The picture above is a screenshot from the Dakota County Sheriff’s Office Foreclosure Mapper. Feel free to click through to get to the county’s map application and scroll around to see which houses in your area have been recently foreclosed upon. I have to admit I was quite surprised to find 50% of the foreclosures in my neighborhood have occurred in the last six months. This whole thing was supposed to be getting better, not worse, right? This is a topic which literally hits close to home for so many people. I know I have witnessed numerous houses go up for sale for a short time before the owner gives up and pulls the house off the market. Sometime shortly thereafter a moving van pulls up, a group loads all the worldly possessions of the family occupying the space inside and drives off never to be seen again. This scenario has been happening all over the South Metro time and time again since the beginning of the housing market failure.
In our neighborhood, including the house directly adjacent to mine, something very similar to what I mention above happened here. One of our townhouse association board members noted that many of those who foreclosed in our neighborhood simply walked away from their homes to leave it to become the bank and the association’s problem. Our association is then on the hook for the back association dues (which they try to get tacked onto the sale price if they can) which sometimes total more than $10,000! In the case of our previous next door neighbor they were just hoping to sell the unit for $120,000 which would cover what they needed to recoup. A neighbor relayed that this deadbeat family ended up moving to a new townhouse just a few miles away in Farmington where they currently reside. Seriously?
I used to mention frequently how the Apple Valley townhouses were going to become the ghetto of the South Metro. The Met Council made sure that the cities south of the river built plenty of high density neighborhoods to keep in line with what is considered forward-looking planning. The Met Council believed that high density housing would help to eliminate sprawl and bring more population under single municipalities driving up their tax revenues. An unintended consequence was that it also created large numbers of inexpensive and poorly constructed units which became ripe for an environment where a single devastating event, such as the housing market failure, quickly and drastically changed the dynamics of these neighborhoods. The numerous foreclosures have begun attracting renters of dubious quality in homes owned by people who don’t keep up their property. One house on the corner of my street, which used to house juvenile delinquents selling drugs who later graduated to crimes which appeared in the Dakota County Criminal Complaints, stills hows signs of damage from that group’s stay. Why? Because those who moved in don’t care as long as the rent stays cheap. The rest of us, who have been here for years and take care of our homes, get the shaft. At least one long-time neighbor (an original owner) is going to sell at her first opportunity, possibly at a loss, just so she can get out before it gets any worse. Such a shame.
So how about you? How many foreclosures are occurring in your neighborhoods? Are the numbers going up, down or staying about the same? Have you noticed the dynamics of your neighborhood change (upkeep of properties, renters, crime)? Are you fearful that because of the foreclosures and the resultant vacant properties/bad renters/destructive foreclosed owners that the South Metro may degrade its previously healthy image? Are you considering a move, even if it were at a loss, to leave your neighborhood? Whatever you have to say about foreclosures go ahead and comment on as I’d love to hear what you have to say.
Dakota Complaints Map
Dakota Inmate Dashboard
Loading ...
June 22nd, 2010 at 7:55 am
THanks for this map. We had one on Gardenview that, like your situation as turned over to bad renters who destroyed the property, used the place a crashpad and distribution center for thier garbage.. and were 50′ from my kids elementary school.
The other side of the coin- the house two doors up, which has been on the market a while. That one I didn’t realize was in foreclosure. There you have an elderly couple who are forced to sell, don’t know if they got behind or were subject to predetory second mortgage practices.. Bad deal either way.
To support your point, every other forclosure in the area is in the townhomes around us and not in the single family homes.
June 22nd, 2010 at 8:49 am
My townhome neighborhood only shows 4 foreclosures for the past 12 months, but there are more that haven’t the map yet, at least 5 or 6 more.
I am on the board, and we’re seeing the same thing, people are just walking away. The unit goes to foreclosure, and then there’s the Sheriff sale, but the people have another 6 months before they’re forced to leave, so they stay until the last possible minute.
