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- This topic has 19 replies, 8 voices, and was last updated 12 years, 10 months ago by
JJGittes.
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October 12, 2011 at 10:14 AM #19193October 12, 2011 at 11:06 AM #730527
bearishgurl
ParticipantIt appears it was deeded to a possible “equity purchaser” on 7-11-11 (Light/”Brookside Land Trust”). Orig Trustor Liebke bought it in ’04 with a 1st and 2nd TD and refied one or both TD’s at least once. There also appears to be a 3rd TD against the property. All have been in default since Apr – June 2008. The 2nd (or 3rd) TD holder filed a NOS on 9/23/08, then rescinded. The 1st TD holder filed an NOS on 4/25/11, got their affairs in order (Assigned MERS to USBANK/Citicorp on 4/25/11), then filed another NOS on 6/22/11. No trustee’s sale has yet taken place.
“Equity purchaser” may currently be negotiating with outstanding lenders.
HOA lien in favor of Waters End still outstanding (dtd 7/25/07). Taxes appear to be caught up.
Edit: newly issued tax bill still in the name of Liebke who is NOT taking the HOEX. Therefore, I believe no change of ownership has been filed with the County Assessor on this property.
October 12, 2011 at 11:14 AM #730528JJGittes
ParticipantWow, interesting, but what stinky mess. Thanks for the information. So, what is likely next, a trustee sale at the courthouse, with the bank buying it, and the bank becoming the owner?
October 12, 2011 at 11:28 AM #730529ParticipantI haven’t checked with the SOS but it is also possible that Fred Licht (not Light) is or was a principal in JLH “Mortgage Co,” the orig 2nd TD holder on this property. He could have taken it from Liebke in lieu of foreclosure.
No matter WHO the new “owner” is, persons who deed their properties to “equity purchasers” on the eve of trustee’s sale are usually desperate for “walking money.” I don’t know how long Liebke collected rent while in default on all of his TD’s but it could have been 3.5 years or longer.
Not sure if this property was bought FF. It appears to be subprime.
I will take an educated guess here that Licht and/or his associates are trying to work with the defaulted lenders to get rid of all the late charges/trustees fees, cram down a little and pay them off. I do NOT know what is currently owed or how much the property is worth. Perhaps Licht’s alter-ego “Brookside Land Trust” is a REIT of spec builders in the area or had something to do with the funding/building of the tract.
How old is the tract?
October 12, 2011 at 11:34 AM #730530ParticipantBuilt in 2004 I think, by now defunct John Laing homes
October 12, 2011 at 11:38 AM #730531ParticipantThen Liebke bought it new. It was typical for developers to put unqualified buyers in homes by offering a 2nd TD as part of the downpayment, ESP in 2004 – 2006.
How much are the mo HOA dues there? Apparently, they haven’t been paid for approx 54 months but the HOA has obviously made no move to foreclose their lien.
October 12, 2011 at 12:21 PM #730535ParticipantI saw a reference in a listing to $170 a mo.
October 13, 2011 at 8:13 PM #730627sdrealtor
ParticipantFYI the trustee sale was postponed until 11/08 due to a bankruptcy. Not sure what others are talking about but that is whats going on.
October 13, 2011 at 8:58 PM #730635Participant[quote=sdrealtor]FYI the trustee sale was postponed until 11/08 due to a bankruptcy. Not sure what others are talking about but that is whats going on.[/quote]
JJGittes, I don’t belong to any “foreclosure services” to obtain the latest postponements, etc, but can relate the following:
If one “deeds” their defaulted property to a third party on the eve of trustees’ sale, this does not prevent the sale from happening. Many “equity purchasers” promise to “save” a distressed owner’s property from foreclosure but instead do nothing and hope to benefit from the use of their property while the sale is pending. I haven’t checked PACER to verify in this case but a BK filing would simply be the latest tactic Liebke could use (in the short term) to delay a trustee’s sale. Eventually, most all lenders holding defaulted trust deeds awaiting sale obtain a release of the BK court’s automatic stay from foreclosure proceedings. The Big Banks have a fleet of attorneys on staff or on contract who have no other duties but to obtain these releases as expediently as possible.
Liebke signed the defaulted-upon note(s) and he is the one who will be foreclosed on, when and if that happens. The fact that Licht has a “grant deed” from Liebke for the property is of no consequence unless Licht himself is able to cure the default plus trustee’s fees and late fees on behalf of Liebke. In any case, in this situation, the “redemption period” has passed.
In addition, 2nd and/or 3rd TD holders on a property sometimes come to a trustee’s sale to bid on that property being foreclosed on by the 1st TD holder, IF it is economically practicable for them to do so to save their positions.
sdr or UCGal (someone who subscribes to a service), please keep us posted as to the status of this trustee’s sale. This situation is interesting as I haven’t seen in a long time a defaulting trustor try an “equity purchaser” tactic, ostensibly in effort to “muddy the waters” in his (imminent) trustee’s sale.
I would be interested to know what the first sale date was and possibly the 2nd sale date (if it has already come and gone).
October 14, 2011 at 6:18 PM #730731ParticipantIt’s all a shame….really shameful. This house should have a nice family in it, instead all this ugly nonsense. There ought to be a law………….
December 20, 2011 at 1:08 PM #734857ParticipantUnbelievable. This property is STILL pending foreclosure. The sale dates get pushed back month after month….
What is wrong with this crazy system that allows this stuff to go on for years ?!?!
December 20, 2011 at 1:14 PM #734858briansd1
GuestOctober to December is not a long time… I actually know of one real person who’s not made mortgage payments for 12 months already.
December 20, 2011 at 1:17 PM #734859ParticipantI’ve seen and had things postponed numerous times. It can be for any number of reasons.
December 20, 2011 at 1:23 PM #734860ParticipantIt’s not 4 months, it’s more like three years this house has been rotting! Disgusting. This stuff is a microcosm of what is wrong with this country.
December 20, 2011 at 3:03 PM #734873UCGal
ParticipantCurrent trustee sale date is Jan 9, 2012 per fidelityasap.com. (This is not a subscription – but you do need to register to get the data.)
The current prop tax bill is in the name of Brookside Land Trust.
https://www.sdctreastax.com/ebpp3/%285x2gtq45rtl4ecm3cthnrx55%29/SecuredPropDetail.aspx
(plug in the APN as the bill number to see who’s getting the bill – again – something available withut subscription.)And a look at the county records shows the transaction BG mentions.
http://arcc.co.san-diego.ca.us/services/grantorgrantee/search.aspx?FileNum=20110349026&OldSearch=1Folks. You do NOT need a subscription to a paid service for this stuff. I learned how to do it here – from the other piggs.
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