Foreclosures

[LargeOrangeFont]

Lol......I'm 6 years away from the 20 year mark....I'll be waiting for this magical equity to appear by then.

You bought in 05 and are still underwater?

Sounds like you bought into the hype

Name a time modern history where a large swath of people lost money on real estate over a 20+ years period. Aside from situations of natural disasters, or the people that bought houses near Chernobyl, it hasn’t happened. You’ll be fine

 

[HOOTER SLED-]

You bought in 05 and are still underwater?

Sounds like you bought into the hype

Name a time modern history where a large swath of people lost money on real estate over a 20+ years period? Aside from situations of natural disasters, it hasn’t happened. You’ll be fine

At this point in time....If I could get exactly what I paid.....I might break even. I could basically pay off loan....and get back what I put down..
So not necessarily under water....just wouldn't really make shit....in terms of profit.

 

[LargeOrangeFont]

At this point in time....If I could get exactly what I paid.....I might break even. I could basically pay off loan....and get back what I put down..
So not necessarily under water....just wouldn't really make shit....in terms of profit.

So we are in agreement you are at least whole again.

I didn’t say you’d be this guy.

 

[HNL2LHC]

The laws on foreclosure are insanely borrower friendly post crises. Fannie freddie and hud have a combined inventory approaching 100bn in over 90 day late inventory. Most of this is still from the crisis. Western state iventory is low due to the short foreclosure time frames. It takes 90 days to foreclose on a house in california if the borrower doesnt fight. In ny the minimum is 3 years. Ny is a judicial foreclosure state and there are multiple court hearings throughout the process. Ca a trustee handkes the fc and once notice is posted its really quick.

If the borrower fights these timelines get crazy. I could buy 20 houses in ny move renters into all of them make 3 payments to ensure there isnt a loan buy back and not make another one for over 10 years easily. The whole time im collecting rent. The system is f-ed and there are a ton of people taking advantage of it.

And do they have a seminar available to go over the process? I see every other type of seminar in TV ads about buying, flipping and renovating homes. LOL

 

[LargeOrangeFont]

And do they have a seminar available to go over the process? I see every other type of seminar in TV ads about buying, flipping and renovating homes. LOL

This is Ken Feelingude, star of the hit A&E show “F The Bank”!

We have our new action packed seminar at the Days Inn in Reseda to show you how to live in yore house and not pay a dime! We will explain this simple process and as a bonus we have the following sessions! Dine and Dash 101- Eating Good in the Neighborhood, and Check Forging for Dummies - Let Them Banks Sort it out!.

 

[cpdad93]

My house was a foreclosure, on the market for five years....We bought if for full asking price plus $100. Get ready for it, $57,000 and they kicked back $7000 to me for repairs. We sold my mothers in laws house for 980k in san jose in one day. From what I hear, they are now upside down 100k from dropping value. I personally think real estate is probably one of the riskiest investments, unless you have cash. I believe if someone rented their whole life and put the difference in the bank, at the end of a life they would have way more cash than their house increased in value. I made a fair amount of money on two houses in california, 125k on one and 75k on another both in less than 12 months. However, had there not been a city moratorium on building, those increased wouldn't have happened. I bought one house for 309, sold it for 425, and after the moratorium was lifted, it was back to 325. Just luck.

 

[attitude]

So we are in agreement you are at least whole again.

I didn’t say you’d be this guy.

View attachment 732815

I’m sure the value of the dollar is the same now as it was in 05

 

[HOOTER SLED-]

I’m sure the value of the dollar is the same now as it was in 05

My thought exactly too....Im in the same spot...with a different dollar. I still dont think it's a bad idea to get in the game....personally I wouldn't buy at the peak again.

 

[TCHB]

We bought our home in HB in 1980. Great place to raise the family and earn a living.
When we bought it was very expensive and thought it would drop. It went up and down but in the long run way way up.

Much better than renting.

 

[HNL2LHC]

My house was a foreclosure, on the market for five years....We bought if for full asking price plus $100. Get ready for it, $57,000 and they kicked back $7000 to me for repairs. We sold my mothers in laws house for 980k in san jose in one day. From what I hear, they are now upside down 100k from dropping value. I personally think real estate is probably one of the riskiest investments, unless you have cash. I believe if someone rented their whole life and put the difference in the bank, at the end of a life they would have way more cash than their house increased in value. I made a fair amount of money on two houses in california, 125k on one and 75k on another both in less than 12 months. However, had there not been a city moratorium on building, those increased wouldn't have happened. I bought one house for 309, sold it for 425, and after the moratorium was lifted, it was back to 325. Just luck.