We don’t allow rentals in our development, so at least we don’t have to deal with that, but we do have to deal with the vacancies and the lack of dues being paid.
June 22nd, 2010 at 9:22 am
Two point, not all foreclosures are from deadbeats yet Dakota County is creating
Deadbeats in some ways. When my house was foreclosed Dakota County offered me $3000 for getting foreclosed. I did not accept it. I think regardless of how you got foreclosed for the county to use taxpayer money to reward foreclosures does not help the situation
June 22nd, 2010 at 9:56 am
I have family members that are being affected by a predatory second mortgage right now, so I’ve learned a lot about this recently. A lot of people walk away because they are forced to. The banks put them in a corner where there is literally nothing they can do except screw themselves or screw themselves harder – even if you declare bankruptcy, you probably still have to pay back your second mortgage. Only the first one is forgiven. By the time people walk away they are so screwed, and for so long, that they could really give a rat’s ass about how it affects anyone else in the neighborhood.
I’m not saying that there aren’t deadbeats, but I think that right now the majority are people who would rather not walk away but don’t have any other logical choice.
June 22nd, 2010 at 10:10 am
There’s only two in my old townhome complex in Eagan off Diffley for the last year. That’s not too bad considering there’s several hundred units. I sold my unit last year for less than I paid for it in 2001 and I know that many of my old neighbors are stuck there because they are upside down, having bought in the early part of the last decade when values were jumping way up. My association tried, and failed to prevent rental units and that’s not helping anything either, as more people who can’t sell are renting out their units and moving elsewhere.
June 22nd, 2010 at 11:00 am
We are horribly upside down in our home, having purchased near the height of the market. We also made a bad mistake and took out an adjustable rate mortgage. Our thought was that this would be our home for 3 or 4 years, and then as our family grew we would sell it and move on. This is our second home, the first was a townhome and we purchased with an ARM, lived there for 4 years, sold it, made a nice profit and moved into this home.
Well, that scenario clearly did not work out the way we hoped the second time around. So, now we have a 300K house that we owe 265K on, that is probably worth 220 to 240K max. And an ARM that can adjust upwards every single year. Currently the index is low enough that we have not had an adjustment, but its certainly in the back of our mind. We have talked to the bank(s) and have been told that if we are not behind in our payments, we should not be bothering them. So, we are at an impasse. Great credit, some money in the bank, and a ticking time bomb for a mortgage.
Our thought/hope was to have the bank lock in our Mortgage at its current rate. We are not asking anyone to forgive any of the money we owe. We are not even asking for a lower rate (although our current rate of 5.85 is quite a bit higher than market rates). All we want is to make sure we dont end up as another foreclosure in the event that rates do start to jump upward.
So, sorry about the sob story. I dont expect anyone to feel bad for us, and I understand the bank not wanting to work with us. But, I also FULLY understand people just saying to hell with it and walking away. US Bank has been 100% horrible to us in every attempt we have made to discuss this with them. We dont qualify for any of the govt programs, as US Bank never sold this loan to freddie/fannie. Oh, and while our rate can adjust upward, it cant go down, which I guess we did not understand.
June 22nd, 2010 at 11:16 am
Chad,
An unfortunate situation no doubt. I’m sorry to hear about your troubles all around. A question for you: if you were decide to walk away from it would you destroy your house (putting holes in walls, smashing cabinets with a sledge hammer, etc) due to the frustrations you experienced?
June 22nd, 2010 at 11:35 am
I dont think there is much chance that we would ever walk away. If it were to happen, no, we would not destroy anything either. And I dont mean it to sound like we are in a horrible situation. We are able to make our payments and still live in the way we want. We pay a little extra each month (very little), and try to get ahead so that when the mortgage does adjust upward we are insulated a little bit.
