Last week’s foreclosures (Glendale, La Canada, La Crescenta and Montrose)
Interesting to note that all of these, except the La Canada homeowner, lost their homes because they over encumbered them and spent their equity. The La Canada owner bought with 0 down, probably had a payment increase (recast) and decided to walk. No matter what the reason, it is tragic to lose your home.
Glendale Chevy Chase Canyon
Purchased: 7/03 $575,000
Total Liens: $655,000
1st $590,000
2nd $65,000
Glendale Chevy Chase Canyon/Adventist neighborhood
Purchased: 6/02 $400,000
Total Liens: 674,000
1st $604,000
2nd $70,000
This one was listed at $549,000 for 242 days and the listing expired in March (subject to short sale approval)
(Northwest) Glendale
Purchased: 6/05 $635,000
Total Liens: $768,000
1st $508,000
2nd $185,000
3rd (private party) $75,000
This home was listed at $499,000 for 248 days and the listing expired in April (subject to short sale approval)
Glendale Valley View Condo
Purchased: 3/02 $265,000
Total Liens: $343,200
1st $343,200
La Canada (near freeway)
Purchased:1/07 $610,000
Total Liens: $610,000
1st $488,000
2nd $122,000
La Crescenta
Purchased: 8/04 $369,000
Total Liens: $590,000
1st $472,000
2nd $118,000
This home was listed at $405,000 for 133 days and the listing expired in March (subject to short sale approval)
Regarding the three homes listed subject to lender's approval of short payoff- each was listed for less than the amount owed on the first. So, in addition to convincing the 1st TD holder to write off a loss - the listing agent would then need to convince the 2nd TD holder (and in one instance a 3rd too) to "suck it up" and accept nothing. No wonder short pay offs seldom pan out.
Trackbacks
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5/1/2008 12:51 AM
Los Angeles Real Estate Blog wrote:
Where were we one year ago -
5/6/2008 2:35 PM
Los Angeles Real Estate Blog wrote:
Los Angeles Times: "When the source of the problem is a decline of the value of the home well below the mortgage's principal balance, the best solution may be a write-down, perhaps combined with a government-orchestrated refinancing", Bernanke told a Columbia Business School audience. Absolutely not!!! If the bank elected to take a risk by making loans to people with small down payments, this is the bank’s problem - people owe more than their home is worth. Let the bank figure it out, they can offer to lengthen the term of the loan to 40 years if ...
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