This guy received his first NOD in April, 2006, and has been working the system ever since.
Yesterday he listed the house on the MLS for the first time in almost two years with a broker out of the 916 area code. With his next trustee sale date being January 14th (the original date was 4/9/09), his generous free-rent program must be winding down, and listing it for sale was a last-ditch effort to extend it further.
It doesn’t look like it’s been a humbling experience though, this is the main MLS photo:
Hopefully 2010 will be the end of the road for the crooks and deadbeats!
http://www.youtube.com/watch?v=uZ6zVW3V1hc
Amen brother! Most of these folks reaped benefits on the way up pulling out equity and now live for free in the properties. Its not right and I wish Washington would focus on that problem rather than health care.
Hopefully 2010 will be the end of the road for the crooks and deadbeats!
Careful. Someone might call you a troll.
Thanks for all the great posts this year. I wish you, your family and clients the happiest holiday season and a profitable New Year.
Thanks Mrs. Davis, and the same for you and yours.
BTW, were you my English teacher in high school?
From the fraud-prevention file:
I found out yesterday that Bank of America is utilizing a fraud-alert database, and when asked to fund a mortgage, they are searching the names of every buyer, seller, realtor, escrow and title officer on every deal.
“I found out yesterday that Bank of America is utilizing a fraud-alert database, and when asked to fund a mortgage, they are searching the names of every buyer, seller, realtor, escrow and title officer on every deal.”
I hope BofA doesn’t also search its own name; that would be one long report.
alles_klar wins the thread!
Looks more like an “Auto Trader” ad than a MLS listing…likely more equity in the car than the house.
Yeah clearfund, they are pretty aggressive when it comes to repossessing cars.
oh geez. That ranks up there with some of the worst mls photos, mainly because it’s just tacky. Or does the car come with the house? Buy 1 get 1 free deal?
I do love that model of Mercedes, it’s my favorite car on the road since the original Lexus SC.
Classic. Carmel Valley?
I agree that an end to crooks and cheats would be good, but let’s be careful assigning that moniker to anyone specific without proof. Maybe he lost his job. Maybe he tried to refi. Maybe he got misled by his mortgage broker. Many Maybes; not many facts.
Unfortunately, the deadbeats will always find a way to live for free. What we’ll most likely find in the new year are new ways to cheat the system.
Avoid being on the losing end of these deals however, and you’ll be okay.
What? No Photoshop blue sky and green grass??
No bikini clad women draped across either side of the car?
To me, nothing says success like fresh bark / chipped wood thrown across a long dead lawn.
May he or those gaming the system find themselves in a cozy and affordable rental soon.
Happy Holidays to you Jim!
Hey Former RB Resident why are you defending this loser? This is a real estate blog not court. We don’t need “proof” of anything here to call a spade a spade. From the whiny tone of your comment it sounds like you too are a fraudster who recently lost your ill-gotten house to foreclosure. So cheer up and move back to the valley of the dirt people where you belong.
“Looks more like an “Auto Trader” ad than a MLS listing…likely more equity in the car than the house.” perhaps they were doing an ad for both simultaneously to save on ink, lol….
@Richard,
I’m not defending him, I don’t know him. I’m just saying that just because the guy’s house is going bye-bye doesn’t mean he’s a crook or a cheat. He might be such a crook. But, I dislike this vibe of “everyone who’s in an NOD is a loser or a deadbeat or a crook” that I see in a lot of these postings.
If someone told me he cashed out 50 times, that would be one thing, but just because he’s not making the payments doesn’t mean he’s some sort of derelict.
That is a nice ride though. S-Class?
There are thousands of people who don’t get mentioned here out of the possibility of extenuating circumstances.
But when you roll the ‘cedes front and center….
likely more equity in the car than the house
Maybe, but I’m not so sure it counts when you take into account where the “equity” in the car likely came from…
http://www.localcrimenews.com/lookup.php?jid=4096076
Former RB, yes, yes, S-something. I looked on the Mercedes website and they only show the fronts (which kinda all look the same) — this one has that rounded back. I was ogling it a few months ago as I walking my dog past the Mercedes dealership here in Manhattan Beach. 80+K sticker. Ouch.
Crook: someone stole HIS ride, or he stole someone else’s? It does appear poised for a get-away.
The label of deadbeat is tempered a tiny bit by the notion that no one but no one in 2006 could have imagined the bank would drag their feet this feaking long. I mean, really.
I helped someone buy a house in Fairfax Station, VA at the trustee sale earlier this year. When we went to check out the house, there was an Alpina B7 in the garage. I thought that was unusual – losing the house they owned for 9 years and still having a car like that. Then I remembered where the $$$$ for the car probably came from – they had pulled $600K in equity from the house.
However, this guy had filed bankruptcy, so everything was out in the open. There was no equity in the car either! He had bought 8-10 houses, the Alpina, a Honda Ridgeline, a Mini, etc., etc.
