that some folks who understand the whole process, or have knowledgeable friends, keep  living in a home even after it has gone back to the bank.  Doncha wonder?  Are they paying rent?  Does the bank know they are living there?  In whose name are the utilities?    Do they have some moxie, or what?  Why would the bank want them out anyways?  Isn’t it better to have someone living in the home to water the lawn and keep out squatters?  Oh, wait a sec, they are squatters.

The last sale of 8 Brumby was in July of 2005 for $1,700,000 with a first mortgage and a second and a down payment of 10%.  Less than a year later the owner decided that having some of that 10% just sitting around doing nothing would be better put to better uses, so he took out $80,000.  This owner never got a chance to do the serial refinance, (that’s not a dance, although it kinda looks like one), so he will actually lose $90,000 of skin in the game.  It just isn’t fair.  The Smiths down the street got all their equity out before being foreclosed on.  It’s all in the timing folks.