The mistake was ours, and I dont blame the bank or anyone else. I do however become frustrated that while the bank is perfectly comfortable with us owing them far more than the house is worth, they are uncomfortable helping us to restructure our loan in any way. Its sorta stupid business. If we walk away, they lose. If we were to do a short sale they lose. If we trash the house and walk away, they really lose. If they said, here you go, pay us a processing fee and we will lock you in at your current rate until your house is above water, they would pocket a processing fee, take on zero additional risk, and possibly prevent a future foreclosure.
Easier just to take the govt billions (our tax dollars) and tell us to take a hike though I suppose.
June 22nd, 2010 at 11:43 am
From what I can figure out, the banks really aren’t stepping up to the plate and helping the situation at all.
2 years ago, the unit adjacent to mine was for sale, and was going as a ‘short sale.’ The owner was upside down, and getting further behind, and moving out of state. I decided to buy the unit before it actually went all the way into foreclosure, to protect my own property value. I made an offer, which the seller accepted right away. Problem was, the bank wouldn’t get their act together and do anything about it. It took nearly 4 months for them to accept the offer, and in the meantime they foreclosed on it. I’m sure it made some sort of sense for them, but to me, it was a stupid waste of time & money.
At the time (the start of the downturn, or actually a bit after it started) it seemed like a good idea. The lower level was unfinished, so with some work, I felt I could probably make my money back out of it. I’m still working on it, 2 years later, but I figure it’s OK, the market hasn’t quite recovered yet anyway. Hopefully the market starts to turn around again in another year, and I can sell it.
June 22nd, 2010 at 11:55 am
ARMs can be bad, and certainly were for many depending on timing. Banks have processes that tend to be pretty stupid. The processes to help you often can not be triggered until you actually show you need help (I.e. do pay the bank for a couple months).
You usually see an up-tick in foreclosures around when ARMS adjust. When the Government continues to buy back bad loans or foreclosed loans, financial institutions are unwilling to work with homeowners. The bank can get more money from the government, even if they have to hold on to the property for a few months than they can make working with you, or allowing a short sale.
The house we are currently in had an ARM mortgage on it, it is our first home. The mortgage is FHA backed and thus is probably better to deal with than others without FHA backing, i.e our rate would go down as the index went down and max change was .5% per year. Two years ago we were able to convert this to a fixed rate mortgage, still FHA backed.
In our neighborhood, the house across the street has seen a few families through it. With the last family having the home foreclosed on them and they moved out in October of last year (they had bought it at the peak). The rest of the families in our area are all people that these houses were new to them. Thus they have been here since the late 90′s. After next year everyone’s kids will be done with high school. I expect to see some consider moving in the next 2-5 years.
The biggest problems with rental property are nearly always due to landlords who don’t know what the heck they are doing or trying to get by on the cheap.
June 22nd, 2010 at 1:13 pm
I was surprised to find out that the neighbor across the street has gone into foreclosure. I knew they were having issues but now the home is up for sale for about $40,000 less then what they paid for it.
Honestly I saw this coming a long time ago. I work in a field where we deal with people purchasing homes and we saw a lot of people buying homes with nothing down. They were living paycheck to paycheck and then saw a home that they “wanted” with nothing down they’d buy it! I don’t think it’s all the mortgage/closing company/banks fault either. If you can’t afford the payment and you have nothing to cover the costs just in case then how stupid can you be. This mentality of I want therefore I can have it is absolutely insane.
June 22nd, 2010 at 2:10 pm
Mary, you are 100% correct. The people made a mistake, although in my opinion, the stupid one is the bank. The agreement they made with the borrower was that the borrower would pay them a certain amount of money each month for a period of time OR the bank would get the property. Once the borrower determines its no longer financially prudent to continue making the payments, the bank should not be surprised when the borrower chooses to forfeit the property.
June 22nd, 2010 at 3:41 pm
A few comments, While I did not wreck my house during foreclosure it was trashed in a way.
There is a element of denial ESP if what triggered your foreclosure was due to wrongly losing a job. Anyway, I often wondered why people left a home a mess.
