1401 Old Janal Ranch Rd, Chula Vista, CA 91915

[nla]

Can somebody tell me the REO status of this property? It’s been listed on sale but no sign at the front of the house. IS this an REO property? Thanks.

[sdrealtor]

It is listed as a short sale. There was a trustee sale scheduled on 9/23 but that could have been postponed.

[SD Realtor]

Auctioned was postponed on 9/23/11. The listing agent was coy and would not tell me when the next scheduled date is but you can easily find out the next auction date using LPS or any other trustee sale calendars. Sounds like the bank is gonna take it back shortly unless they get a decent short sale offer. It is currently active on the MLS.

[bearishgurl]

nla:

Yes, trustee’s sale pending…

Current assessment is $454K (w/HOEX and adj pursuant to Prop 8)

Total MR = $2974.46

Total tax on $454K assessment is $8137.52.

A “cursory review” of public records revealed the following:

Owner has extremely common name, but public records for this name show one or more defaults filed for every single year owned (purch new in 2003). It appears it was refinanced at the 11th hour (to avoid trustees’ sale) on at least two occasions. There appears to be more than one outstanding encumbrance.

In addition there is a City of CV fine lien and also appears to be a lis pendens on title (which could have been withdrawn), 2 County of Riverside liens for “support,” one County of SD lien and at least one FTB lien filed in this name.

Taxes appear to be current and I did not see any HOA liens against the property.

[nla]

To all you realtor-type or have access to MLS. Can you update me what’s going on with this property? Thanks!

[bearishgurl]

Trustees Deed filed 10/27/11 in favor of Bank of NY Mellon Trust and CWALT Alternative Loan Trust 2006 HY 11. Trustor subsequently had a FTB lien placed against her on 11/3/11.

nla, do you know if the owner who was foreclosed on was a local business owner? And is the place empty now?

Trustor had a loan mod filed in her name on 11/28/11 in favor of BAC Home Loan Servicing LP (servicer for former Countrywide mtgs) and MERS. This tells me she owned another property which she wanted to save from foreclosure. Since she took the trouble of going thru the mod process, it is likely she moved there if the Janal Ranch Rd property is now vacant. If it is currently occupied, perhaps the lender has decided to rent it out until the market settles down a bit more around there. There are still two or more of the same models either currently listed or sitting in “shadow inventory” on the same block around there.

This address appears to be a current REO.

Taxes are current and the tax bill is still in the name of the foreclosed-upon trustor (who took the HOEX). This will change about 9/24/12, when the assessor will begin mailing out new tax bills for FY 12/13.

Edit: I have not actually seen any of the above docs but gleaned this info from online public records.

[nla]

The original owner moved out about 5 to 6 months ago and then a couple moved in few months. I thought they bought the property (via short sell), but I was suspicious that wasn’t the case. It could be that the bank is renting it out then. Thanks BG.

PS. Yup the original owners are “business” owners. At least that what they said.

[bearishgurl]

[quote=nla]The original owner moved out about 5 to 6 months ago and then a couple moved in few months. I thought they bought the property (via short sell), but I was suspicious that wasn’t the case. It could be that the bank is renting it out then. Thanks BG.

PS. Yup the original owners are “business” owners. At least that what they said.[/quote]

nla, I just checked sdlookup for any listings/solds on this property and found that it was listed on 8/15/11 as an “approved short sale” in its “current condition.” Current asking price is $425K.

http://www.sdlookup.com/MLS-110048960-1401_Old_Janal_Ranch_Rd_Chula_Vista_CA_91915

nla, did you see this listing online at the time you revived this thread two days ago? Since it appears from the listing that the original owner still owns it and you say she doesn’t live there anymore, then she must be renting it out and still claiming the HOEX (this is common). The listing shows it was last purchased on 5/30/03 (new) so appears the original owner still owns it. Can any Pigg shed some light on the status of the (re)filed Notice of Sale dtd 8/23/11, Doc No. 2011-0450789? Is this the correct Notice of Sale for this property?

Without having access to the recorder’s records myself, I have no way of really knowing for sure which property was foreclosed on or exactly how many properties this owner “owns” or has “owned,” since she appears to have been merely a “homedebtor” in recent years. This owner has a very common name but the fact that she (and others) use her name by herself in public filings sets her apart from others who use this same name with co-owner(s). The property in which she rec’d an approved modification on 11/28/11 is not the same property that went back to the lender on 10/27/11.

nla, the reason I asked if she had a biz is because the original owner (ONE owner) of this property appears to have at least 2 unreleased FTB liens against her. In my experience, these are usually filed on “business” owners who collect payroll taxes from employee(s) pay but then do not report (or report quarterly, as required by State law) those earnings and thus do not pay any or all of their FICA, Medicare, and Federal and State taxes deducted from their employee(s) pay. This becomes a HUGE problem when the affected employee applies for unemployment insurance after reporting that “business” as one of their employers in the last 6 quarters. Often, the first time the CA EED hears that such an employee has even been hired is when they check these affected former employees’ employment record (for eligibility for UI benefits). If the employee has checkstubs showing they were employed but the EED cannot find the record that they were hired (or all of their payroll withholdings were not forwarded to them), that is when they forward the info to the FTB for collections purposes.

In addition, the subject filed a UCC financing stmt on 6/19/12 and terminated it on 6/18/12 (five years later).

nla, do you know if she (they) are still in business? Are you interested in making an offer on the property? The listing twice referred to it selling as is, in its “current condition.” To me, that’s a red flag that it has gone thru heavy use/abuse and wear and tear (being a fairly new house).

[bearishgurl]

Do any Piggs know if it is possible for a RE Broker to get away with leaving an (outdated) listing up on the MLS as a SS when it has in fact been foreclosed upon months ago? I’m wondering if this could be the case here …

Are any RE signs in the yard, nla??

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