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Casca.
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September 10, 2009 at 6:53 PM #456123September 10, 2009 at 7:13 PM #455344
CA renter
ParticipantPerhaps she was told to stay there, so it wouldn’t sit vacant? It’s one thing to leave a $100K house vacant for awhile, but leaving a $12MM house vacant is risky.
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned).
Maybe the owners thought they could come up with the money to bail out the house and debts once they after some other deals go through. This would also explain why WF didn’t put the house on the market right away.
It just seems like some information is missing from the story. Those “Colony” neighbors are a hoot! When I was a kid/teen, we’d walk along that stretch and get yelled at for being on “their” beach, when in reality they do NOT own the beach (California law). Those people are the epitome of the “entitled” class. Very arrogant.
September 10, 2009 at 7:13 PM #455538ParticipantPerhaps she was told to stay there, so it wouldn’t sit vacant? It’s one thing to leave a $100K house vacant for awhile, but leaving a $12MM house vacant is risky.
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned).
Maybe the owners thought they could come up with the money to bail out the house and debts once they after some other deals go through. This would also explain why WF didn’t put the house on the market right away.
It just seems like some information is missing from the story. Those “Colony” neighbors are a hoot! When I was a kid/teen, we’d walk along that stretch and get yelled at for being on “their” beach, when in reality they do NOT own the beach (California law). Those people are the epitome of the “entitled” class. Very arrogant.
September 10, 2009 at 7:13 PM #455878ParticipantPerhaps she was told to stay there, so it wouldn’t sit vacant? It’s one thing to leave a $100K house vacant for awhile, but leaving a $12MM house vacant is risky.
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned).
Maybe the owners thought they could come up with the money to bail out the house and debts once they after some other deals go through. This would also explain why WF didn’t put the house on the market right away.
It just seems like some information is missing from the story. Those “Colony” neighbors are a hoot! When I was a kid/teen, we’d walk along that stretch and get yelled at for being on “their” beach, when in reality they do NOT own the beach (California law). Those people are the epitome of the “entitled” class. Very arrogant.
September 10, 2009 at 7:13 PM #455949ParticipantPerhaps she was told to stay there, so it wouldn’t sit vacant? It’s one thing to leave a $100K house vacant for awhile, but leaving a $12MM house vacant is risky.
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned).
Maybe the owners thought they could come up with the money to bail out the house and debts once they after some other deals go through. This would also explain why WF didn’t put the house on the market right away.
It just seems like some information is missing from the story. Those “Colony” neighbors are a hoot! When I was a kid/teen, we’d walk along that stretch and get yelled at for being on “their” beach, when in reality they do NOT own the beach (California law). Those people are the epitome of the “entitled” class. Very arrogant.
September 10, 2009 at 7:13 PM #456141ParticipantPerhaps she was told to stay there, so it wouldn’t sit vacant? It’s one thing to leave a $100K house vacant for awhile, but leaving a $12MM house vacant is risky.
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned).
Maybe the owners thought they could come up with the money to bail out the house and debts once they after some other deals go through. This would also explain why WF didn’t put the house on the market right away.
It just seems like some information is missing from the story. Those “Colony” neighbors are a hoot! When I was a kid/teen, we’d walk along that stretch and get yelled at for being on “their” beach, when in reality they do NOT own the beach (California law). Those people are the epitome of the “entitled” class. Very arrogant.
September 10, 2009 at 8:24 PM #455359briansd1
Guest[quote=CA renter]
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned). [/quote]You make a good point. I didn’t originally read the article as carefully as you did (you know… speed reading).
It seems like Elinses could have easily sold the house to pay off their mortgage. Something in the story is missing for sure.
September 10, 2009 at 8:24 PM #455553Guest[quote=CA renter]
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned). [/quote]You make a good point. I didn’t originally read the article as carefully as you did (you know… speed reading).
It seems like Elinses could have easily sold the house to pay off their mortgage. Something in the story is missing for sure.
September 10, 2009 at 8:24 PM #455892Guest[quote=CA renter]
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned). [/quote]You make a good point. I didn’t originally read the article as carefully as you did (you know… speed reading).
It seems like Elinses could have easily sold the house to pay off their mortgage. Something in the story is missing for sure.
September 10, 2009 at 8:24 PM #455962Guest[quote=CA renter]
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned). [/quote]You make a good point. I didn’t originally read the article as carefully as you did (you know… speed reading).
It seems like Elinses could have easily sold the house to pay off their mortgage. Something in the story is missing for sure.
September 10, 2009 at 8:24 PM #456156Guest[quote=CA renter]
Also, it looks like the “owners” owed way less on the mortgage than what it was worth. Perhaps they gave it to Wells Fargo on a temporary basis, in exchange for some cash (valued at $12MM, minus $3MM loan, perhaps WF fronted them $9MM or less so they could pay off the other debts that were mentioned). [/quote]You make a good point. I didn’t originally read the article as carefully as you did (you know… speed reading).
It seems like Elinses could have easily sold the house to pay off their mortgage. Something in the story is missing for sure.
September 10, 2009 at 10:30 PM #455399sdduuuude
ParticipantWho’s to say she was the highest ranking Wells Fargo executive doing this? Maybe Wells was using it in lieu of paying executives bonuses.
September 10, 2009 at 10:30 PM #455593ParticipantWho’s to say she was the highest ranking Wells Fargo executive doing this? Maybe Wells was using it in lieu of paying executives bonuses.
September 10, 2009 at 10:30 PM #455933ParticipantWho’s to say she was the highest ranking Wells Fargo executive doing this? Maybe Wells was using it in lieu of paying executives bonuses.
September 10, 2009 at 10:30 PM #456002ParticipantWho’s to say she was the highest ranking Wells Fargo executive doing this? Maybe Wells was using it in lieu of paying executives bonuses.
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