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View Full Version : Who opened the floodgates with Foreclosures



LhcBrad
11-04-2007, 11:50 AM
I have been getting e mails listing Foreclosures in and around Lake Havasu.I usualy get 3 or so a day until TODAY Yikes!!! I got a ton of them today. Did it get this bad this fast? Or have they been saving up to send them all in one today?
This list is from WWW.FORECLOSUREFREESEARCH.COM and no its not a free plug for them i only get e mails from them. I do not get numbers for the streets i only get the street name since i do not pay for this.
FORECLOSURES
Kingman
Address: S 3Rd St
Kingman
Address: N Prescott St
Kingman
Address: Cimmaron
Kingman
Address: Yuma
Kingman
Address: Cimarron Dr
Kingman
Address: N Jerome St
Lake Havasu City
Address: Seabring Dr
Lake Havasu City
Address: Sunchief Ln
Lake Havasu City
Address: Llanos Dr
Lake Havasu City
Address: Tailstar Ln
Lake Havasu City
Address: Cactus Dr
Lake Havasu City
Address: Corral Dr
Lake Havasu City
Address: Avalon Ave
Lake Havasu City
Address: Canal Ln
Lake Havasu City
Address: Jennie Ln
Lake Havasu City
Address: Winterhaven Dr
Lake Havasu City
Address: Aloha Dr Lake Havasu City
Address: Saddleback Dr
Lake Havasu City
Address: Indian Pipe Dr
Lake Havasu City
Address: Winston Cir
Lake Havasu City
Address: Wigwam Dr
Lake Havasu City
Address: Thunderbird Dr
Kingman
Address: E Hearne Ave
Kingman
Address: E Lass Ave
Goldenvalley
Address: So Hi Blvd
Goldenvalley
Address: Burro Dr
Fortmohave
Address: E Owens Lake Dr
Fortmohave
Address: E Desert Palms Dr
Fortmohave
Address: E Mesa Verde Way
Fortmohave
Address: E Sandtrap Ln
Bullheadcity
Address: Fort Mojave Dr
Bullheadcity
Address: Mercer Ct
Bullheadcity
Address: Hancock Rd
Bullheadcity
Address: Millar Dr
Bullheadcity
Address: Millar Dr
Bullheadcity
Address: Hancock Rd
Bullheadcity
Address: Swan Dr
Bullheadcity
Address: Millar Dr
Bullheadcity
Address: Ramar Rd

maxwedge
11-04-2007, 12:22 PM
Probably all those all belonged to Britney Spears. Part of her 49k monthy mortgage.:D

spectras only
11-04-2007, 12:47 PM
BS makes 700K a month :rolleyes: , so she can afford those monthly payments :idea: :)

TCHB
11-04-2007, 09:24 PM
Ouch!!!!!!!!! Yes the old Havasu hot market is all but stopped for the moment.

3 daytona`s
11-04-2007, 09:36 PM
BS makes 700K a month :rolleyes: , so she can afford those monthly payments :idea: :)
:idea:

hoolign
11-04-2007, 10:25 PM
Unless a major industry in Havasu just shut down causing people to lose their homes...I'm LMAO at the posers who just got a dose of reality..it don't pay to try to keep up with the Jones's..unless you realated LOL:D

HocusPocus
11-05-2007, 07:16 AM
It don't pay to try to keep up with the Jones's..unless your related.
thats a keeper.

bigriverdog
11-05-2007, 07:36 AM
Looks like those teaser rates have all kicked in. It's not just Havasu. I'm an appraiser in the Inland Empire and it started 3 months ago. Pretty sad.

Big Warlock
11-05-2007, 07:44 AM
Unless a major industry in Havasu just shut down causing people to lose their homes...I'm LMAO at the posers who just got a dose of reality..it don't pay to try to keep up with the Jones's..unless you realated LOL:D
Nothing to do with Havasu per sea. It seems to be nationwide! Going to hurt for awhile. :idea:

Baja Big Dog
11-05-2007, 07:52 AM
Unless a major industry in Havasu just shut down causing people to lose their homes...I'm LMAO at the posers who just got a dose of reality..it don't pay to try to keep up with the Jones's..unless you realated LOL:D
Man..thats the quote of the day!!!:eek:
Real estate, ...its should be its own reality show!! Call it, ?????????

MBlaster
11-05-2007, 07:53 AM
2008 should be the bottom. Credit markets and mortgage insurers have to finish taking a bath first.

socalmofo
11-05-2007, 08:32 AM
2008 should be the bottom. Credit markets and mortgage insurers have to finish taking a bath first.
I agree.

boatsntoys
11-05-2007, 08:58 AM
All these people gotta have boats. Don't think many havasu homeowners are there with out one. I'm sure those boats are selling really cheap. Wish I could find them.

LhcBrad
11-05-2007, 09:05 AM
The boats might be in the garages or have been repossessed. Ive heard of some people just walking away from all debted items They got in the car and drove East to start over. I think the car was the only thing paid for. I know of 2 people who have done this.

BEER&WATER
11-05-2007, 09:10 AM
currently 84 property's in the MLS listed bank owned /foreclosure in havasu
https://www.wardexre.com/war/maildoc/sd_AAAa000Wp20071105120615.html
https://www.wardexre.com/war/maildoc/sd_AAAa001jE20071105124300.html
https://www.wardexre.com/war/maildoc/sd_AAAa001vB20071105122727.html

boatsntoys
11-05-2007, 09:12 AM
I think 08 is a dream. I read that a record was set in Oct.07, 50 Billion in loan resets. These homes won't hit the market for 5-8 months. Then is March of 08 the loan resets start hitting over 100 billion each month through the entire year. These homes won't reach the market till the end of 08 into 09. I have a friend that has not made a payment on his house for 7 months, the bank has not even filed a NOD yet. The banks don't want to show bad loans on their books. This runs a lot deeper than we all think. Election year, fuel prices, tight credit. the list goes on and on. We're in for 4-5 years of crap. Of course in the long run..........................

socalmofo
11-05-2007, 09:15 AM
I have a friend that has not made a payment on his house for 7 months, the bank has not even filed a NOD yet.
I HIGHLY doubt that! I would bet money that is not an accurate statement.

boatsntoys
11-05-2007, 09:19 AM
I HIGHLY doubt that! I would bet money that is not an accurate statement.
Thats what he tells me. I know he has not made a payment since March, still lives in the house and no sale date has been set as of yet (I always look)
He could be bulls--ting about the NOD. but he is still in the house, that I know.

