The family has owned this property since the 1950s, yet the last few years have been turbulent.
We had offered her $1,000,000 two years ago, but she wanted to retain ownership, and eventually build out the property, like her dad envisioned.
Instead, the daughter borrowed a total of $140,000 in two different second mortgages to try and cure her default on the $649,000 first loan, but in both cases turned right around and threatened to sue the lenders for elder abuse – the property was in her mother’s name.
In both cases, the lenders succumbed, and walked away with nothing.
Recently she filed for bankruptcy, and has been able to keep postponing her foreclosure as a result. Not sure what else she has up her sleeve…..??
These are precisely the type of people who should never get loans. I know I wouldn’t lend her a penny. But, through a long chain of parties (her broker, the lender, the investment bank, Fannie/Freddie/FHA, our government, me as a taxpayer), I probably gave her a few pennies already. You, too.
So how old do you have to be to be able to make this racket work…?
Don’t cheat the taxman. That said, I just cannot imagine you, Jim, of all people busting on the Frat lifestyle. 😉
Thanks Jim, you satisfied my curiosity. 🙂
This is hilarious!! Jim can you make a TV show out of these video’s
How do you know she threatened to sue for elder abuse Jim?
Hope the IRS gets wind of this – debt relief is a taxable event for non-owner occupied property.
Are the “yachts” included in the auction?
It has that Prairie School meets Pueblo flavor to it, what amp service?
In certain locales it is illegal to have a couch on the porch in an attempt to decrease the bonfire potential.
So this is one of the “Homeowners” our tax dollars bailed out?
Deadbeats are often scam artists.
There basically was no direct bail out of homeowners-the programs that were instituted were almost entirely private, with little or no public money, and only really helped homeowners that were on the bubble. In most cases, renegotiating the loan terms was the best deal for the lender anyways (better to take a small loss on a equity reduction or refi than foreclosing and taking a huge loss trying to sell the house as an REO at a big discount).
Now, this isn’t counting the TARP monies, of course. But dozens of failed banks throughout the country wouldn’t help anybody.
Maybe she can get some tarp money.They are giving money to everyone else.why work these days.
“But dozens of failed banks throughout the country wouldn’t help anybody.”
It would help the banks that didn’t participate in the stupid loans to gain market share. But who would want that? Businesses doing that right thing to get rewarded? How would congress get reelected?
She was going to sue for elder abuse.. on loans that she signed against the property that was titled to her Mom??
I hope she had Power of Attorney on the property to do that.. or she could be charged for elder abuse. I also hope she had Power of Attorney to be able to re-title it..
Sounds like she is the one actually committing elder abuse.
What kind of video camera are you using to make these videos. Your imaging is so clear.
The flowers up front look nice. A decent grade of land. I guess the building is a shell (shack)? A million bucks?
I started coming to California sites a few years ago because my daughter lives out there and I wanted to keep up with what was going on.
Man, man, man….oh man. What she (now married) and most other young people out there find out, is that California is now an impossible place to bank a future on. All of this is sad, really sad. How did it all go so wrong?
Jim you’re doing a great job.
We’ll know when we’ve reached the bottom when “AMP Service” is an MLS entry.
“What she (now married) and most other young people out there find out, is that California is now an impossible place to bank a future on.”
QFT.
Is the owner of this property needs to hurry up and die in a fire. $1mm for an acre in Carlsbad. Priceless.
We’ll know we’ve reached the bottom when nobody reads RE blogs anymore. Until then I’m sure we’ll have people call it daily.
If those trees go up for sale I’ll take (4). Seriously.
So why are there laws saying old people and their children can borrow money and never pay it back? And why do we bail out failed banks when they are this dumb?
For that matter, why do people even bother to rob banks in person when they can just take out a loan and never repay it? It’s easier, more profitable, and you can do it a hundred times and get a fraction of the jail time.
We need to change the law and make this a felony and prosecute every single person the same as bank robbers.
Meh…the freeway noise would make that place unlivable for me even if it were free. There aren’t enough fountains and water features in the world to hide that noise.
Rolled on the floor after the line about “income property.”
Rob, don’t forget the MLS entry for “Distance to nearest ice cream truck route” or the checkbox for “Bathrooms that drain into backyard”.
I just checked the most recent liens of record, and it looks like she leveraged up – over $1,200,000 in outstanding mortgages!
Go easy on her. I mean, she just wants to keep the ATM in the family.
I mean HOUSE. She wants to keep the house in the family.
For that matter, why do people even bother to rob banks in person when they can just take out a loan and never repay it? It’s easier, more profitable, and you can do it a hundred times and get a fraction of the jail time.
——————
Ain’t it the truth! Besides, if you default on a loan these days, you are a “victim” who is deserving of extra sympathy and special programs.
Is it zoned commercial? How far from an exit is it? That’s the only way this property works. Maybe AT&T or Verizon could put in a cell tower here.
Well, it also would work if the church next door purchased it, like the million dollar deal Jim was trying to arrange.
We’ll know when we’ve reached the bottom when “AMP Service” is an MLS entry.
Rob,
Check out this Long Beach listing.
http://www.redfin.com/CA/Long-Beach/3259-Marwick-Ave-90808/home/7565972
“Newer composition roof with turbin vents. 100 amp service. Copper plumbing and relined main line.”
It is making it into descriptions. Turbin vents too!!!!