Please explain how that can be the case. I just can’t see how that is possible. I know for a fact that we bought our first house with a monthly payment of $1500.00 at the time. Fast forward 20 years and that house rents for $2500.00 a month. If you bought the house and saved everything over the $1500.00 payment you’d be way ahead over renting the house. If you keep renting your rent will continue to go up for the rest of your life. That also does not include the fact that the house has increase 300% from the original purchase price. So in my eyes you are ahead becuase your payments never go up AND you have the growth in equity.

 

[cpdad93]

You need to examine all of the costs. Also, remember, most can't pass up the excitement of refinancing and pulling cash out for new trucks and vacations. Take a house for 300k. You put say 20% down and add in 10k closing costs. Houses run an increase in value about the same as inflation. Take 3% inflation that house is worth about 720 in 30 years. Let's not forget the cost of repairs and maintenance, property tax and bond issues. The taxes alone are another 300 a month minimum. Take the 70k with a modest return on investment of 6 or 7% over inflation which is about average. Its worth well over a million dollars in 30 years. 2 1/2 times the return on the house. Rent may not be constant, but neither are payments, unless one locks in a 30 year fixed. Most in higher markets do not and take the variable rate.

 

[GRADS]

Geezus........can it warm up soon.......... please!!!!



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I was waiting for this post! LOL

 

[termiteguy]

Please explain how that can be the case. I just can’t see how that is possible. I know for a fact that we bought our first house with a monthly payment of $1500.00 at the time. Fast forward 20 years and that house rents for $2500.00 a month. If you bought the house and saved everything over the $1500.00 payment you’d be way ahead over renting the house. If you keep renting your rent will continue to go up for the rest of your life. That also does not include the fact that the house has increase 300% from the original purchase price. So in my eyes you are ahead becuase your payments never go up AND you have the growth in equity.

Not mention all the money paid each month with the exception of interest goes back to you in the end. People don't buy property for rentals for no reason

 

[LargeOrangeFont]

I’m sure the value of the dollar is the same now as it was in 05

A bird in the hand is worth 2 in the bush.

I can’t help he bought at the peak. I said he isnt underwater, not swimming in equity.

In reality he is way way ahead of where he’s be if he’d been renting for 14 years.

House is presumably half paid off. Property tax write offs for 14 years, etc.

 

[LargeOrangeFont]

My thought exactly too....Im in the same spot...with a different dollar. I still dont think it's a bad idea to get in the game....personally I wouldn't buy at the peak again.

You have had rent control for 14 years. What is rent today for a house equivalent to yours? Or how much more than your payment is it?

 

[COCA COLA COWBOY]

WOW, 2007 seriously?

What's wrong with the lending institution in this case? Must be more to the story...

I wish you luck on getting the property just on your patience alone...

A good attorney can keep a home in foreclosure indefinitely. I know of one that will keep it as long as you like for $1,000/month.

We have two in Scripps Ranch that have been in foreclosure for 10 years and 8 years.

 

[2Driver]

Before you analyze the blue dots too much, Zillow is probably reporting incorrect information. Have someone with MLS access check the addresses. They probably aren’t in default.

I was recently asked to fund a loan in Laveen AZ . The neighborhood showed 11 defaults, so I was wondering what’s up. My broker checked and none of the homes Zillow listed as default were in default according to the MLS. Most were still reporting status from 2008-2009.

Ive found other info on closed sales prices to be wrong as well. At times Zilllow can actually be worse than nothing.

 

[Classic Daycruiser]

Exactly which is why I’m curious to see it play out. Boomers are in great numbers mobingnand taking their money elsewhere. That didn’t happen as much before. Imo or from what I’ve seen. Like my grand parents and all my buddies died and left their kids “boomers” everything. Most my friends parents are leaving out of state and taking their money with them. My parents are considering selling in Phillips Ranch and traveling. I hope they do I don’t want their money I’d rather watch them enjoy it

Many of those boomers are so deep in debt, when they hit retirement age, they can no longer afford their mortgage. They sell and buy some place where they can pay cash with their equity. Desert cities have long been magnets for those living on Social Security.

$100k can still buy a nice lot, and a double wide mobile home installed (in most states across the country).

 

[SoCalDave]

Bought our last home in La Palma in 2000 for $280k and sold it in 2013 for $645k.
Yeah I put a lot of blood, sweat and tears into that place but would never imagine that type on increase in value over that time period... a year later Zillow was showing $750k in value...go figure.
.

 

[HOOTER SLED-]

You have had rent control for 14 years. What is rent today for a house equivalent to yours? Or how much more than your payment is it?

Rent is currently the same as my payment

 

[DrunkenSailor]

And do they have a seminar available to go over the process? I see every other type of seminar in TV ads about buying, flipping and renovating homes. LOL

Yeah ever heard a radio ad for an attorney? There are a whole slew of them out there teaching borrowers how to play the game.