WaterJunky
11-05-2007, 09:21 AM
Many people and many banks got stupid a few years ago. I am just hoping that that bleeding hearts trying to get elected do not decide to do a government backed bail out. If there is a bail out, this will all just happen again. Better for the economy to take the licks for the next year or so and learn a lesson (for a few years anyway).
The other side of it is those of us who planned well will be able to buy some of the houses, boats and toys others lose for a good price.

boatsntoys
11-05-2007, 09:24 AM
Many people and many banks got stupid a few years ago. I am just hoping that that bleeding hearts trying to get elected do not decide to do a government backed bail out. If there is a bail out, this will all just happen again. Better for the economy to take the licks for the next year or so and learn a lesson (for a few years anyway).
The other side of it is those of us who planned well will be able to buy some of the houses, boats and toys others lose for a good price.
Thats true, the money never really dissappears. It just gets re-distributed. I hope some of it gets goes my way ;)

Freak
11-05-2007, 09:47 AM
I think 08 is a dream. I read that a record was set in Oct.07, 50 Billion in loan resets. These homes won't hit the market for 5-8 months. Then is March of 08 the loan resets start hitting over 100 billion each month through the entire year. These homes won't reach the market till the end of 08 into 09. I have a friend that has not made a payment on his house for 7 months, the bank has not even filed a NOD yet. The banks don't want to show bad loans on their books. This runs a lot deeper than we all think. Election year, fuel prices, tight credit. the list goes on and on. We're in for 4-5 years of crap. Of course in the long run..........................
Your spot on.....we are only 20% into this mess. The resets in the tens of millions go all the way through 08. I can't remember if March or May is the D-Day month but something like 80mil reset in that month alone.

Freak
11-05-2007, 09:48 AM
Thats true, the money never really dissappears. It just gets re-distributed. I hope some of it gets goes my way ;)
Incorrect....if all debt was paid off there would be no money. Your money is just based on debt.

Mandelon
11-05-2007, 09:49 AM
Sad to say, but IMO we are still at the beginning. There are still a lot of loans to reset and it takes 8 months or more before they go under and get back on the market as a foreclosure. Prices are still too high.
Down here Countrywide is going to try and rent some of their REOs to fire victims.....that's going to be interesting for sure. I think its a mistake, but it will look better for them accounting wise I guess.

boatsntoys
11-05-2007, 09:52 AM
Incorrect....if all debt was paid off there would be no money. Your money is just based on debt.
Doesn't somebody somewhere have the money these people lost?

Freak
11-05-2007, 09:54 AM
I think Enron proved once and for all that the "too big to fail" theory is long dead and gone.
Enron kept itself discreetly on life support for a long time...how? Creative book keeping. Complicit accounting firm. Political connections. None of these could save it in the end. They all kept it alive long enough to insure that it imploded suddenly and quickly.
I see no reason why the same recipe for disaster can't apply to Citi. CITI admits to another 10 ****in billion dollars of loss.
And the Fed just gave them 40 billion on thur.
Every department in Citi , I am sure, is looking through the rosiest glasses they can put on and beliving it. So, I think it likely the quarterly results were way off. People will do anything to avoid being considered losers particularly geeky overachiever types . They are not programmed to lose and when they do somebody stole the award they should get. Every organization refuses to believe when they might be the blamed. People get canned and if you think that is a possibility you hide even more to get a paycheck longer.
Citi has reported a pittance, a quarterly decline. How about two years profits in the past as loss for the current year to date. Hell, I survived in a company that lost five years earnings in one year. But banks are hugely different. Want to see what will happen, try googling " Continental Illinois National Bank & Trust Co. . Banks owe claims by someone and their assets are claims by the bank on others. That makes them highly vulnerable in the electronic age. Still, the Feds could easily cover the runs. The problem is stopping loss of confidence in books cooked for twenty years at least. Cooked books makes "Hot Money" run very fast.