Hi Jim, I don’t know if you have seen this yet. Interesting.
http://christopherfountain.com/2009/12/22/blogging-and-the-nar/#comments
That car is a beautiful CLS 500, but those wheels need to go back to Discount Tire.
“Hopefully 2010 will be the end of the road for the crooks and deadbeats!”
Oh they’ll find another sector to play with. Back in 99-01 they formed startups. 04-06 was mortgage fraud with kickbacks and skimming. Give them another 10 years and they’ll be back where they started.
I like how it’s become socially accepted to not pay your debts and force the bank take it back in foreclosure as their only recourse. Oh wait, what’s the word for that? Let me open up the dictionary:
deadbeat – “a person who deliberately avoids paying debts.”
Foreclosure is what the bank does *in lieu* of honoring your debts, and in no-recourse states people are doing this *deliberately* because it’s cheaper than paying up. It’s a calculated financial decision that’s become socially acceptable these days.
“likely more equity in the car than the house.”
It’s probably a lease. 😉
Mele , bubbleinfo
(For some reason my comments are duplicated when I hit “Preview” so apologies if it posts twice!)
Has anyone seen this breaking news story from RE Land? The title of the 2:06 CNN video is: “Condo Emptied by Mistake”.
The video is featured under “US News” and is featured on the 3rd line of CNN videos. On the US News link, the story is featured on Line #3, third from the left. That position will certainly change as more videos are added by CNN this evening.
Evidently, a foreclosure company got the wrong # of the condo (from the agents or one of their employees) and emptied it completely. It’s called a “trash out”.
The lady’s condo is 1157 and the foreclosed unit was 1156 right next door. The lady is asking $100K in damages. The agents( but the realty team (Brenkus Team of Keller Williams, Henderson, NV) is only willing to offer $5,000 in compensation. The lady no longer lives there as she has no idea who has the key to her re-keyed condo.
This happened in Henderson, NV–which has been hard-hit by the housing melt down. You can get more information regarding this story at klastv dot com.
I also found this article on that website which was updated at 2:17 PM PST. The title of the article is: “Attorney Claims Woman is Disputing Lady’s Loss in Foreclosure Mix Up”. There are also numerous “before” pictures which are controversial. The agents are disputing the fact that she claims she had a fully-furnished condo before the mistaken “trash out”.
Thoughts, JtR? Are these real estate agents responsible and do they carry insurance to cover such a mishap? And I’m curious whether you have ever heard of this happening, Jim? I guess those agents now have national exposure that is priceless but not in the way they had ever hoped or wanted.
(And I went over to their website, and the links aren’t working so they must be disabled. But with a little research, I did find a couple links on the left where they can be contacted.
Obviously, this will take much more time for this human drama to play out…
*Chuckle* Just for the record, the first line of what I just posted should read: “Mele Kalikimaka, bubbleinfo!”
Finally! I’m starting to see eye with people on this blog. 🙂
“I found out yesterday that Bank of America is utilizing a fraud-alert database, and when asked to fund a mortgage, they are searching the names of every buyer, seller, realtor, escrow and title officer on every deal.”
“I hope BofA doesn’t also search its own name; that would be one long report.” (alles_karr)
“alles_klar wins the thread!” (Art Eclectic)
Yeah, alles_klar! No Competition for the win!
Check out this former BoA customer’s 2:41 You Tube video (“Bank of America Rant Number 1,345,3023”):
http://www.youtube.com/watch?v=Br4eWR8fNpo
*Beginning of Susie’s Bank of America Rant Number 1,345,3024″*
BoA (Look at those three letters! They know themselves that they are snakes!) Back in 2006, BoA stole $373 from my then 19-year old’s CLOSED account (long story which spanned over nine months when a wayward medical bill credit from an insurance company went to my son’s closed account instead of back to my Wa Mu debit. When the dust settled, not only would BoA not reimburse the $373 stemming from their own mistake, but there is a +$19 balance that they refuse to return to my son.
How cool is my son? He paid me back the money even though he didn’t make the mistake. After all, why should he? Did I mention his BoA account was C-L-O-S-E-D?
Yep, they may be “too big to fail”, but they’ll never seen a dime of my substantial chunk of change or my kids or my friends’ millions. (They sold their three natural food stores to Whole Foods–aka “Whole Paycheck”–ten years ago.)
I realize the best “revenge” for me is just to live extraordinarily well and not ever give BoA a dime! *Chuckle* If they only understood the real meaning behind the saying: “When mama’s NOT happy, nobody’s (aka BoA) happy”…
They should be happy that I’m not planning a trip to a BoA branch in Bend, OR anytime soon…
*End of Susie’s Rant* Mahalo nui loa, JtR, for letting me post Rant Number 1,345,024 against BoA! You won’t hurt my itty bitty feelings when you quickly decide to delete–but I just wanted to warn other bubbleinfo addicts. My philosophy? When a bank shows you the first time who they are, believe them…
sdbri, if it’s good enough for Morgan Stanley to walk away when they can most assuredly “pay their debts” http://www.bloomberg.com/apps/news?pid=20601087&sid=a5KuG3V2IxHE&pos=5
It’s good enough for Joe and Jane Sixpack to make a business decision. The contract states that either the borrower makes payments as agreed upon or surrenders the house back to the lender.
