[Steve Beebo]

I guess the Mensa-member analysts at Moody’s, S&P, and Fitch have just now figured out that when you make 100% loans to people with crappy credit, especially in areas with over-heated real estate markets, they just may not pay the money back if their home price drops by 1% or more.

Also, it seems like Deutsche Bank is the new owner of about 1/3 of all new bank REOs I see. I don’t know if they are the actual owners of the loans, or whether they’re just the trustee.

[Steve Beebo]

I guess the Mensa-member analysts at Moody’s, S&P, and Fitch have just now figured out that when you make 100% loans to people with crappy credit, especially in areas with over-heated real estate markets, they just may not pay the money back if their home price drops by 1% or more.

Also, it seems like Deutsche Bank is the new owner of about 1/3 of all new bank REOs I see. I don’t know if they are the actual owners of the loans, or whether they’re just the trustee.

[Steve Beebo]

I don’t think your lease will still be valid if there is a trustee’s sale.

I know you don’t want to assume his loan – you said he is way underwater.

You may be able to lease from the bank after the foreclosure, but I haven’t seen any REO properties with tenants: they all seem to be vacant.

You may not think that this is ethical, but if the owner is not going too pay his mortgage anymore, you could tell him to keep the $2,000 security deposit, and you’re not going to pay him anymore rent. Then run to the survivalist store, stock up on weapons, ammo, and non-perishable food, and barricade yourself in the house until the SWAT team shows up next winter.

[Steve Beebo]

I don’t think your lease will still be valid if there is a trustee’s sale.

I know you don’t want to assume his loan – you said he is way underwater.

You may be able to lease from the bank after the foreclosure, but I haven’t seen any REO properties with tenants: they all seem to be vacant.

You may not think that this is ethical, but if the owner is not going too pay his mortgage anymore, you could tell him to keep the $2,000 security deposit, and you’re not going to pay him anymore rent. Then run to the survivalist store, stock up on weapons, ammo, and non-perishable food, and barricade yourself in the house until the SWAT team shows up next winter.

[Steve Beebo]

double post

[Steve Beebo]

double post

[Steve Beebo]

radelow – very scary

can you post a link to the map source –

[Steve Beebo]

radelow – very scary

can you post a link to the map source –

[Steve Beebo]

I don’t care about the homes there, but I am still pissed off that they removed the previous driving range.

[Steve Beebo]

I don’t care about the homes there, but I am still pissed off that they removed the previous driving range.

[Steve Beebo]

I did an appraisal on a home this week in the Bonita Long Canyon / Rialto area that is going to be a short sale of $300,000+. It sold in 2005 for $1,200,000, with an 80/20 loan, It’s now in the foreclosure process, but it’s selling now as a short sale for just under $900,000.

What I’ve noticed in the last several months, is that I’m surprised how relatively stable the market seems in some areas, like parts of Carmel Valley, Scripps Ranch, La Jolla, Rancho Bernardo, and Rancho Penasquitos. I’m also surprised at how horrible things are in other areas, specifically Eastlake and Otay Ranch. And the market is so bad in parts of Riverside County, like Perris and Lake Elsinore, that there really aren’t any words to adequately describe it.

[Steve Beebo]

I did an appraisal on a home this week in the Bonita Long Canyon / Rialto area that is going to be a short sale of $300,000+. It sold in 2005 for $1,200,000, with an 80/20 loan, It’s now in the foreclosure process, but it’s selling now as a short sale for just under $900,000.

What I’ve noticed in the last several months, is that I’m surprised how relatively stable the market seems in some areas, like parts of Carmel Valley, Scripps Ranch, La Jolla, Rancho Bernardo, and Rancho Penasquitos. I’m also surprised at how horrible things are in other areas, specifically Eastlake and Otay Ranch. And the market is so bad in parts of Riverside County, like Perris and Lake Elsinore, that there really aren’t any words to adequately describe it.

[Steve Beebo]

Davelj –

It might be possible for the appraiser to plead stupidity, and maybe they could avoid going to jail – I don’t know. But without a doubt, the appraiser should and I think will lose their license if they appraised a house for $600,000, with a fraudulent $600,000 sale price, when the property was actively listed at $500,000, or if there was a recent expired listing at $500,000.

There may not be an appraiser to go after, though. There have been cases in California where there were fraudulent appraisals done by identity theft – using another appraisers’ name and license number, which are both readily available to anyone.

[Steve Beebo]

Davelj –

It might be possible for the appraiser to plead stupidity, and maybe they could avoid going to jail – I don’t know. But without a doubt, the appraiser should and I think will lose their license if they appraised a house for $600,000, with a fraudulent $600,000 sale price, when the property was actively listed at $500,000, or if there was a recent expired listing at $500,000.

There may not be an appraiser to go after, though. There have been cases in California where there were fraudulent appraisals done by identity theft – using another appraisers’ name and license number, which are both readily available to anyone.

[Steve Beebo]

“Stonewood’s attorney acknowledged that many of the clients paid more for the houses than buyers of surrounding properties, but said the prices —- and the resulting mortgages —- were supported by third-party appraisals, including several arranged by the lending institutions.”

This is a lie. The appraisals had to have been fraudulent. The appraisals were ordered by Stonewoods’ mortgage broker. I would love to see some of the appraisals.

I have seen and done some research on some of the properties, and have seen a list of hundreds of the properties in question, and most were sold at prices around $100,000 above fair market value, and in many cases, $100,000 above their active list prices. No lender would loan on a purchase of a property that is $100,000 over list price in a stable to declining market. The appraisals had to have been fraudulently prepared.

[Author]

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