[ocrenter]

remember this one?

http://bubbletracking.blogspot.com/2006/10/community-in-focus-clairemont-mesa.html

the flipper in question paid $465,000 for a pretty bad fixer back in 2006. basically $200k off peak.

[ocrenter]

remember this one?

http://bubbletracking.blogspot.com/2006/10/community-in-focus-clairemont-mesa.html

the flipper in question paid $465,000 for a pretty bad fixer back in 2006. basically $200k off peak.

[ocrenter]

just think Misti Beach and Kent Cope.

http://bubbletracking.blogspot.com/2008/04/get-your-overpriced-jewelry-here.html

they bought in 2/2005, assuming 3/1 ARM that adjusted this past Feb, they still have Misti’s 401k to burn through before they start going delinquent. so let’s just assume the 401k lasts until August. NOD would not come until March or April of ’09, probably won’t get back to the bank until late ’09 or early ’10. and these were mortgage insiders who should know better. but the instinct to fight to keep that house is hard to fight. so they’ll drain everything and leave the place completely broke. when they do leave, they’ll be so angry (because they gave it their all), that they’ll probably trash the place. that’s just human nature.

[ocrenter]

just think Misti Beach and Kent Cope.

http://bubbletracking.blogspot.com/2008/04/get-your-overpriced-jewelry-here.html

they bought in 2/2005, assuming 3/1 ARM that adjusted this past Feb, they still have Misti’s 401k to burn through before they start going delinquent. so let’s just assume the 401k lasts until August. NOD would not come until March or April of ’09, probably won’t get back to the bank until late ’09 or early ’10. and these were mortgage insiders who should know better. but the instinct to fight to keep that house is hard to fight. so they’ll drain everything and leave the place completely broke. when they do leave, they’ll be so angry (because they gave it their all), that they’ll probably trash the place. that’s just human nature.

[ocrenter]

just think Misti Beach and Kent Cope.

http://bubbletracking.blogspot.com/2008/04/get-your-overpriced-jewelry-here.html

they bought in 2/2005, assuming 3/1 ARM that adjusted this past Feb, they still have Misti’s 401k to burn through before they start going delinquent. so let’s just assume the 401k lasts until August. NOD would not come until March or April of ’09, probably won’t get back to the bank until late ’09 or early ’10. and these were mortgage insiders who should know better. but the instinct to fight to keep that house is hard to fight. so they’ll drain everything and leave the place completely broke. when they do leave, they’ll be so angry (because they gave it their all), that they’ll probably trash the place. that’s just human nature.

[ocrenter]

just think Misti Beach and Kent Cope.

http://bubbletracking.blogspot.com/2008/04/get-your-overpriced-jewelry-here.html

they bought in 2/2005, assuming 3/1 ARM that adjusted this past Feb, they still have Misti’s 401k to burn through before they start going delinquent. so let’s just assume the 401k lasts until August. NOD would not come until March or April of ’09, probably won’t get back to the bank until late ’09 or early ’10. and these were mortgage insiders who should know better. but the instinct to fight to keep that house is hard to fight. so they’ll drain everything and leave the place completely broke. when they do leave, they’ll be so angry (because they gave it their all), that they’ll probably trash the place. that’s just human nature.

[ocrenter]

just think Misti Beach and Kent Cope.

http://bubbletracking.blogspot.com/2008/04/get-your-overpriced-jewelry-here.html

they bought in 2/2005, assuming 3/1 ARM that adjusted this past Feb, they still have Misti’s 401k to burn through before they start going delinquent. so let’s just assume the 401k lasts until August. NOD would not come until March or April of ’09, probably won’t get back to the bank until late ’09 or early ’10. and these were mortgage insiders who should know better. but the instinct to fight to keep that house is hard to fight. so they’ll drain everything and leave the place completely broke. when they do leave, they’ll be so angry (because they gave it their all), that they’ll probably trash the place. that’s just human nature.

