what happens to the bonds when the homes and lots default and go into foreclosure?
anyone know?
to get an idea of how much these are a burden to the santaluz area, find the parcel number from a randomly picked santaluz home on zillow and plug into this link:
for example, this santaluz home was the subject of discussion over the last couple of weeks.
you’re looking at $6,800.02 for that home.
a quick search of Caminito Lazanja against the county property tax site shows 10 homes did not pay property tax (nor the mello roos). total sample size of properties was 85 homes, so we are looking at a 12% delinquency rate.
of course, if the homes reach a low enough price someone WILL buy them and pay up the past due taxes and mello roos. so it should be fairly safe. right?
