This Laguna Hills property didn't stand a chance - not while its previous owner was pulling out the kind of cash he was. Now, it's an REO and a 2003 rollback.
25251 Barents, 92653
Asking price: $595,900
Asking price/ sq ft: $176
Bank purchase price: $648,000
Purchase date: 10/15/08
Size: 5 beds, 2.75 baths, 3,394 sq ft (built in 1977)
MLS: S554084 (52 days on Redfin)
Zillow Zestimate: $711,000
HOA dues: N/A
Type: Single Family Residence
Style: Cape Cod
Stories: 2
Lot size: 0.26 Acres
From listing: 5 BEDROOMS, 3 BATH BANK OWNED ON CORNER LOT IN CUL-DE-SAC. OPEN FLOOR PLAN, CLOSE TO SHOPPING, SCHOOLS AND FREEWAYS.
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We'll spare you the details on all the re-financing, but the bottom line is the previous owner paid $668,500 in 2003 and purchased the property using 90% financing. The loans at that point totaled $601,650.
By August 2006, the total debt was up to $945,000 thanks to two loans from Greenpoint Mortgage Funding. That company blew up in mid 2007. The property began the foreclosure process when a notice of default was filed on the first loan in April 2008. The bank took back the property in October.
Assuming a sale for the current asking price, this property would have gone for $72,600 or 11% less than its November 2003 price, not including any additional costs or fees.
Thursday, January 08, 2009
$900k+ debt to REO in LH
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5 comments:
Backs to Alicia with a crumbling neighborhood?
It's worth 450-475, maybe.
Chuck
Where do you get the mortgage #s? I'm
looking at renting a house and want to know how much of a mortgage the owner has on it to see if they are ready to bail.
Great article!
I just can't believe these cases.
I find myself getting angrier and angrier reading not just the extent to which people overextended themselves, but that this overextension of financing was so pervasive (so many people did it and believed it to be "normal").
That these individuals are deserving of bailout money...unreal.
What a clusterf*$&!
What is even more shocking is how the neighborhoods in this are have been destroyed by low income people stretching to buy homes they couldn't afford and then renting out rooms in them to borders and dividing up rooms. Go to www.greatschools.net and check out the dismal test scores for Lomarena Elementary and San Juan Elementary in Laguna Hills, they might actually be lower than some schools in Santa Ana.
I'm angry too...this neighborhood could never support $945K even at the height of the bubble. Appraisal and mortgage fraud is what's happening here. Why isn't anything being done about that?
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