[ocrenter]

[img_assist|nid=7633|title=reset|desc=|link=node|align=left|width=466|height=388]

it really isn’t up to the lenders. none of them want to “hold for long term.”

first you got the borrowers draining all of their 401k and savings to save the home, in general in subpar neighborhoods that timespan is quicker than good neighborhoods.

then you got the length of time it takes the bank to even send out the NOD from time of delinquency. that has been extended from just 3-4 months to well past 1/2 year.

then there’s the recurrent postponements that extend the NOD to REO time period from 3.5 months to who knows how long.

then once you get the REO in the bank’s hands the borrower refuses to leave. (I’ve got 5 kids and we can’t move).

so you go from a 7-8 month process from delinquency to REO and we drag it out to maybe a year and a half or two?

looking at the graph above, you say to yourself, wow, we are already at month 17 of the reset, it is almost over!!

But no, remember people still try to pay for a few months after the reset and we got this dragged out process to REO to follow. the REOs we are handling right now may still be from resets that occurred in early ’07! and as opposed to last year and a year ago, very few of these homes in this long trip down the REO road are listed for sale.

[ocrenter]

[img_assist|nid=7633|title=reset|desc=|link=node|align=left|width=466|height=388]

it really isn’t up to the lenders. none of them want to “hold for long term.”

first you got the borrowers draining all of their 401k and savings to save the home, in general in subpar neighborhoods that timespan is quicker than good neighborhoods.

then you got the length of time it takes the bank to even send out the NOD from time of delinquency. that has been extended from just 3-4 months to well past 1/2 year.

then there’s the recurrent postponements that extend the NOD to REO time period from 3.5 months to who knows how long.

then once you get the REO in the bank’s hands the borrower refuses to leave. (I’ve got 5 kids and we can’t move).

so you go from a 7-8 month process from delinquency to REO and we drag it out to maybe a year and a half or two?

looking at the graph above, you say to yourself, wow, we are already at month 17 of the reset, it is almost over!!

But no, remember people still try to pay for a few months after the reset and we got this dragged out process to REO to follow. the REOs we are handling right now may still be from resets that occurred in early ’07! and as opposed to last year and a year ago, very few of these homes in this long trip down the REO road are listed for sale.

[ocrenter]

[img_assist|nid=7633|title=reset|desc=|link=node|align=left|width=466|height=388]

it really isn’t up to the lenders. none of them want to “hold for long term.”

first you got the borrowers draining all of their 401k and savings to save the home, in general in subpar neighborhoods that timespan is quicker than good neighborhoods.

then you got the length of time it takes the bank to even send out the NOD from time of delinquency. that has been extended from just 3-4 months to well past 1/2 year.

then there’s the recurrent postponements that extend the NOD to REO time period from 3.5 months to who knows how long.

then once you get the REO in the bank’s hands the borrower refuses to leave. (I’ve got 5 kids and we can’t move).

so you go from a 7-8 month process from delinquency to REO and we drag it out to maybe a year and a half or two?

looking at the graph above, you say to yourself, wow, we are already at month 17 of the reset, it is almost over!!

But no, remember people still try to pay for a few months after the reset and we got this dragged out process to REO to follow. the REOs we are handling right now may still be from resets that occurred in early ’07! and as opposed to last year and a year ago, very few of these homes in this long trip down the REO road are listed for sale.

[ocrenter]

[img_assist|nid=7633|title=reset|desc=|link=node|align=left|width=466|height=388]

it really isn’t up to the lenders. none of them want to “hold for long term.”

first you got the borrowers draining all of their 401k and savings to save the home, in general in subpar neighborhoods that timespan is quicker than good neighborhoods.

then you got the length of time it takes the bank to even send out the NOD from time of delinquency. that has been extended from just 3-4 months to well past 1/2 year.

then there’s the recurrent postponements that extend the NOD to REO time period from 3.5 months to who knows how long.

then once you get the REO in the bank’s hands the borrower refuses to leave. (I’ve got 5 kids and we can’t move).

so you go from a 7-8 month process from delinquency to REO and we drag it out to maybe a year and a half or two?

looking at the graph above, you say to yourself, wow, we are already at month 17 of the reset, it is almost over!!