Freak
11-05-2007, 10:01 AM
Doesn't somebody somewhere have the money these people lost?
Are you asking if someone somewhere has the electronic digits created out of thin air?
What is money??? This sums it up well.
"People seem to have trouble grasping how money is actually debt, and how particularly debt-based money relates to economic growth requirements. The following is an explanation from what I have found in reading about it from a number of sources. It is long but when people start to understand the interconnectedness of debt and the economy most find it very interesting. So here goes my best shot:
All nations currently have a money system based upon the creation of money being made through the issuing of loans.
If you go to Superb Bank Plc and take out a $5,000 personal loan, Superb Bank Plc needs roughly 10% of that loan amount in deposits in their bank in order to issue you that loan. So, assuming a $500 deposit in the bank that has not been used as 10% deposit on another loan, that means Superb Bank Plc can then create $5,000 via the signing of a bank manager's pen. The bank charges you, let's say, 12% APR interest.
Before we go on to how that relates to the economy, let's explain what can happen then and how this relates to further money creation.
You now go and splash out on a second hand car, previously owned by Bob. Bob, through the sale of that car, then goes to Brilliant Bank Plc and deposits that $5,000 into his account. It's his current account, so whilst Superb Bank Plc are charging you 12% interest, Brilliant Bank Plc are only giving Bob on his current account around 0.5% interest on that same $5,000.
Here's the crux though; the banking system then does not distinguish between unpaid debt and debt that has been paid back. In fact, under this money system, both are hard to define. So, Brilliant Bank Plc, with Bob's new $5,000 deposit created by the manager's pen at Superb Bank Plc, can then create a further $50,000 on this just-created money.
Whilst they are giving Bob 0.5% interest on his $5,000 deposit, they will charge let's say 12% interest on that $50,000 created money. They can make prospectively $6,000 in the first year (before compounding takes place if you do not repay) on that $50,000, create by the manager's pen, whilst Bob only gets $25 in the first year from his $5,000 deposit. Also, you are also being charged 12% on your $5,000 loan as well by Superb Bank Plc.
You get compound growth with your savings, hence the reason why banks only give very small interest on your savings - if they didn't, over time, 12% growth per year in interest on your savings would grow to very large amounts over a relatively small number of years. Over 10 years, with no repayments, with a $50,000 loan at 12% interest you would owe the bank $155,000. On Bob's savings of $5,000 - from which that money was created - at 0.5% interest, after the same amount of years his savings deposit would be worth $5,250. A net difference of $150,000.
Why Do Some Banks Offer 6% Interest On A Savings Account, If Only For A Short Period?
You will find this often in new bank startups. Many internet banks have offered such interest rates due to lower overheads than highstreet banks. However, most of the time they then (without reporting to you directly) reduce that interest rate down to a more modest level. Why do they do this? They need deposits first in order to make loans. By inticing people to move money to their accounts via high interest, and it is notoriously difficult to get people to change banks for any reason, they may then make more and more loans. After that, their profits grow.
Now we see how and why the banks make such large amounts of profits, whilst actually producing very little, and also why it is better for them if you don't actually pay back your loan.
The darker side to this is also, that commercial banks actually decide the direction of the economy by issuing or refusing loans.
Given that created money can then be used in another bank to make more created money, it is easy to see how this process can end up generating huge amounts of debt very quickly. In fact, besides paper money, it is estimated that 97% of money in circulation is now debt. Meanwhile, the only work the bank has to do is issue enough loans in order to cover all interest payments on deposits - which in most accounts are devaluing with inflation anyway. Statistically, all that requires is well-designed marketing campaigns targetted at the general public - it is virtually guaranteed that given a marketing exposure to the population, a certain percentage will then take out a loan providing that the potential benefits are communicated well.
So how does this relate to economic growth requirements? The problem that arises with the system is this: where does the money come from to pay back the interest on loans?.
Ultimately, this money must come from the issuing of new loans somewhere else within the financial system. Otherwise, somewhere along the line, someone will be finding it impossible to pay back interest on their existing loans, and bankruptcy will follow. Also notice, for interest's sake, that many people give their labour to receive money created by the pen of bank managers, who then profit out of that loan issue without doing any work for it. Now we know why owning a bank is such a great thing in this soceity - it is almost wealth without work.
Overall, then, this means that for debt to be constantly repaid, new industries and new markets must constantly be found and consumption of goods and services must therefore also rise, otherwise those new markets and industries would not be successful at generating sales. This is why our current economy requires growth and therefore growing consumption of products to remain coherent."
In the end not enough debt is now being created to keep things afloat in the housing market.

boatsntoys
11-05-2007, 10:10 AM
Are you asking if someone somewhere has the electronic digits created out of thin air?
What is money??? This sums it up well.
"People seem to have trouble grasping how money is actually debt, and how particularly debt-based money relates to economic growth requirements. The following is an explanation from what I have found in reading about it from a number of sources. It is long but when people start to understand the interconnectedness of debt and the economy most find it very interesting. So here goes my best shot:
All nations currently have a money system based upon the creation of money being made through the issuing of loans.
If you go to Superb Bank Plc and take out a $5,000 personal loan, Superb Bank Plc needs roughly 10% of that loan amount in deposits in their bank in order to issue you that loan. So, assuming a $500 deposit in the bank that has not been used as 10% deposit on another loan, that means Superb Bank Plc can then create $5,000 via the signing of a bank manager's pen. The bank charges you, let's say, 12% APR interest.
Before we go on to how that relates to the economy, let's explain what can happen then and how this relates to further money creation.
You now go and splash out on a second hand car, previously owned by Bob. Bob, through the sale of that car, then goes to Brilliant Bank Plc and deposits that $5,000 into his account. It's his current account, so whilst Superb Bank Plc are charging you 12% interest, Brilliant Bank Plc are only giving Bob on his current account around 0.5% interest on that same $5,000.
Here's the crux though; the banking system then does not distinguish between unpaid debt and debt that has been paid back. In fact, under this money system, both are hard to define. So, Brilliant Bank Plc, with Bob's new $5,000 deposit created by the manager's pen at Superb Bank Plc, can then create a further $50,000 on this just-created money.
Whilst they are giving Bob 0.5% interest on his $5,000 deposit, they will charge let's say 12% interest on that $50,000 created money. They can make prospectively $6,000 in the first year (before compounding takes place if you do not repay) on that $50,000, create by the manager's pen, whilst Bob only gets $25 in the first year from his $5,000 deposit. Also, you are also being charged 12% on your $5,000 loan as well by Superb Bank Plc.
You get compound growth with your savings, hence the reason why banks only give very small interest on your savings - if they didn't, over time, 12% growth per year in interest on your savings would grow to very large amounts over a relatively small number of years. Over 10 years, with no repayments, with a $50,000 loan at 12% interest you would owe the bank $155,000. On Bob's savings of $5,000 - from which that money was created - at 0.5% interest, after the same amount of years his savings deposit would be worth $5,250. A net difference of $150,000.
Why Do Some Banks Offer 6% Interest On A Savings Account, If Only For A Short Period?
You will find this often in new bank startups. Many internet banks have offered such interest rates due to lower overheads than highstreet banks. However, most of the time they then (without reporting to you directly) reduce that interest rate down to a more modest level. Why do they do this? They need deposits first in order to make loans. By inticing people to move money to their accounts via high interest, and it is notoriously difficult to get people to change banks for any reason, they may then make more and more loans. After that, their profits grow.
Now we see how and why the banks make such large amounts of profits, whilst actually producing very little, and also why it is better for them if you don't actually pay back your loan.
The darker side to this is also, that commercial banks actually decide the direction of the economy by issuing or refusing loans.
Given that created money can then be used in another bank to make more created money, it is easy to see how this process can end up generating huge amounts of debt very quickly. In fact, besides paper money, it is estimated that 97% of money in circulation is now debt. Meanwhile, the only work the bank has to do is issue enough loans in order to cover all interest payments on deposits - which in most accounts are devaluing with inflation anyway. Statistically, all that requires is well-designed marketing campaigns targetted at the general public - it is virtually guaranteed that given a marketing exposure to the population, a certain percentage will then take out a loan providing that the potential benefits are communicated well.
So how does this relate to economic growth requirements? The problem that arises with the system is this: where does the money come from to pay back the interest on loans?.
Ultimately, this money must come from the issuing of new loans somewhere else within the financial system. Otherwise, somewhere along the line, someone will be finding it impossible to pay back interest on their existing loans, and bankruptcy will follow. Also notice, for interest's sake, that many people give their labour to receive money created by the pen of bank managers, who then profit out of that loan issue without doing any work for it. Now we know why owning a bank is such a great thing in this soceity - it is almost wealth without work.
Overall, then, this means that for debt to be constantly repaid, new industries and new markets must constantly be found and consumption of goods and services must therefore also rise, otherwise those new markets and industries would not be successful at generating sales. This is why our current economy requires growth and therefore growing consumption of products to remain coherent."
In the end not enough debt is now being created to keep things afloat in the housing market.
Thanks for the lesson. You definately have a better understanding than I. But wasn't some of this debt turned into cash and stuffed into a pocket or bank account.

