'Cos I've been talking to the people that you call your friends And it seems to me there's a means to and end. They don't care anymore. And as for me I can sit here and bide my time I got nothing to lose if I speak my mind. I don't care anymore I don't care no more
I don't care what you say We never played by the same rules anyway.
The banks play Russion Roulette with borrowers. Some are allowed to squat for years, and some are processed quickly. Lenders do this to terrorize the herd and keep them guessing. If everyone knew they would get years of free housing, everyone would accelerate their defaults, and many would truly stategically default to take advantage. By random violence against delinquent borrowers, lenders hope to keep borrowers paying.
The owners of today's featured property paid $335,000 on 1/24/2004. They used a $268,000 first mortgage, a $33,500 second mortgage, and a $33,500 down payment.
On 9/23/2005 they refinanced with a $309,000 first mortgage.
They didn't get to squat long.
Foreclosure Record Recording Date: 09/23/2010 Document Type: Notice of Sale
Foreclosure Record Recording Date: 06/21/2010 Document Type: Notice of Default
This property was sold at auction to a third party for $230,000 on 10/13/2010.
Home Purchase Price … $335,000 Home Purchase Date .... 1/24/2005
Net Gain (Loss) .......... $(76,500) Percent Change .......... -22.8% Annual Appreciation … -3.3%
Cost of Ownership ------------------------------------------------- $275,000 .......... Asking Price $9,625 .......... 3.5% Down FHA Financing 4.21% ............... Mortgage Interest Rate $265,375 .......... 30-Year Mortgage $51,933 .......... Income Requirement
$1,299 .......... Monthly Mortgage Payment
$238 .......... Property Tax $0 .......... Special Taxes and Levies (Mello Roos) $46 .......... Homeowners Insurance $316 .......... Homeowners Association Fees ============================================ $1,899 .......... Monthly Cash Outlays
-$117 .......... Tax Savings (% of Interest and Property Tax) -$368 .......... Equity Hidden in Payment $14 .......... Lost Income to Down Payment (net of taxes) $34 .......... Maintenance and Replacement Reserves ============================================ $1,463 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $2,750 .......... Furnishing and Move In @1% $2,750 .......... Closing Costs @1% $2,654 ............ Interest Points @1% of Loan $9,625 .......... Down Payment ============================================ $17,779 .......... Total Cash Costs $22,400 ............ Emergency Cash Reserves ============================================ $40,179 .......... Total Savings Needed
Property Details for 57 ROCKWOOD 14 Irvine, CA 92614 ------------------------------------------------------------------------------ Beds: 2 Baths: 2 baths Home size: 917 sq ft ($300 / sq ft) Lot Size: n/a Year Built: 1980 Days on Market: 40 Listing Updated: 40449 MLS Number: S634008 Property Type: Condominium, Residential Community: Woodbridge Tract: Pr ------------------------------------------------------------------------------ Short Sale $$$ Great Starter Home in the Hurt Of Irvine, close to the 405 frwy, very close to U C I and I V C, also walking distance to swiming pool and parks, Woodbridge High school just down the street. great ivestment or a home to live in.
The Hurt of Irvine? LOL! I wonder if that is a Freudian slip?
ivestment? swiming?
Based on the photo and description, I surmise this realtor diidn't care much about this listing. I don't blame him. This had little chance of selling as a short sale, and the bank processed the foreclosure quickly.
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