But no, remember people still try to pay for a few months after the reset and we got this dragged out process to REO to follow. the REOs we are handling right now may still be from resets that occurred in early ’07! and as opposed to last year and a year ago, very few of these homes in this long trip down the REO road are listed for sale.

[ocrenter]

[img_assist|nid=7633|title=reset|desc=|link=node|align=left|width=466|height=388]

it really isn’t up to the lenders. none of them want to “hold for long term.”

first you got the borrowers draining all of their 401k and savings to save the home, in general in subpar neighborhoods that timespan is quicker than good neighborhoods.

then you got the length of time it takes the bank to even send out the NOD from time of delinquency. that has been extended from just 3-4 months to well past 1/2 year.

then there’s the recurrent postponements that extend the NOD to REO time period from 3.5 months to who knows how long.

then once you get the REO in the bank’s hands the borrower refuses to leave. (I’ve got 5 kids and we can’t move).

so you go from a 7-8 month process from delinquency to REO and we drag it out to maybe a year and a half or two?

looking at the graph above, you say to yourself, wow, we are already at month 17 of the reset, it is almost over!!

But no, remember people still try to pay for a few months after the reset and we got this dragged out process to REO to follow. the REOs we are handling right now may still be from resets that occurred in early ’07! and as opposed to last year and a year ago, very few of these homes in this long trip down the REO road are listed for sale.

[ocrenter]

here’s the million $ answer from Jim the Realtor’s encounter with a guy that bought a > $900k home in Valley Center that is now a REO but is still living there:

“No one was home when I was there Sunday morning at 8:30 am (temp was 95 degrees!), but I caught the kids over there late in the afternoon.

Pops called me back when he got home, and explained that with five kids and asssorted family members living there, they couldn’t possibly move for a couple of months. He plans to leave the state.”

that’s right, I know I haven’t paid the mortgage payment for months and I have been living rent free. And yes, I know the house is now officially the bank’s. But due to all the kids and family members, we’ll be hanging out here for just a few more months if you don’t mind. Think of the CHILDREN!!!

there’s one of your phantom/shadow inventory for you.

[ocrenter]

here’s the million $ answer from Jim the Realtor’s encounter with a guy that bought a > $900k home in Valley Center that is now a REO but is still living there:

“No one was home when I was there Sunday morning at 8:30 am (temp was 95 degrees!), but I caught the kids over there late in the afternoon.

Pops called me back when he got home, and explained that with five kids and asssorted family members living there, they couldn’t possibly move for a couple of months. He plans to leave the state.”

that’s right, I know I haven’t paid the mortgage payment for months and I have been living rent free. And yes, I know the house is now officially the bank’s. But due to all the kids and family members, we’ll be hanging out here for just a few more months if you don’t mind. Think of the CHILDREN!!!

there’s one of your phantom/shadow inventory for you.

[ocrenter]

here’s the million $ answer from Jim the Realtor’s encounter with a guy that bought a > $900k home in Valley Center that is now a REO but is still living there:

“No one was home when I was there Sunday morning at 8:30 am (temp was 95 degrees!), but I caught the kids over there late in the afternoon.

Pops called me back when he got home, and explained that with five kids and asssorted family members living there, they couldn’t possibly move for a couple of months. He plans to leave the state.”

that’s right, I know I haven’t paid the mortgage payment for months and I have been living rent free. And yes, I know the house is now officially the bank’s. But due to all the kids and family members, we’ll be hanging out here for just a few more months if you don’t mind. Think of the CHILDREN!!!

there’s one of your phantom/shadow inventory for you.

[Author]

Posts