I got foreclosed the week before Christmas. I rented a 10×10 storage locker and had a rental for only a few hours. I had to be out by midnight, the truck filled up, the garbage filled
Up. Emotions are running wild. We started putting things in bags and throwing it in corners because I had no room to take things with me. With I being mid winter we tracked in wet snow all over the carpet. And by the end the place was a mess. But it wasent something planned. For many losing a house is painful. I’m not proud how the house ended up looking like but I would not blame many. Now I’m not saying it’s ok to put holes in walls etc.
As far as the banks, I admit I had a lot of anger. I was a member of the credit union for 34 years. But I did sign a contract. The bank does not care NWA let me go wrongfully an my union was a bunch of selfish cowards. But banks need to do more but they don’t have to.
The news reported the other day that some boats cleaning up oil were told to stop by the coast guard because the coast guards wanted to do a safety check on several ships making sure they had life vests and stuff. Meanwhile the oil they were fighting washed up on the shore.
Now the coast guard had every right to do it but the question is should they just because they could? The same applies to the banks.
I told my bank I could do $500 a month for a year and then was willing to go back to my original payment. This would have allowed mento keep my house and in the end the bank would get their money. Instead the bank decided to take a $60,000 plus hit. Banks are not obligated to help but I do believe they need to weigh the lesser of 2 evils.
When you look at that map I don’t see just foreclosures I see people who won’t be able to buy a car or anything with a loan for years. Spending for these people will dry up because they can only use cash. Yes some people abused credit but not all.
It’s all just sad.
June 22nd, 2010 at 4:26 pm
ARM’s are the problem as much as the “Pay option ARM” Under these loans, you pick your payment. Can anyone tell me how that was a good product? Just pay us what you want each month, because property values always go up, you will make lots of money!! Only problem, is noone told these folks that the mortgage balance would actuall INCREASE in these loans over time. I still believe that owning a home should never be a right. Only those that can afford them should be allowed to buy. That was not the case and thus when the market went bust, it hurt many people.
Unfortuante for those affected, but did these people really think they could buy a $250,000 home with only a $30,000 income? That match just doesn’t work for me.
June 22nd, 2010 at 7:29 pm
The whole situation is just a big ugly mess, and it’s going to a be long time yet before things get back to normal.
The people who bought more house than they could afford aren’t what’s driving the current foreclosure activity anymore — they were at first, but now it’s people who’ve lost jobs, had to move to keep their job, gotten divorced, etc. And in some cases it’s people who’ve just decided that there’s no more point to throwing good money after bad and decide to let their bank deal with it. Considering how much of a hassle short sales are on both sides, not to mention how they can hurt your credit almost as bad as a foreclosure (same with deeds in lieu), I’m not surprised at all that people walk away, and don’t really blame them either as long as they’re civil about it, especially when they’ve tried all of the other options.
The map is pretty interesting. There’s only a couple near my parents’ home in Lakeville, and a lot of streets in their neighborhood don’t have any. But it’s an older neighborhood (well, by northern Lakeville standards; the first houses went in 23-24 years ago), so that seems to make a difference. There’s two in my townhouse development, but I know there were a few more in 2008 and early 2009. But now I’m glad we didn’t get the first place we made an offer on in Burnsville, since that neighborhood has had a ton of foreclosures.
The impact on the rental market has also been pretty considerable too — just as with owning a home, more units on the market means prices go down. The apartment complex I used to live in not only costs than when I moved out, but they also allow dogs now, and at a higher limit than my HOA does. And Mikeh is right about landlords not knowing what they are doing, particularly when they are “accidental” landlords and not professionals or those who have done it for a while.
At least in the cities proper, there are an increasing number of people buying up the foreclosed homes, since people want to live there and the foreclosed properties give them an affordable way to do so. But I don’t exactly see crowds of people clambering to move into suburban subdivisions.
June 22nd, 2010 at 9:24 pm
None listed in my neighborhood, but the map only goes back to June 2009. I know of one for sure that must be older than that. Point is that its a partial picture.