A deadbeat is your Brother-in-Law who borrows $1000 from you and never pays you back. The bank gets the asset back.
http://dealbook.blogs.nytimes.com/2009/12/22/mortgage-industry-grapples-with-new-disclosures/
Mortgage Industry Grapples With New Disclosures
NYTIMES.COM
December 22, 2009
The biggest changes to home loan disclosures since the 1970s are around the corner and many in the industry are warning that misunderstandings will create a logjam of confusion as the housing industry starts to recover, Reuters reports.
A complete overhaul of the “good faith estimate” — a standard disclosure document sent to borrowers — under the Real Estate Settlement Procedures Act, known as Respa, will take effect on Jan. 1, potentially disrupting home sale closings.
The new procedures developed by the Department of Housing and Urban Development come after years of attempts to improve transparency on costs associated with closing a loan, including broker fees, and prevent the kind of surprising jumps in payments that made the housing crisis worse.
While the thrust of the rules is understood, there is widespread trepidation about how to put them into practice.
Changes that expand a one-page form to three have been the subject of countless hours of debate for banker and broker groups that question the benefits to consumers.
Disputes aside, the rules must now be implemented. Much of the industry is still trying to understand what must be disclosed — and how and when.
Bob Rice, president of First Secure Financial in San Bernardino, Calif., was astounded by what he heard at a brokers’ meeting last week.
“The confusion and misunderstandings over Respa is worse than I thought,” said Mr. Rice, who sought more education. “Of the 20 or so in attendance, each had a different interpretation of at least one item.”
I see the guy is trying to sell at 10% under his 2005 purchase price. how much does this guy owe?
btw, here’s his LinkedIn discription: “an experienced consultant in investment banking with experience on Wall Street”
these investment banking types… I tell ya…
Art E. wins the thread.
Anybody remember Casey Serin of “Iamfacingforeclosure.com”!?
I can’t believe how far this debacle has gone, or how much it was possible to get away with.
Good catch ocrenter – this guy’s myspace profile pic is that same picture (how’s that for conceit?!) and another blog says the CLS has already been repo’ed.
Too bad foreclosures don’t need to legally be repaid. I’d love to see these losers have to repay their half million dollar defaults for the rest of their lives. Rather, the taxpayer gets screwed for the foolish decisions of these “homeowners”.
Actually, foreclosures may have to be repaid.. depends upon the state and whether the loan is recourse. Generally purchase money is non-recourse in California. My recollection is that in New Mexico, purchase money is recourse. Recourse means that the banks can chase you for the difference between what the loan was and how much they got back when they foreclosed on the property (ie. they have recourse on the deficiency). Generally banks do not pursue (equate it to getting blood from a stone).. but with some of the shenanigans going on.. who knows.
I do wonder if there was any side deal between the banks and IRS with respect to deficiencies.. ie. don’t pursue a recourse and you get to write 150% of the deficient amount directly against the future earnings of the bank… the Fed gave the foreclosure ‘victims’ a gift in the form of 1099’s from deficiencies not being considered taxable income in the near future (loan loss forgiveness is generally considered taxable income).
For those of you googling this guy. Plug in his name to do a grant deed search at the county recorders website.
This guy is a piece of work. Just saying…
btw, that is one ugly house for the price and sqft. only in a few places in SD would you be able to get folks to pay 7 figures to live in houses sitting on top of garages.
New Housing DOWN 11%
Get ready for the next leg down in Housing…
Thanks for the heads up Nathan. Our close is in early January… Somehow I don’t think this is going to be as much of a problem as they are making it out to be.
“big banks have the resources…”
how about little outfits have the flexibility to turn on a dime, not steer a battleship…. That’s what I’m hoping anyway.
SDRealtor moved some of his closings to after the new year too, I don’t think he would have done that if he thought there was going to be a new crop of issues at closings….
The CNN story is golden. I would love to be her lawyer. I would imagine that would be a slam dunk case. If she was smart, she would get the police to charge the company and the employees with B&E, theft, etc. That will get their attention.
Re #41 I wonder if there will be a move in Ca to recourse for purchase money mortgages. I do know that if you took a cash out re-fi its recourse in Ca. (In addition the tax forgiveness to written off losses doesn’t apply to the cash out). Given that this country has a lawyer surplus I don’t see why the banks don’t go after even those cases with no blood left in the turnip, given that such a case can’t be that complicated legally. The only way a person could get out is going bankrupt, which also forgives the taxes.
Wait, wait, imagine some (hypothetical) guy wants to impress potential RE buyers and steals a car just long enough to take a picture in front of the house he’s selling. Cajones, he has ’em.