Then as it was, then again it will be An' though the course may change sometimes Rivers always reach the sea Flyin' skys of fortune, each have separate ways On the wings of maybe, downy birds of prey Kind of makes me feel sometimes, didn't have to go But as the eagle leaves the nest, it's got so far to go
Today's featured property was purchased for $1,830,000 on 12/1/2005. The owner used a $1,464,940 Option ARM with a 2.4% teaser rate, a $183,117 HELOC and a $181,943 down payment.
On 4/4/2006, Wells Fargo refinanced them with a $1,600,000 first mortgage and a $60,000 HELOC.
On 8/22/2006 Washington Mutual gave them a $229,790 HELOC. I suspect this foreclosure will go through because Wells will not mind blowing WAMU's second out.
Total property debt is $1,829,790. Basically, the buy withdrew his down payment with refinances.
He quit paying lat last year or perhaps in January of this year.
Foreclosure Record Recording Date: 04/02/2010 Document Type: Notice of Default
Home Purchase Price … $1,830,000 Home Purchase Date .... 12/1/2005
Net Gain (Loss) .......... $(326,940) Percent Change .......... -12.6% Annual Appreciation … -3.0%
Cost of Ownership ------------------------------------------------- $1,599,000 .......... Asking Price $319,800 .......... 20% Down Conventional 4.94% ............... Mortgage Interest Rate $1,279,200 .......... 30-Year Mortgage $328,831 .......... Income Requirement
$6,820 .......... Monthly Mortgage Payment
$1386 .......... Property Tax $417 .......... Special Taxes and Levies (Mello Roos) $133 .......... Homeowners Insurance $252 .......... Homeowners Association Fees ============================================ $9,008 .......... Monthly Cash Outlays
-$1541 .......... Tax Savings (% of Interest and Property Tax) -$1554 .......... Equity Hidden in Payment $611 .......... Lost Income to Down Payment (net of taxes) $200 .......... Maintenance and Replacement Reserves ============================================ $6,724 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $15,990 .......... Furnishing and Move In @1% $15,990 .......... Closing Costs @1% $12,792 ............ Interest Points @1% of Loan $319,800 .......... Down Payment ============================================ $364,572 .......... Total Cash Costs $103,000 ............ Emergency Cash Reserves ============================================ $467,572 .......... Total Savings Needed
Property Details for 518 LUMINOUS Irvine, CA 92603 ------------------------------------------------------------------------------ Beds: 5 Baths: 0005 Home size: 3792 ($422 / sq ft) Lot Size: 5535 Year Built: 2005 Days on Market: 14 Listing Updated: 40315 MLS Number: S616510 Property Type: Single Family, Residential Community: Quail Hill ------------------------------------------------------------------------------
Customized Tuscan estate w/ almost 4000 s. f. w/ 5BRs, 4.5BAs(including a separate casita) on the top street single-loaded street w/ drop-dead panoramic mountain, hills, valley, city lights & sunset views w/ distinctive builder and seller upgrades. 3-car att. gar. w/ epoxy flooring & custom cabinetry. Formal living & dining; Great rm w/ custom fireplace w/ pre-cast mantle, hearth & media niche; French doors open out to private loggia; gourmet kitchen w/ center island, GE Monogram Professional Series stainless steel appliances inc. gas cook-top, double ovens, microwave & built-in refrigerator ~ granite countertops with full backsplash; Opulent master bedroom with 10 ceiling plus retreat ~ French doors out to huge deck w/ phenomenal views; luxurious MBA replete w/ large soaking tub, separate shower, dual vanities & dual walk-in wardrobes; Professionally landscaped and hardscaped front, rear & side yards w/ blt-in BBQ & fountain; award-winning Alderwood Basics+ elem. & University HS; resort-style amenities
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