Wmc
11-05-2007, 02:02 PM
Thats what he tells me. I know he has not made a payment since March, still lives in the house and no sale date has been set as of yet (I always look)
He could be bulls--ting about the NOD. but he is still in the house, that I know.
It's true I have a neighbor who hasn't made payments for 7 months and he is still living in the house. It is currently in pre foreclosure and the bank hasn't put up a sign or anything.

socalmofo
11-05-2007, 02:57 PM
It's true I have a neighbor who hasn't made payments for 7 months and he is still living in the house. It is currently in pre foreclosure and the bank hasn't put up a sign or anything.
N.O.D (Notice of Default) and having a sign because it is an REO is 2 VERY different things. I GUARANTEE you that person had a NOD filed on the property a long tim ago.

essexjet
11-05-2007, 03:01 PM
It's true I have a neighbor who hasn't made payments for 7 months and he is still living in the house. It is currently in pre foreclosure and the bank hasn't put up a sign or anything.
An NOD is pre-foreclosure

boatsntoys
11-05-2007, 03:08 PM
If an NOD has been filed. Why are they waiting so long to get the thing foreclosed? I thought it only took 90 days plus 21 publication days and the sale is done. Or some kind of timeline like that. 7 months and as of the first it's 8 months. Still no sale date??

Jyruiz
11-05-2007, 03:09 PM
If an NOD has been filed. Why are they waiting so long to get the thing foreclosed? I thought it only took 90 days plus 21 publication days and the sale is done. Or some kind of timeline like that. 7 months and as of the first it's 8 months. Still no sale date??
Guess they don't want to flood the market with more floreclosure signs.:D

Mandelon
11-05-2007, 03:10 PM
Doesn't somebody somewhere have the money these people lost?
Yeah, the sellers....say you buy a house for $500,000 (or a big yellow boat for $50,000 ;) ) And a year later you can only sell it for $300,000. ( or $30,000 in the case of the slow banana) It is the price the market will bear.....the $200K is gone. The bank doesn't have it. You don't have it. The seller got it! :D
Sorry, the value has dropped. It only existed at the will of others, it wasn't really money to begin with. Buying something without intrinsic value is only worth what the next guy will pay for it.....I suppose everything can go down in value....even if its guaranteed...even that is only as good as the guarantor. Like Bonds or Treasury notes.
What good even is gold, if no one has the money to buy it?

boatsntoys
11-05-2007, 03:13 PM
Just spoke with my friend and he said it's been longer. He was 4 months behind in MArch 07. He made a deal with the bank to make his current payments and add a certain amount for the rears. He totally renigged on that deal and made no payment what so ever. So he is actually 11 months behind. Plus 2 years taxes. What could be the banks motivation to do this? Everyday they lose more. He's living for free. After they foreclose they still have to evict him, which will take a few months. THis first is 1,100,000. His amount to redeem is over 100,000.

essexjet
11-05-2007, 03:14 PM
If an NOD has been filed. Why are they waiting so long to get the thing foreclosed? I thought it only took 90 days plus 21 publication days and the sale is done. Or some kind of timeline like that. 7 months and as of the first it's 8 months. Still no sale date??
Usually an NOD is filled after 90-120 days late on there mortgage so it is possible that no sale date after missing their first payment 7-8 months ago.

C-2
11-05-2007, 03:43 PM
I'm also following another story of a guy 9 months without a NOD. He's waiting, and figures he'll start looking for a place to rent whenever they get around to filing the NOD. Until then, he too is socking away cash. It's a purchase money TD, so he will walk away without anything to bite him in the arse!
The guberment also has some emergency BK legislation trickling thru which would permit lenders to modify loan terms to allow debtors to stay in their homes. Currently they cannot do that.
Unreal, but apparently they are that swamped.

Mandelon
11-05-2007, 03:44 PM
Just spoke with my friend and he said it's been longer. He was 4 months behind in MArch 07. He made a deal with the bank to make his current payments and add a certain amount for the rears. He totally renigged on that deal and made no payment what so ever. So he is actually 11 months behind. Plus 2 years taxes. What could be the banks motivation to do this? Everyday they lose more. He's living for free. After they foreclose they still have to evict him, which will take a few months. THis first is 1,100,000. His amount to redeem is over 100,000.
I believe the bank doesn't have to book it until it follows through with the foreclosure. Your friend could have a heck of a tax problem when he gets all that "debt relief" that he'll owe to the IRS.....
Is he aware of that part of the "living for free?"

