Shadow Inventory – The Flood that May Never Come

[mwtosd]

I posted this on SDL

Short Sales: Banks Blocking Way Out Of Foreclosure Crisis

http://www.sdlookup.com/Forums/General/tabid/57/forumid/270/postid/67300/view/topic/Default.aspx

Highlight from the article…

“Miller points his finger at securitization. Once the mortgages are bundled and sliced up into different pieces, known as tranches, the owners of the pieces get paid back according to a certain pecking order. Senior investors get paid back first and if there’s a loss, the most junior investors won’t get anything. It’s those investors who are blocking short sales.”

“The people with the least senior tranches have no reason to agree to the modification because they take a complete loss and the people in the most senior tranches don’t lose anything. So they’ve managed to structure their mortgages in a way that makes it almost impossible to modify or sell short,” said Miller.”

[temeculaguy]

Padre, the taxes are a great way to find out if they got out of trouble. When the bank takes it back, they don’t pay the taxes until it sells on the market usually. An escrow account won’t pay them if you are missing payments and if the occupant doesn’t have an impound account, they wont pay them if they are trying to live free for a while becuase the lender acts long before the county will (they don’t seize until you are 5 years behind).

But in order to do a mod or refi or sell, the taxes have to be current for anything new to record, thus seeing taxes being brought current on a property you can almost certainly remove it from the “shadow inventory” pile.

If you run them all and find the taxes were paid on half, then you will have a nice little case study on what percentage will never come to market, thus far you’ve done two and both can be taken off the list. Maybe those are the only two and the rest are empty being hidden by a conspiracy, but until someone checks, we are all guessing.

Anectdotally I have more and more aquiantances that were fb’s and they are getting successful mods, even one got one on his rental (which is total b.s. because now it cash flows, at the expense of the rest of us). These mods are not that great in the long term, they have to ultimately pay it back when they sell, some have a five year term and then it reverts back, many are 40 yr loans, their places need to double in value in order to break even but all they know is their payment was cut in half and that’s enough for them for now.

[temeculaguy]

Padre, the taxes are a great way to find out if they got out of trouble. When the bank takes it back, they don’t pay the taxes until it sells on the market usually. An escrow account won’t pay them if you are missing payments and if the occupant doesn’t have an impound account, they wont pay them if they are trying to live free for a while becuase the lender acts long before the county will (they don’t seize until you are 5 years behind).

But in order to do a mod or refi or sell, the taxes have to be current for anything new to record, thus seeing taxes being brought current on a property you can almost certainly remove it from the “shadow inventory” pile.

If you run them all and find the taxes were paid on half, then you will have a nice little case study on what percentage will never come to market, thus far you’ve done two and both can be taken off the list. Maybe those are the only two and the rest are empty being hidden by a conspiracy, but until someone checks, we are all guessing.

Anectdotally I have more and more aquiantances that were fb’s and they are getting successful mods, even one got one on his rental (which is total b.s. because now it cash flows, at the expense of the rest of us). These mods are not that great in the long term, they have to ultimately pay it back when they sell, some have a five year term and then it reverts back, many are 40 yr loans, their places need to double in value in order to break even but all they know is their payment was cut in half and that’s enough for them for now.

[temeculaguy]

Padre, the taxes are a great way to find out if they got out of trouble. When the bank takes it back, they don’t pay the taxes until it sells on the market usually. An escrow account won’t pay them if you are missing payments and if the occupant doesn’t have an impound account, they wont pay them if they are trying to live free for a while becuase the lender acts long before the county will (they don’t seize until you are 5 years behind).

But in order to do a mod or refi or sell, the taxes have to be current for anything new to record, thus seeing taxes being brought current on a property you can almost certainly remove it from the “shadow inventory” pile.

If you run them all and find the taxes were paid on half, then you will have a nice little case study on what percentage will never come to market, thus far you’ve done two and both can be taken off the list. Maybe those are the only two and the rest are empty being hidden by a conspiracy, but until someone checks, we are all guessing.

Anectdotally I have more and more aquiantances that were fb’s and they are getting successful mods, even one got one on his rental (which is total b.s. because now it cash flows, at the expense of the rest of us). These mods are not that great in the long term, they have to ultimately pay it back when they sell, some have a five year term and then it reverts back, many are 40 yr loans, their places need to double in value in order to break even but all they know is their payment was cut in half and that’s enough for them for now.