I find it crazy that there are names attached. I guess I never thought about if that type of information was public or not.
June 22nd, 2010 at 9:43 pm
Tim said it very well. The people getting forclosed on now are not the people who bought more than they can afford. They have been weeded out for the most part.
June 22nd, 2010 at 11:12 pm
There have not been any foreclosures in our neighborhood. Most of the folks in our block have been in their houses for 10+ years, so they were probably just lucky enough to buy before prices blew up.
One newer development a couple blocks to the north has had plenty though. These were the classic mcmansion houses and I think many folks just bit off way more than they could afford. Taxes alone on some of those pads are $6,000 to $7,000, so I can see where people could get sucked under pretty quickly. I’ve actually noticed somewhat of the opposite trend in that neighborhood though. Before the foreclosures I could almost walk down the street and pick house by house which ones were going to be foreclosed on. The yards were not kept up, they put in no landscaping, they would not put on a deck, and they just generally became more cluttered after it looked like the homeowner gave up.
After the houses were foreclosed and new owners moved in (sometimes for 200,000 less than the last owner) the houses were fixed up and maintained better. In a way foreclosures have benefitted the neighborhood because the new owners are able to take care of the homes better and can afford to do things like put in landscaping and finally put on that deck after five years. Foreclosure is horrible for the folks going through it, but in that case I think the neighborhood is actually better off.
June 23rd, 2010 at 12:05 pm
Chad-
Is your loan a conventional loan? Look at your HUD-1 settlement statement and see what box is checked (conv. or non-conv.)
If it is a conventional loan go here (http://makinghomeaffordable.gov/loan_lookup.html) and see which one has it. Also does your loan currently have Mortgage Insurance? If so most of the lenders we use their underwrriting guidelines deem those loans are ineligible for the program.
Also, are you certain the value has dropped that much? Did you get comps from the past 6 months or even more? I only ask because if you are under the 100% LTV you would be able to drop your rate and move to a fixed product, but with mortgage insurance of course.
best of Luck, BofA and US Bank are never fun to work with even on the wholesale side of things.
June 23rd, 2010 at 12:54 pm
linkstorinks, thanks for the thoughts and info. I dont have the HUD with me to look at, but I can double check. We did follow the steps outlined on that site, an determined that US Bank is holding our mortgage and it was never sold to the govt or to other investors.
We do not have PMI. I am not 100% sure on the value, but have checked a couple of the online services and had two different realtors give me estimates. We had considered going forward with a refi and using our savings to pay down the negative equity, but I did not really want to waste $300 on an appraisal if it was going to be more than was reasonable or financially prudent.
That is where a big part of the frustration has come from. US Bank wont talk to us or help us in any way, and I guess I thought that with the scope of this issue they would be falling all over themselves to help someone who called and said “Hey, here is 10k or 20k dollars I can pay down my balance with, can you help out by locking in my current rate?”
But, as it appeared it was going to be more like 40K, just to get back to 100% LTV, it just was not feasible.
June 23rd, 2010 at 1:14 pm
This is both sad and eye opening. I know there were a few foreclosures in my neighborhood but only see one now. I think most are resold and new owners are in. Chad, I am sorry you are going through this and the banks aren’t being reasonable. I do NOT understand why they would prefer to lose tons of money and deal with vacant foreclosed properties instead of helping the home owners stay in their home and keep paying or paying an adjusted amount. UGH.
June 23rd, 2010 at 2:14 pm
Great post and information, Bill. I often wonder what happens in our neighborhood in regards to foreclosures, but I’ve never looked it up. Lots to think about as we are hoping to move in the near future, but not sure if it’s going to become a reality.
June 23rd, 2010 at 2:21 pm
Crystal,
I posted on the Lazy Lightning Facebook page about looking up recent/current sales on zillow.com to give you an idea of how the market around you is doing. Being that we bought in at $169,000 and the houses in the area have recently sold for under $100,000 and are currently for sale at $140,000 to $150,000 (I’m assuming other people who need to sell for at least that much because they may be upside down), it doesn’t look like we’ll be moving for a long time.
June 23rd, 2010 at 2:24 pm
So depressing! I’ll be in the corner moping.
June 23rd, 2010 at 4:27 pm
I checked out the zillow.com. Lucky for us our house was purchased in front of the bubble. Certainly if we sold in June of 2006, we would have been better off then selling today(about 60K difference). I think zillow.com is optimistic as I doubt, in today’s market, I could get what they show for my home. Probably another 10k off that if I needed to sell today. Note in some cases it shows recent listing prices… i.e. it shows my in-laws town home at 334k and their shared wall neighbor at 179K. Uh, yeah, their home didn’t sell at 334k… so you can bet they’ll be living there a while.
June 23rd, 2010 at 8:09 pm
It will be interesting (though probably not in a good way) to see what happens to the market now that the homebuyer tax credit has expired. My guess is that sales will slow down, and as a result home values might go down a little bit more in the near future to compensate. I’m not sure the tax credit should have been done in the first place, though.
Yeah, Zillow can be inaccurate when it projects what a place can supposedly go for. Plus I don’t think it’s good at differentiating homes from one another. For example, my development has both units with one- and two-car garages, and the latter sell for about $20K more on average (not just because of the garage, but because they are end units and are also a little larger), but Zillow doesn’t seem to take this into account.
June 24th, 2010 at 9:07 am
The credit expired on April 30th. Home buying activity dropped 33% in May. The Commerce Department released figures showing that home sales annual pace may struggle to hit 330,000, the lowest since 1963. Looks like the shit started hitting the fan yesterday.
http://www.bloomberg.com/news/2010-06-23/sales-of-u-s-new-houses-plunge-to-lowest-level-on-record.html
June 24th, 2010 at 6:18 pm
June 30th is the last day to close for the tax credit as well.
Zillow is ok, but not a great way to estimate values as they also just pull tax values. I can tell you I have had many appraisals that were quite different than what Zillow estimated. It is a good guide but in no way fail safe on true value.
January 27th, 2011 at 8:26 am
The basd news is that the problem does not seem to be going away. I thought we would have a few bad years and the foreclosure numbers would go down. We are still at record highs in so many areas.
January 27th, 2011 at 10:03 am
Unfortunately, I don’t think we’re anywhere near the end of this yet. There are still far more homes available than buyers, which only drives prices down further, causing more homes to go into foreclosure/short sale/etc, which then drives prices down more…rinse and repeat.
January 27th, 2011 at 10:15 am
Its certainly a cycle that seems to feed itself. I think you have a whole section of home buyers who in years past would have been moving on from first homes into bigger houses for bigger families, who are simply stuck. Or, if not stuck, forced to make the decision on if they should remain stuck or walk away.
January 27th, 2011 at 10:19 am
Chad,
We certainly fall into the category of being stuck. We purchased at the height of the boom it would seem for townhomes (2004) and originally planned to be out in 5 years and on to something larger which would support the family which has grown +1. As of 2009 we just had to refinance and deal. At this point, much to my wife’s dismay, we’re stuck in more ways than one due to the small size of our home.
However, my mortgage payments are lower than the vast majority of renter’s monthly rents (including heat) and I’m grateful for not overstepping my bounds by any means.
January 27th, 2011 at 10:33 am
We are stuck as well. While the size of our house is fine for our family, its not the place we thought we would settle into as our home to grow old in. 5 or 6 years later, here we are.
The amount we owe continues to fall, but the value continues to fall faster. I know many of our peers are in the same boat, and I dont see anything that would fuel a change on the horizon. Nasty Cycle.
January 27th, 2011 at 10:57 am
This thread is depressing. It is way more fun talking about Pizza and Beer while making fun of dirty smokers.
January 27th, 2011 at 9:06 pm
It only gets worse, it is to the point now that if you were doing o.k. a year ago, you likely are negative in equity today, and would have to write a check to sell your house. I know I’m there. I know from friends of at least 3 families in Dakota County that had to walk away from their primary residence. They tried to sell, tried to short sell, and in the end, couldn’t do it. Mostly due to changes in employment that left them needing to downsize, and the market simply not supporting that.
It really has become a cluster.
January 28th, 2011 at 7:53 am
This is a dead horse, but I still dont understand the govt or banks roll in all of this. If the govt had not given billions to the banks, I feel that the banks would have been forced to actually work with people to defuse what is essentially a ticking time bomb.
February 24th, 2011 at 11:24 am
More good news
http://www.msnbc.msn.com/id/41715313/ns/business-real_estate/
Don’t worry about the banks. The government will squeeze them. Obama is currently pushing to force banks to pay fines of over 20 billion or give write downs on the principle for mortgages that are upside down. Of course 20 billion is literally a drop in the bucket.
February 25th, 2011 at 4:54 pm
I just can’t look away. To put the above 20 billion the Government wants to use to force banks to write down loans, we have the following information
http://www.ibtimes.com/articles/90485/20101209/home-values-lost-real-estate-tax-mortgage.htm
February 25th, 2011 at 10:13 pm
Yeah, it’s a plan with a lot more possible downsides than upsides. Even as someone who tends to be pretty Keynesian, I don’t think it’s a good approach.
April 30th, 2011 at 7:47 pm
Found an old issue of Thisweek from July 9th, 2005. Discussing the rising home values and possible “bubble”.
Even with housing prices raising in some areas rising over 15% (over 2 years) at the time, no one could see the real trouble coming.
July 19th, 2011 at 2:19 pm
Imagine this: http://consumerist.com/2011/07/neighbors-are-mad-at-guy-who-got-330k-house-for-16.html
July 19th, 2011 at 7:36 pm
Pretty funny…. Are there no property taxes that the guy has to take care of for 3 years?
July 20th, 2011 at 9:06 am
Whoa. I don’t necessarily blame the guy’s neighbors for being unhappy — I don’t much like it either when someone buys a unit in my development for half of what I paid, for example — but the guy didn’t do anything wrong and his neighbors have to accept that, just like I do.
July 20th, 2011 at 2:12 pm
I’ll bet he doesn’t get to keep it, as one of the comments from the link said that even though the mortgage company went belly up it’s likely someone picked up that paper (or it fell back to some other lender somehow) and it’s just a matter of time before they find it and re-assert their ownership and he gets kicked out for trespassing.
Besides that, he may be on the hook for any back association dues since they should have placed a lien on the property after a certain point. I know secondary liens “fall off” the mortgage once foreclosed, but in this situation where the mortgage company is out of business who knows?
May 29th, 2012 at 8:24 am
CNN Breaking News:
Lovely.
May 29th, 2012 at 9:13 am
That doesn’t jibe with earlier news reports that prices were up from a year ago.
Depends on who you ask I guess.
May 29th, 2012 at 11:01 am
House next door is in foreclosure. They haven’t take care of it for years and have left it in a total state of disaster. Stinks to high hell from over there-I hadn’t seen anyone pick the garbage up for months. Power has been out for a month or so. Dog crap everywhere. While I feel bad that these people lost their home, their original mortgage was around $180,000 and the bank bought it at sheriff’s sale for $260,000 so obviously it had been awhile since a payment was made and they never did any repairs or anything (including mowing the lawn) so the house looks like total crap, so the bank will take a real loss on that one. Neighbors complained to AV code enforcement many times, and last week, nearly all of us got letters that we were out of compliance because our garbage cans were on the side of the house not shielded from the neighbors… I guess I will shield my garbage can now from a house that just threw their garbage in the back yard and left it to stink in the hot sun… Crazy, but I guess the law is the law… With that garbage house next door, I’m sure my value if I went to sell would be down a lot more than 2.6%..
May 29th, 2012 at 12:29 pm
Patti O,
Do you live next door to Kassie?