LhcBrad
11-05-2007, 03:51 PM
What do these houses look like i cant imagine someone taking care of them if no Payments have been made for 11 mo. If they are in bad shape have them E mail me pictures for my Blog E mail them to icantsellmyhouse@yahoo.com
I had no idea someone could go so long NOT making a payment i think its worse then we thought.

boatsntoys
11-05-2007, 03:51 PM
I believe the bank doesn't have to book it until it follows through with the foreclosure. Your friend could have a heck of a tax problem when he gets all that "debt relief" that he'll owe to the IRS.....
Is he aware of that part of the "living for free?"
I doubt it. Could you imagine.....the house sells for 600,000 and he has TAX LIABILITY ON OVER 500,000. I think that same scenerio is gonna happen toa lot of people. Buy a house, lose money, and have to pay income tax on the money you lost.....Is that really how it goes?

socalmofo
11-05-2007, 03:53 PM
If an NOD has been filed. Why are they waiting so long to get the thing foreclosed? I thought it only took 90 days plus 21 publication days and the sale is done. Or some kind of timeline like that. 7 months and as of the first it's 8 months. Still no sale date??
It usually ends up taking 4-9 months from the NOD, bank will extend the dates by just asking them. The only thing I can think of for your friend is for some reason they are trying to keep it off the books until next year?:confused:
Interesting.

boatsntoys
11-05-2007, 03:54 PM
What do these houses look like i cant imagine someone taking care of them if no Payments have been made for 11 mo. If they are in bad shape have them E mail me pictures for my Blog E mail them to icantsellmyhouse@yahoo.com
I had no idea someone could go so long NOT making a payment i think its worse then we thought.
He's broke. Barely hanging on just paying utilities. Pool empty and rotting, all landscapeing is dead and/or overgrown with weeds. Trash bill has not been paid and piling up. It's a mess. This dude turned down 1.9 for it a little over two years ago. From riches to rags.........................

LhcBrad
11-05-2007, 04:01 PM
Have him or maybe you can get a few pictures and e mail them to me. Not to be mean but its just what im looking for pictures that is. Once again Greed!!

Mandelon
11-05-2007, 04:19 PM
He's broke. Barely hanging on just paying utilities. Pool empty and rotting, all landscapeing is dead and/or overgrown with weeds. Trash bill has not been paid and piling up. It's a mess. This dude turned down 1.9 for it a little over two years ago. From riches to rags.........................
My biz is rehabbing these for the banks after they take them back. This is typical condition. We've done $7,000 trash outs...3 or 4 rolloff dumpsters of old junk. The worst is the rotting meat in the refrigerators...they are hard to dispose of.
Some folks literally vacuum up before they go, and the homes are immaculate yet others smear poo on the walls and steal the light bulbs and cover plates...
I had one last month where they filled the sink with T.P and turned on the water... it ran for 11 days.....boy did the wood floors look nice. They tossed paint all over the floors and wall, smashed the tile on the counters and ripped the cabinet doors off the hinges.....pissed off that the bank wants to get paid back...whatever. They worse they are the better it is for me. :devil:

boatsntoys
11-05-2007, 04:29 PM
My biz is rehabbing these for the banks after they take them back. This is typical condition. We've done $7,000 trash outs...3 or 4 rolloff dumpsters of old junk. The worst is the rotting meat in the refrigerators...they are hard to dispose of.
Some folks literally vacuum up before they go, and the homes are immaculate yet others smear poo on the walls and steal the light bulbs and cover plates...
I had one last month where they filled the sink with T.P and turned on the water... it ran for 11 days.....boy did the wood floors look nice. They tossed paint all over the floors and wall, smashed the tile on the counters and ripped the cabinet doors off the hinges.....pissed off that the bank wants to get paid back...whatever. They worse they are the better it is for me. :devil:
That sucks. I had a home forclosed back in .....92-93 When I was 3 months back and no light in sight, I went to the bank and gave them a deed in leuw (sp) of foreclosure. Moved out while the place still looked good. We did not want to live with all the letters and stress. Just wanted to get it over with and start over. Same bank financed our new house 5 years later, same loan officer, same branch. What goes around comes around.

boatsntoys
11-05-2007, 04:32 PM
My biz is rehabbing these for the banks after they take them back. This is typical condition. We've done $7,000 trash outs...3 or 4 rolloff dumpsters of old junk. The worst is the rotting meat in the refrigerators...they are hard to dispose of.
Some folks literally vacuum up before they go, and the homes are immaculate yet others smear poo on the walls and steal the light bulbs and cover plates...
I had one last month where they filled the sink with T.P and turned on the water... it ran for 11 days.....boy did the wood floors look nice. They tossed paint all over the floors and wall, smashed the tile on the counters and ripped the cabinet doors off the hinges.....pissed off that the bank wants to get paid back...whatever. They worse they are the better it is for me. :devil:
These people want to blame the bank for their stupid decisions. The bank just loaned you the money when you asked for it. They did not make you buy the house. Ignorant As--oles

Marty Gras
11-05-2007, 04:48 PM
You guys are correct, this is NOT the bottom. Also, I looked at those Havasu REOs and they (banks/realtors) don't get the fact that there are so many properties available, their "asking prices" are way off, even at this early point in the drop. The unrealistic prices and balances owed, of the last few years in Havasu do not "create value" in the local properties, they create what we now have. I think after the first of the year, up until tax day, prices will go down in Havasu. The smart/ limited income retired people just won't buy! The "marginal party people" will still be recovering from their REFI'S at home. Now let's talk about all of the "builder owned", "realtor owned", and "investor owned" properties that are not selling. Save the popcorn for January 2nd!

hoolign
11-05-2007, 05:09 PM
People just need to start living within their means! My ol man told me years ago..when I was 17 or so..if you can't live on half of what you make ..your living beyond your means. it took me a few years to have it sink in..but it did. 50% of everything you make should be more than sufficient to live well, granted that your not working at 7-11 and have actually accomplished something.
There is way to much " look at me " syndrome now a days and well ....now ...look at them! Second and third mortgages on houses?? 40 year mortgages with no money down?? on vehicles?? boats?? all the toys you want at 0 down and a "low" monthly payment..LOL.
If you can't afford to pay cash for it ..save until you can. There are some situations where the "must have shiny thing now" is justifyable..but not for the masses.
Don't people realize that the old saying "cash is king" is still applicable??
:idea: :idea:

OC28HEAT
11-05-2007, 09:02 PM
An NOD is pre-foreclosure
UH no there is no such thing. Once the NOD is recorded you are in California Civ code 2924
sorry but I dothis for a living 3000 times per month an my staff gets calls all day long
"I was looking on Reality TRACk and Iam interested in your preforclosed homes"