[temeculaguy]

Padre, the taxes are a great way to find out if they got out of trouble. When the bank takes it back, they don’t pay the taxes until it sells on the market usually. An escrow account won’t pay them if you are missing payments and if the occupant doesn’t have an impound account, they wont pay them if they are trying to live free for a while becuase the lender acts long before the county will (they don’t seize until you are 5 years behind).

But in order to do a mod or refi or sell, the taxes have to be current for anything new to record, thus seeing taxes being brought current on a property you can almost certainly remove it from the “shadow inventory” pile.

If you run them all and find the taxes were paid on half, then you will have a nice little case study on what percentage will never come to market, thus far you’ve done two and both can be taken off the list. Maybe those are the only two and the rest are empty being hidden by a conspiracy, but until someone checks, we are all guessing.

Anectdotally I have more and more aquiantances that were fb’s and they are getting successful mods, even one got one on his rental (which is total b.s. because now it cash flows, at the expense of the rest of us). These mods are not that great in the long term, they have to ultimately pay it back when they sell, some have a five year term and then it reverts back, many are 40 yr loans, their places need to double in value in order to break even but all they know is their payment was cut in half and that’s enough for them for now.

[temeculaguy]

Padre, the taxes are a great way to find out if they got out of trouble. When the bank takes it back, they don’t pay the taxes until it sells on the market usually. An escrow account won’t pay them if you are missing payments and if the occupant doesn’t have an impound account, they wont pay them if they are trying to live free for a while becuase the lender acts long before the county will (they don’t seize until you are 5 years behind).

But in order to do a mod or refi or sell, the taxes have to be current for anything new to record, thus seeing taxes being brought current on a property you can almost certainly remove it from the “shadow inventory” pile.

If you run them all and find the taxes were paid on half, then you will have a nice little case study on what percentage will never come to market, thus far you’ve done two and both can be taken off the list. Maybe those are the only two and the rest are empty being hidden by a conspiracy, but until someone checks, we are all guessing.

Anectdotally I have more and more aquiantances that were fb’s and they are getting successful mods, even one got one on his rental (which is total b.s. because now it cash flows, at the expense of the rest of us). These mods are not that great in the long term, they have to ultimately pay it back when they sell, some have a five year term and then it reverts back, many are 40 yr loans, their places need to double in value in order to break even but all they know is their payment was cut in half and that’s enough for them for now.

[SD Realtor]

I checked on the Creststone Place as well. No go… If there is a recording on it, it is not on the realist tax roll. This is not any inventory at all or if it was inventory it sure is not anymore.

[SD Realtor]

I checked on the Creststone Place as well. No go… If there is a recording on it, it is not on the realist tax roll. This is not any inventory at all or if it was inventory it sure is not anymore.

[SD Realtor]

I checked on the Creststone Place as well. No go… If there is a recording on it, it is not on the realist tax roll. This is not any inventory at all or if it was inventory it sure is not anymore.

[SD Realtor]

I checked on the Creststone Place as well. No go… If there is a recording on it, it is not on the realist tax roll. This is not any inventory at all or if it was inventory it sure is not anymore.

[SD Realtor]

I checked on the Creststone Place as well. No go… If there is a recording on it, it is not on the realist tax roll. This is not any inventory at all or if it was inventory it sure is not anymore.

[jpinpb]

So crazy. The single one you pick is one that I didn’t look into thoroughly b/c I know that that particular street is in Carmel Valley, so I didn’t check it further. Turns out that is just the mailing address the NOD went to and the NOD is on another property that they own in CV.

Loan File No: 1123738
Date Recorded: 02/23/2009
File No: 0079940
Trustee No: ca-09-248953-c
Loan Date: 12/30/2005
Loan No: 0021616958
Trustor : Sharon W Lytle 3863 Creststone Pl, San Diego Ca 92130
Trustee : Quality Loan 619/645-7711
Beneficary : Aurora Loan Svcg c/o 2141 5th Ave, San Diego, CA 92101
Original Loan : $356,000.00
Default In.. : P&I 11/01/2008
Reinstate Date: 02/17/2009
Reinstate Amount: $7,401.00
Land Value: $255,903.00
Improvment Value: $79,097.00
Parcel No: 307-310-25-05
Legal Code: Us273per Doc93-03218
Site Address: 3505 Caminito El Rincon 273, San Diego Ca 92130-3
TMap: 1187-j7
Deed No: 0
SqFt: 944
No Bedrooms: 2.00
No Baths: 2.00
Zone: R-1
Year Built: 1994

Name: Ms Sharon W Lytle
Address: 3863 Creststone Pl San Diego Ca 92130

So the NOD is actually Caminito Rincon.