 

[DrunkenSailor]

My house was a foreclosure, on the market for five years....We bought if for full asking price plus $100. Get ready for it, $57,000 and they kicked back $7000 to me for repairs. We sold my mothers in laws house for 980k in san jose in one day. From what I hear, they are now upside down 100k from dropping value. I personally think real estate is probably one of the riskiest investments, unless you have cash. I believe if someone rented their whole life and put the difference in the bank, at the end of a life they would have way more cash than their house increased in value. I made a fair amount of money on two houses in california, 125k on one and 75k on another both in less than 12 months. However, had there not been a city moratorium on building, those increased wouldn't have happened. I bought one house for 309, sold it for 425, and after the moratorium was lifted, it was back to 325. Just luck.

Every rent payment goes into someone else’s pocket. Every principle payment on your mortgage goes into yours.

Mortgage is the long game.

 

[C-2]

Zillow appears to be behind, but some of their info is also accurate. If anything, it appears they are not as up to date as some of the other free services.

I base that on a review of Trulia for foreclosures in Norco. Looking at the first 6 identified on Trulia - they are all accurate. In fact 3 of them have NOD's recorded in Feb 2019, so they are reporting them quickly. I looked at each profile, not on MLS, but title histories.

So maybe Trulia is a more accurate reflection of the foreclosures. It makes sense, NOD's are public record.

https://www.trulia.com/for_sale/Norco,CA/foreclosure_lt/

 

[Classic Daycruiser]

Please explain how that can be the case. I just can’t see how that is possible. I know for a fact that we bought our first house with a monthly payment of $1500.00 at the time. Fast forward 20 years and that house rents for $2500.00 a month. If you bought the house and saved everything over the $1500.00 payment you’d be way ahead over renting the house. If you keep renting your rent will continue to go up for the rest of your life. That also does not include the fact that the house has increase 300% from the original purchase price. So in my eyes you are ahead becuase your payments never go up AND you have the growth in equity.

20 years:
$60,000 new kitchen
$16,000 new carpet
$12,000 exterior paint/repair
$10,000 new AC unit
$20,000 Refinish/update pool
$22,000 had to relocate for work and sell home (RE commission)
$40,000 Property Taxes
$20,000 Landscape maintenance
$400,000 interest.

 

[LargeOrangeFont]

20 years:
$60,000 new kitchen
$16,000 new carpet
$12,000 exterior paint/repair
$10,000 new AC unit
$20,000 Refinish/update pool
$22,000 had to relocate for work and sell home (RE commission)
$40,000 Property Taxes
$20,000 Landscape maintenance
$400,000 interest.

The first 5 although costly, added value to your asset.

The property taxes and interest were tax deductible.

The relocation was a life decision, it happens.

Still way ahead of renting.

 

[BHC Vic]

Something I’ve always thought about too. I always put down 20% or more... I couldn’t see someone paying more for rent than i pay for my mortgage. Same with the chino house. Even with 20% down rent was still around the same as my mortgage.

 

[LargeOrangeFont]

Putting next to nothing down can mean a larger payment. Rent will always go up, and ownership is a long game. The extra effort and money pays off 10-20 years down the line

 

[HNL2LHC]

Putting next to nothing down can mean a larger payment. Rent will always go up, and ownership is a long game. The extra effort and money pays off 10-20 years down the line

I am glade to see that some people still think that they are better off renting. I know that we will always have tenants for our rental properties. I just am surprised of why they think that they are better off with that direction.

 

[boatdoc55]

There's always gonna be a certain # of the reverse mortgage foreclosures showing up on those sites from the elderly that get duped or in rare cases die at the right time. I picked a nice one of those up through Stacy's listing cart a few years back in Havasu -

How does one get "duped" on a reverse mortgage? No one makes you sign on the dotted line.

 

[BHC Vic]

I am glade to see that some people still think that they are better off renting. I know that we will always have tenants for our rental properties. I just am surprised of why they think that they are better off with that direction.

My buddy next door is 30. He loves renting. Has 5 roommates. They rent a house and he gets the master. 800 a month and a mile from the beach. He says he doesn’t worry about fixing anything and the extra money gives him an opportunity to travel. That wouldn’t work for me and I wouldn’t want to live like that. But to each their own. I’ve said it before I hate the beach and the crowds. I’d rather be in norco. Gonna be different for everyone. I like smelling horse shit. Makes me feel like I’m home. Some people are like the deal with that


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[Cdog]

What a lot of people don't understand is that Zillow is not the trusted information source the public thinks it is. Zillow data mines and captures your info then charges real estate agents to access it. It is successful as I convert and close quite a few of these buyers a year. In tract homes with recent sales and no condo's near by their algorithm for value can be pretty good to get you within range. Add two tracts, one standard and one luxury and a couple of custom builds within 1/8th mile and their algorithms fall on their face. But try and tell that to the guy with the condo who thinks it's worth the same as the SFR across the street because it has the same square footage under roof.

I'd bet in the OP's situation there are a lot of people looking for distressed properties in Norco. Zillow knows this by search interest and is running a campaign for lead capture to sell the leads to agents in that area who can convert those type of buyers.

Rates have settled down to mid ish 4's and the market is looking pretty decent here in Scottsdale/Phoenix. Homes that are priced right are selling.

 

[Englewood]

Zillow is about as reliable as gas station sushi.

 

[Ziggy]

How does one get "duped" on a reverse mortgage? No one makes you sign on the dotted line.

If you have no relatives or siblings you can or want to give your shit to then why not cash out and spend it.

 

[HNL2LHC]

Zillow is about as reliable as gas station sushi.

Interesting....How does gas station sushi compare to The China Buffet. :looking:

 

[Justfishing]

Thats a $225K house around me with a full basement. 20 minute drive to work.

 

[boatdoc55]

If you have no relatives or siblings you can or want to give your shit to then why not cash out and spend it.

That's what the wife and I have as our hole card!! No kids, no brothers or sisters need anything and my personal thought, not the wife's, is F**k every body, we earned it, we might as well spend it. I know some one in damn near every field, plumbers, Ac, mechanics, so I can question them on things I don't understand but damn if I know anybody in the reverse mortgage bizz.

 

[Ziggy]

Geezus........can it warm up soon.......... please!!!!



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Global warming ain't real

 

[LargeOrangeFont]

Global warming ain't real

It’s Climate Change Zig. Get your jargon correct

 

[Ziggy]

That's what the wife and I have as our hole card!! No kids, no brothers or sisters need anything and my personal thought, not the wife's, is F**k every body, we earned it, we might as well spend it. I know some one in damn near every field, plumbers, Ac, mechanics, so I can question them on things I don't understand but damn if I know anybody in the reverse mortgage bizz.

It's basically a matter of pulling the equity out and not having a mortgage payment......

 

[Ziggy]

It’s Climate Change Zig. Get your jargon correct

As if I'm a conformist
Joe want's it to be warmer. That's global warming. Climate change is for the undecided.
.
Climate change can be the RE market too, ya know.

 

[HB2Havasu]

That's what the wife and I have as our hole card!! No kids, no brothers or sisters need anything and my personal thought, not the wife's, is F**k every body, we earned it, we might as well spend it. I know some one in damn near every field, plumbers, Ac, mechanics, so I can question them on things I don't understand but damn if I know anybody in the reverse mortgage bizz.

You could just buy a new DCB. That should pretty much rule out leaving any money behind, lol.

Seriously if I had no kids or grandkids I would probably just retire @ 62, collect SSI, sell the primary residence, Reverse Mortgage the Havasu House and Party like a Rock Star before I cashed in.

 

[Hullbilly]

Thats a $225K house around me with a full basement. 20 minute drive to work.

lol Youre being generous, lol a 1700 sq ft house on a city lot is like 150k.

 

[LargeOrangeFont]

As if I'm a conformist
Joe want's it to be warmer. That's global warming. Climate change is for the undecided.
.
Climate change can be the RE market too, ya know.

No the RE market is just hype

 

[shane-o]

actually we do have a little hype... boots in the park and a couple other shows at the park. Pretty nice park. Norco is closed...

I used to love norco until eastvail came along and the peps from orange county now there's more people then animals was time to move on

 

[milkmoney]

Global warming ain't real

Sounds like a lot of hype [emoji39][emoji202]

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[LargeOrangeFont]

I used to love norco until eastvail came along and the peps from orange county now there's more people then animals was time to move on

You mean people following the Corona hype?

 

[BHC Vic]

Before this thread I never really heard of reverse mortgage... now it’s everywhere

funny how that kind of shit works

 

[4Waters]

I vote Republican, do I need to stay where I'm at or can I go to Arizona?

 

[DC-88]

How does one get "duped" on a reverse mortgage? No one makes you sign on the dotted line.

It happens all the time . No way Granny’s saying no to this guy —Then she outlives the 15k a month in home hourly care but the asset is fleeced . At least that is the bank’s business model imho



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[C-2]

On the reverse mortgage, I think DC88 was referring to seniors who were scammed. Just like ID theft, a lot of reverse mortgage scams are perpetrated by family members. They convince grandma to take out a reverse mortgage and then family members bleed it dry. