I am always saddened by the cases of home owners who bought before the 00s who doubled or tripled their mortgage balances and lost their houses. I can understand the Ponzis of the 00s. The new loan owners of that era saw mortgages as consumption and didn't know a different market. The people who weathered the storm of the early 90s were forced to be frugal because there was no appreciation to spend. They did not form bad habits from the beginning. Their spending sprees were learned behavior. They knew better.
The previous owner of today's featured property paid $290,000 on 12/29/1995. Their mortgage information is not available, but it was likely an 80% mortgage and 20% down.
They refinanced on 8/12/2002 with a $300,000 first mortgage.
On 1/30/2004 they went Ponzi and refinanced with a $585,000 first mortgage.
On 4/29/2005 they followed with a $131,416 HELOC.
Total property debt was $716,416.
Total mortgage equity withdrawal is $484,416.
Total squatting time was about 16 months, assuming the NOD was filed 3 months after the borrower went delinquent.
Foreclosure Record Recording Date: 01/28/2010 Document Type: Notice of Sale
Foreclosure Record Recording Date: 09/09/2009 Document Type: Notice of Default
The new owner is a flipper. It appears they paid for a full renovation of the property. They are also looking for a healthy profit. Will they get it?
Home Purchase Price … $671,000 Home Purchase Date .... 10/1/2010
Net Gain (Loss) .......... $156,106 Percent Change .......... 23.3% Annual Appreciation … 84.1%
Cost of Ownership ------------------------------------------------- $879,900 .......... Asking Price $175,980 .......... 20% Down Conventional 4.78% ............... Mortgage Interest Rate $703,920 .......... 30-Year Mortgage $177,656 .......... Income Requirement
$3,685 .......... Monthly Mortgage Payment
$763 .......... Property Tax $0 .......... Special Taxes and Levies (Mello Roos) $147 .......... Homeowners Insurance $0 .......... Homeowners Association Fees ============================================ $4,594 .......... Monthly Cash Outlays
-$892 .......... Tax Savings (% of Interest and Property Tax) -$881 .......... Equity Hidden in Payment $321 .......... Lost Income to Down Payment (net of taxes) $110 .......... Maintenance and Replacement Reserves ============================================ $3,252 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $8,799 .......... Furnishing and Move In @1% $8,799 .......... Closing Costs @1% $7,039 ............ Interest Points @1% of Loan $175,980 .......... Down Payment ============================================ $200,617 .......... Total Cash Costs $49,800 ............ Emergency Cash Reserves ============================================ $250,417 .......... Total Savings Needed Property Details for 30 BLAKELEY Irvine, CA 92620 ------------------------------------------------------------------------------ Beds:: 5 Baths:: 3 Sq. Ft.:: 2962 $0,297 Lot Size:: 5,500 Sq. Ft. Property Type:: Residential, Single Family Style:: Two Level, Other View:: Faces South Year Built:: 1985 Community:: Northwood County:: Orange MLS#:: S644516 ------------------------------------------------------------------------------ Wow, amazing home that you will have to see to believe! This home is move-in ready and totally turnkey! Just bring your toothbrush & you're home! Everything you could want in your new home & more! 5 bedroom, 3 bathroom, 3 car garage home w/ sparkling pool and spa! What more could you ask for? Newer modern construction with greatroom effect downstairs! Beautifully remodeled kitchen w/ granite slab countertops & stainless steel appliances, including microwave hood and professional quality 5 burner gas stove! Polished marble floors, New designer paint w/ tall white accenting baseboards. Brand new neutral carpeting upstairs! All-new windows throughout! White raised-panel doors throughout! Mirrored wardrobes in all the bedrooms! Downstairs bedroom has double-door entry & it's own bathroom! Master suite is to die for-Double-door entry, vaulted ceilings, & huge master bath! Seperate roman-oval tub & shower, huge walk-in closet! SPARKLING POOL! NO HOA/MELLO ROOS! 3 CAR GARAGE! COME SEE TODAY!!
3 CAR GARAGE! That is a BIG selling point, right IrvineHomeOwner?
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