[jpinpb]

So crazy. The single one you pick is one that I didn’t look into thoroughly b/c I know that that particular street is in Carmel Valley, so I didn’t check it further. Turns out that is just the mailing address the NOD went to and the NOD is on another property that they own in CV.

Loan File No: 1123738
Date Recorded: 02/23/2009
File No: 0079940
Trustee No: ca-09-248953-c
Loan Date: 12/30/2005
Loan No: 0021616958
Trustor : Sharon W Lytle 3863 Creststone Pl, San Diego Ca 92130
Trustee : Quality Loan 619/645-7711
Beneficary : Aurora Loan Svcg c/o 2141 5th Ave, San Diego, CA 92101
Original Loan : $356,000.00
Default In.. : P&I 11/01/2008
Reinstate Date: 02/17/2009
Reinstate Amount: $7,401.00
Land Value: $255,903.00
Improvment Value: $79,097.00
Parcel No: 307-310-25-05
Legal Code: Us273per Doc93-03218
Site Address: 3505 Caminito El Rincon 273, San Diego Ca 92130-3
TMap: 1187-j7
Deed No: 0
SqFt: 944
No Bedrooms: 2.00
No Baths: 2.00
Zone: R-1
Year Built: 1994

Name: Ms Sharon W Lytle
Address: 3863 Creststone Pl San Diego Ca 92130

So the NOD is actually Caminito Rincon.

[jpinpb]

So crazy. The single one you pick is one that I didn’t look into thoroughly b/c I know that that particular street is in Carmel Valley, so I didn’t check it further. Turns out that is just the mailing address the NOD went to and the NOD is on another property that they own in CV.

Loan File No: 1123738
Date Recorded: 02/23/2009
File No: 0079940
Trustee No: ca-09-248953-c
Loan Date: 12/30/2005
Loan No: 0021616958
Trustor : Sharon W Lytle 3863 Creststone Pl, San Diego Ca 92130
Trustee : Quality Loan 619/645-7711
Beneficary : Aurora Loan Svcg c/o 2141 5th Ave, San Diego, CA 92101
Original Loan : $356,000.00
Default In.. : P&I 11/01/2008
Reinstate Date: 02/17/2009
Reinstate Amount: $7,401.00
Land Value: $255,903.00
Improvment Value: $79,097.00
Parcel No: 307-310-25-05
Legal Code: Us273per Doc93-03218
Site Address: 3505 Caminito El Rincon 273, San Diego Ca 92130-3
TMap: 1187-j7
Deed No: 0
SqFt: 944
No Bedrooms: 2.00
No Baths: 2.00
Zone: R-1
Year Built: 1994

Name: Ms Sharon W Lytle
Address: 3863 Creststone Pl San Diego Ca 92130

So the NOD is actually Caminito Rincon.

[jpinpb]

So crazy. The single one you pick is one that I didn’t look into thoroughly b/c I know that that particular street is in Carmel Valley, so I didn’t check it further. Turns out that is just the mailing address the NOD went to and the NOD is on another property that they own in CV.

Loan File No: 1123738
Date Recorded: 02/23/2009
File No: 0079940
Trustee No: ca-09-248953-c
Loan Date: 12/30/2005
Loan No: 0021616958
Trustor : Sharon W Lytle 3863 Creststone Pl, San Diego Ca 92130
Trustee : Quality Loan 619/645-7711
Beneficary : Aurora Loan Svcg c/o 2141 5th Ave, San Diego, CA 92101
Original Loan : $356,000.00
Default In.. : P&I 11/01/2008
Reinstate Date: 02/17/2009
Reinstate Amount: $7,401.00
Land Value: $255,903.00
Improvment Value: $79,097.00
Parcel No: 307-310-25-05
Legal Code: Us273per Doc93-03218
Site Address: 3505 Caminito El Rincon 273, San Diego Ca 92130-3
TMap: 1187-j7
Deed No: 0
SqFt: 944
No Bedrooms: 2.00
No Baths: 2.00
Zone: R-1
Year Built: 1994

Name: Ms Sharon W Lytle
Address: 3863 Creststone Pl San Diego Ca 92130

So the NOD is actually Caminito Rincon.

[Author]

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