Carlsbad Foreclosure faces $120K+ loss
Listing Info:
Previous Sales Info:
Remarks:
Purchased in 2005, this owner's ARM exploded out of control, and the bank is left to clean up the mess.
The owner is partly to blame, but the lender should be audited by the government for extending bad loans to unqualified buyers, gov't should revoke its license. That is the only way these lenders will get a conscience.
9 comments:
This house seems to be empty. So, I assume this house was bought by the flipper. You have to add the interest and maintenance fees like tax & association for over one year to the loss also!!!! The flipper derserve the big loss!!!
More info:
Sale History
01/29/2007: $756,000
The lender took over for $756K, so the net loss is over $144K + carrying cost for over one year!!!!!!!!! Money easy comes, easy goes, flipper.....
Bob, i disagree, the goverment shouldnt step in, to inforce different lending regulations or bail out the banks, they should let it all burn... only then will these assets (liar loans, IO loans, negam loan etc.) be priced properly...
Bob,
Great find. $125,000 isn't chump change. Eventually we will be seeing more of these bad flips considering the subprime time bomb that we will see going off this year. Who will buy this place? More importantly, who will finance this place. Like you say, it takes two to tango and the government needs to enforce regulations to limit this type of predatory lending.
This type of financing led to the massive bubble mania in Florida in the early 1900s. Easy money has a price.
Dr. Housing Bubble
DR HB
That place could sell 50 times for $756K tommorrow. The first lien holder was probably the same as the 2nd lienholder and simply foreclosed on the 1st lien. They should be able to sell in the mid 800's and recoup most of the loss on the 2nd.
I don't see how that house will sell in the $700K's let alone $800K's.
Look that house has $230 HOA plus $100 equivalent to an additional $60K 30-year mortgate.
Who would pay $900K to live in Carlsbad? With that much money, people can live in Delmar.
I walk around the area. It so happened I was allowed inside by an agent showing a client. It is indeed EMPTY
First the house backs up to Rancho Santa Fe RD and the traffic noise is horrendously loud.
They left the house thrashed. All knobs from kitchen and bathroom cabinets ripped out. All mirrors from bathroom walls ,Light fixtures gone.Thermostats ripped out. Stove and refrigerators with grease all over.They moved the washer and drier and damaged the mouldings.Carpetting has to be replaced.
Fixtures removed.Crown mouldin in kitchen and dining area ripped out. Built in Shelfing in Kitchen and living room ripped out with huge gaing hods and dry wall exposed.
It will need about 75,000 to restore the inside. There is no Landscaping .The yards are bare. Again traffic noise from the back is terrible. This will take another 100,000.
Tops $695,000 if you can live with the noise go ahead. The listing agent is a slime ball so be careful
Is the lender Freemont or one of the subprime lenders?
They deserve it. They are responsible for the run up(inlated) prices in the market. When Scam artists can get loans something is wrong.
I luv it.
The realtors are party to this fraud along with the appraisers.
Wow! if the interior was as well maintained as the exterior appears to be (NOT) this place is a friggin dump! Who the hell are they kidding with that price? This one will languish on the market a while I bet.
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