OC28HEAT
11-05-2007, 09:16 PM
Just spoke with my friend and he said it's been longer. He was 4 months behind in MArch 07. He made a deal with the bank to make his current payments and add a certain amount for the rears. He totally renigged on that deal and made no payment what so ever. So he is actually 11 months behind. Plus 2 years taxes. What could be the banks motivation to do this? Everyday they lose more. He's living for free. After they foreclose they still have to evict him, which will take a few months. THis first is 1,100,000. His amount to redeem is over 100,000.
Loss mitigation helps theoan servicer and the lender with their bond rating so they can borrow more. Moody, Fitch

OC28HEAT
11-05-2007, 09:25 PM
Your spot on.....we are only 20% into this mess. The resets in the tens of millions go all the way through 08. I can't remember if March or May is the D-Day month but something like 80mil reset in that month alone.
Actually the resets peak in September 08 a 179mil

OC28HEAT
11-05-2007, 09:29 PM
My biz is rehabbing these for the banks after they take them back. This is typical condition. We've done $7,000 trash outs...3 or 4 rolloff dumpsters of old junk. The worst is the rotting meat in the refrigerators...they are hard to dispose of.
Some folks literally vacuum up before they go, and the homes are immaculate yet others smear poo on the walls and steal the light bulbs and cover plates...
I had one last month where they filled the sink with T.P and turned on the water... it ran for 11 days.....boy did the wood floors look nice. They tossed paint all over the floors and wall, smashed the tile on the counters and ripped the cabinet doors off the hinges.....pissed off that the bank wants to get paid back...whatever. They worse they are the better it is for me. :devil:
I too have seen them mail me the keys with the entire house painted and the carpet cleaned. I have also seen them remove everyting down to the studs

OC28HEAT
11-05-2007, 09:33 PM
Just spoke with my friend and he said it's been longer. He was 4 months behind in MArch 07. He made a deal with the bank to make his current payments and add a certain amount for the rears. He totally renigged on that deal and made no payment what so ever. So he is actually 11 months behind. Plus 2 years taxes. What could be the banks motivation to do this? Everyday they lose more. He's living for free. After they foreclose they still have to evict him, which will take a few months. THis first is 1,100,000. His amount to redeem is over 100,000.
eviction in california is simple and a bk makes little difference I get people out in 45 days with a complete trial.

OC28HEAT
11-05-2007, 09:34 PM
I'm also following another story of a guy 9 months without a NOD. He's waiting, and figures he'll start looking for a place to rent whenever they get around to filing the NOD. Until then, he too is socking away cash. It's a purchase money TD, so he will walk away without anything to bite him in the arse!
The guberment also has some emergency BK legislation trickling thru which would permit lenders to modify loan terms to allow debtors to stay in their homes. Currently they cannot do that.
Unreal, but apparently they are that swamped.
who is the bank

C-2
11-05-2007, 09:48 PM
complete trial.
A good UD trial takes 3 minutes; a bad one 5.
True dat?
To answer your question - dunno, the guy won't kick the name down. Said tonight his income if $40K year - and his mortgage payments alone total $46K.:sqeyes:
Are you an Asset Manager, Trustee service or both?

OC28HEAT
11-05-2007, 10:10 PM
I manage the third largest trustee
yes a ud trial is 5mins tops actually had one go for 1 hour becase the borrower wanted to spout th dollar is not back by gold stuff

hoolign
11-05-2007, 10:21 PM
A good UD trial takes 3 minutes; a bad one 5.
True dat?
To answer your question - dunno, the guy won't kick the name down. Said tonight his income if $40K year - and his mortgage payments alone total $46K.:sqeyes:
Are you an Asset Manager, Trustee service or both?
Sounds like he needs a calculator! :D

C-2
11-05-2007, 10:23 PM
I manage the third largest trustee
yes a ud trial is 5mins tops actually had one go for 1 hour becase the borrower wanted to spout th dollar is not back by gold stuff
My first UD trial as a witness was actually a freakin trial. Kid you not, TWO DAYS, as performed by an Erkel look-alike fresh out of lawschool. I swear judges sometimes listen to the crap just to entertain themselves - kinda like Orca's tossing seals around before they chow them.
Fast forward many, many hundreds later, and nope, never seen another UD trial like it :)
The Glendale/Burbank courthouses are the best - Armenian, Korean and Spanish interpreters; and they call UD trial in the middle of the traffic calendar. Talk about fun....

OC28HEAT
11-05-2007, 10:24 PM
he getsto write off the interest :D

Trailer Park Casanova
11-05-2007, 10:48 PM
Sad to say, but IMO we are still at the beginning. There are still a lot of loans to reset and it takes 8 months or more before they go under and get back on the market as a foreclosure. Prices are still too high.
Down here Countrywide is going to try and rent some of their REOs to fire victims.....that's going to be interesting for sure. I think its a mistake, but it will look better for them accounting wise I guess.
Yep, well into 2009 is the talk now.
What is the % overall drop in average value, to date, from the peak in LHC?
Anyone know?

drejustice
11-06-2007, 05:45 AM
My biz is rehabbing these for the banks after they take them back. This is typical condition. We've done $7,000 trash outs...3 or 4 rolloff dumpsters of old junk. The worst is the rotting meat in the refrigerators...they are hard to dispose of.
Some folks literally vacuum up before they go, and the homes are immaculate yet others smear poo on the walls and steal the light bulbs and cover plates...
I had one last month where they filled the sink with T.P and turned on the water... it ran for 11 days.....boy did the wood floors look nice. They tossed paint all over the floors and wall, smashed the tile on the counters and ripped the cabinet doors off the hinges.....pissed off that the bank wants to get paid back...whatever. They worse they are the better it is for me. :devil:
These people don't deserve houses. They get pissed off cause THEY can't make the payments and want to take out their anger for being stupid. The only thing we can hope is that because of this mess to they'll never be able to get a load to buy a house again and repeat that shit.

drejustice
11-06-2007, 05:46 AM
Just spoke with my friend and he said it's been longer. He was 4 months behind in MArch 07. He made a deal with the bank to make his current payments and add a certain amount for the rears. He totally renigged on that deal and made no payment what so ever. So he is actually 11 months behind. Plus 2 years taxes. What could be the banks motivation to do this? Everyday they lose more. He's living for free. After they foreclose they still have to evict him, which will take a few months. THis first is 1,100,000. His amount to redeem is over 100,000.
Sounds like a stand up guy:rolleyes:

boatsntoys
11-06-2007, 06:45 AM
Actually the resets peak in September 08 a 179mil
It's BILLIONS......................
According to CNNMoney.com, $50 billion in adjustable rate mortgages will reset in October 2007, driving interest rates up. Some may jump as much as 50%.
The record amount of resets and rising foreclosure rate has gotten a lot of attention. Congress and the White House both have proposals in to lighten the burden of those faced with foreclosure. However, any relief action as a result is unlikely to take place before October's record round of resets pushes through.
While October will be the peak month for resetting ARMs in 2007, new records will be set in early 2008; March will see more than $100 billion in resetting loans. Those facing adjustment in the next 18 months should consider a refinance as soon as possible, while 30 year fixed rates are still at historical lows.
Anyone with a mortgage that will adjust really needs to look at the terms of their loan and understand how much the payment and rate could change. Speak with a mortgage professional to see if refinancing is a good option. A simple phone call could save a lot of money and stress!
-- Published on Oct 19, 2007

LhcBrad
11-06-2007, 07:43 AM
I think this is the chart that shows resets in 2008 ( i do not know how to have it show up on the page here someone can repost it for me) It is attached thanks!!
Correct me if am wrong but some banks will help you stay out of foreclosure if you have been good with your finances during your loan.Which means if you tacked on more debt during the last few years well then sorry they say, and start foreclosure (If your late that is) Unless your like the guy who is 11 months behind then i guess you will be nailed at tax time for this. Im sure there are others who know more so chime in

boatsntoys
11-06-2007, 07:52 AM
WOW! Thats over a TRILLION in loan resets in the next 12 months and it's shows the vast majority are sub-prime. The worst is yet to come. Looks like some time in 09 we'll get back on track with realistic values and stability. Looks to me like it was sub-prime that fueled a big part of the housing boom.

Big Warlock
11-06-2007, 08:04 AM
It is an ugly mess. And I agree it with the assessment of no fix on the housing market in 2008. I believe it will be sometime in 2009 before we see relief again.
I read someplace that the sub-prime market represented only 16% of the market? And the whole subprime market is not bad, although most of it is? I also read that a full 1/3 of the homes in the USA are paid for, free and clear?
Also, I did not understand the gentleman explaining how money is provided by debt? Sorry, I consider myself somewhat smart and do understand that the Federal Reserve actually makes physical money and pumps it into the economy. Which is exactly what it just did over the past couple of months along with adjusting the short term interest rates. Also, it's bonds and the bond marketing, specifically the treasury bonds that control interest rates on mortgages! I hate when they talk about short term interest rates and the mortgage business! They are not truely related.

HocusPocus
11-06-2007, 08:05 AM
from money magazine.
2008 outlook: Housing
Prices will sink even deeper. When it comes to housing, 2008 will be one bleak house scenario.
(NEW YORK) Money Magazine -- Although home prices nationwide are down 4.2 percent from a year ago, "the worst is yet to come," says Joshua Shapiro, chief U.S. economist at consulting firm Maria Fiorini Ramirez.
And some previously sizzling markets in places like Florida and Nevada will likely suffer double-digit drops. "You'll probably see a turnaround sooner in the Northeast because there wasn't as much overbuilding," says Patrick Newport of Global Insight, an economic forecasting firm. Even some midwestern cities like Cleveland and Detroit, which never experienced a boom, could see modest drops due to their ailing economies.
The problem stems from that classic economic conundrum: too much supply and too little demand. As of September, some 4 million existing homes were languishing on the market - almost double the number three years ago - in addition to 523,000 new homes.
Homes in foreclosure, projected to jump 25 percent next year to 1 million, further add to the backlog. Lenders, meanwhile, have dramatically tightened their borrowing requirements as defaults have risen, shrinking the pool of qualified buyers.
If you were hoping to sell a home anytime soon, it's a pretty grim picture. Prices aren't expected to rebound until 2009 at the earliest, and most experts think it will take several years for home values to get back to pre-bust levels.
But if you're a homeowner who bought before 2005 and you intend to stay put for a few more years, you'll probably still come out with a healthy profit by the time you're ready to sell. Hoping to buy a new home? You'll find listing prices in many areas lower than they have been in the past couple of years - and plenty of anxious sellers willing to offer you an even better deal.
The wild card: One of the biggest threats to the housing market is that the labor market might weaken beyond current forecasts and some people who lose their jobs might be forced to put their homes up for sale. That would throw even more houses on the market and could lead to an uglier double-digit drop in prices nationwide.
http://i.l.cnn.net/money/2007/11/01/pf/2008_outlook_housing/no_rescue_table.gif

boatsntoys
11-06-2007, 08:15 AM
Well...now that I'm totally sh-tting my pants. Lets throw in a few negative "wild cards". Anyone got a piece of "good News" so I can live the rest of my day a little more optomistic??

LhcBrad
11-06-2007, 08:18 AM
The good news is Interest rates are low

Havasu1986
11-06-2007, 08:22 AM
Well...now that I'm totally sh-tting my pants. Lets throw in a few negative "wild cards". Anyone got a piece of "good News" so I can live the rest of my day a little more optomistic??
Well the 2 houses in my neighborhood sold for close to what they were asking. Around 900k. :D

OC28HEAT
11-06-2007, 06:32 PM
It's BILLIONS......................
According to CNNMoney.com, $50 billion in adjustable rate mortgages will reset in October 2007, driving interest rates up. Some may jump as much as 50%.
The record amount of resets and rising foreclosure rate has gotten a lot of attention. Congress and the White House both have proposals in to lighten the burden of those faced with foreclosure. However, any relief action as a result is unlikely to take place before October's record round of resets pushes through.
While October will be the peak month for resetting ARMs in 2007, new records will be set in early 2008; March will see more than $100 billion in resetting loans. Those facing adjustment in the next 18 months should consider a refinance as soon as possible, while 30 year fixed rates are still at historical lows.
Anyone with a mortgage that will adjust really needs to look at the terms of their loan and understand how much the payment and rate could change. Speak with a mortgage professional to see if refinancing is a good option. A simple phone call could save a lot of money and stress!
-- Published on Oct 19, 2007
I meant Billions I was on my laptop and having some trouble. Kind of like DR. EVIL

Moneypitt
11-06-2007, 06:46 PM
So, what does this mean in layman terms. Is it a bad time to buy because values will go further down, or a good time because of an over supply to demand ratio?.........When the industry recovers it will be because of sales, right?.......MP

boatsntoys
11-06-2007, 07:00 PM
So, what does this mean in layman terms. Is it a bad time to buy because values will go further down, or a good time because of an over supply to demand ratio?.........When the industry recovers it will be because of sales, right?.......MP
In my opinion, wait to buy. I don't think you will have to worry about missing the bottom. When prices stabalize and this sub-prime loan thing runs it's course, the home prices will remain constant for a year or two. Then the run up will start again. Just like the last time and the time before that and time before that.............................................. .
We have not heard all the bad news yet, there is gonna be lots more to come.

burtandnancy2
11-06-2007, 07:37 PM
You want good news? Well, the gov'mt is going to bail out the banks, savings and loan companies, so if you get forclosed and put out on the streets, they'll pull through...

LhcBrad
11-06-2007, 07:47 PM
I would buy now, It would have to be a super duper deal though because my next house im planning on keeping for quite some time. I would pay the prices that were seen in the year 1998, Are we there yet??

MBlaster
11-06-2007, 07:48 PM
You want good news? Well, the gov'mt is going to bail out the banks, savings and loan companies, so if you get forclosed and put out on the streets, they'll pull through...
I dunno, there is a lot of dissention within the fed. There are a few vocal opinions within that don't want to ease rates further. Globally rates are indeed higher. Maybe another .25 cut but thats going to be about it.
We'll find out early december.

boatsntoys
11-06-2007, 07:49 PM
You want good news? Well, the gov'mt is going to bail out the banks, savings and loan companies, so if you get forclosed and put out on the streets, they'll pull through...
If the Govt. would instead, bail out the homeowners with the same money. Then both sides would survive. But it won't happen that way, it will be how you stated:o

boatsntoys
11-06-2007, 07:55 PM
If they did it your way, they'd have to give every homeowner money. It wouldn't work.
I know, you're right. It would not work.
The banking system MUST survive. It just seems so unfair.

Mandelon
11-06-2007, 08:50 PM
If the banks decide to extend the teaser rate for a couple more years into the loan and tack the unpaid interest on at the end, they could save a lot of foreclosures now.....or at least put them off.
As prices are pushed down, some folks will just walk away even if they could afford the payments. Why pay $600K when you could buy the same model for $400K........I remember a lot of R.E industry folks doing this last time.
I worked one deal in Beverly Hills....$2,000,000 house, down in the flats. The husband was a broker and wife was a title rep. They did a 90% cash out refi, then leased it to an Isreali diamond merchant. They told this guy they were going on an extended trip overseas. Somehow they talked him into paying 6 months rent in advance......then the couple split with all the money....:sqeyes:
The diamond guy ended up buying the house from the bank where I worked. ;)

OC28HEAT
11-06-2007, 09:15 PM
If the Govt. would instead, bail out the homeowners with the same money. Then both sides would survive. But it won't happen that way, it will be how you stated:o
I don't think the Government should bail out anyone. I didn't create the mess. Beleive it or Not Wall street is Hedged on oth sides. They made the bad loans and now they are out Buying the "scratch and Dent" paper from each other. Most of the Ballers out there that got into these houses knew they couldn't afford them trust me I see the stuff daily. Spoke with a borower today wanted the bank to do a workout. The story goes like this
Borrower: I need the bank to work with me I am getting a divorce.
Me: But you qualified for the loan without your husbands income how is that relevant?
Borrower: I know but I am sad.
Me: You have $250k in equity in your house you could sell it why does the bank have to write off payments?
Borrower: I am getting a divorce.
Me: So how does that become the banks problem and what did you do with the 5 mos payments.
Borrower: Are you going to help me or what?
Me: If helping you is to agree to waive interest and forgo payments that you can't explain why the lender needs to do that then I guess no would be the answer.
Borrower: So then how much do I owe and where do I send it
This is a conversation that I had just this morning.

OC28HEAT
11-06-2007, 09:18 PM
If the banks decide to extend the teaser rate for a couple more years into the loan and tack the unpaid interest on at the end, they could save a lot of foreclosures now.....or at least put them off.
As prices are pushed down, some folks will just walk away even if they could afford the payments. Why pay $600K when you could buy the same model for $400K........I remember a lot of R.E industry folks doing this last time.
I worked one deal in Beverly Hills....$2,000,000 house, down in the flats. The husband was a broker and wife was a title rep. They did a 90% cash out refi, then leased it to an Isreali diamond merchant. They told this guy they were going on an extended trip overseas. Somehow they talked him into paying 6 months rent in advance......then the couple split with all the money....:sqeyes:
The diamond guy ended up buying the house from the bank where I worked. ;)
the problem is they can't because the loans for the most part are held in a RMBST or trust that is controlled by no person that can allow this and the investor pools would screem

OC28HEAT
11-06-2007, 09:19 PM
Yep, well into 2009 is the talk now.
What is the % overall drop in average value, to date, from the peak in LHC?
Anyone know?
35%

OC28HEAT
11-06-2007, 09:24 PM
Yep, well into 2009 is the talk now.
What is the % overall drop in average value, to date, from the peak in LHC?
Anyone know?
Also the problem is that the resets are scheduled into mid2009 and the Delinquency trails the reset by 3 mos so now we are in August or Sept 09. The foreclosure trails the delinquency by 3 mos so now we are in November - December 09 and the Eviction goes to Jan- feb 2010. We should have good inventory until mid 09 or a little later. There is a total of 7.2 trillion in Subprime paper alone. That does not inlude Alt -A
This stuff is hitting all aspects of Lending Prime as well.
Someone at CFC said that 32% of all loans were headed down the path

Trailer Park Casanova
11-07-2007, 06:08 AM
35%
Woooogh, that's a big hit.
Our Crest Fallen manor here in Ventura Co. Ca has dropped about 12%.
Entry level homes like our place seem to have rolled back less,,, or perhaps rolling back slower.
My guess is smoke and mirrors slower. Got a ways to go.
The scraper/lot value homes near the beach seem to be holding strong.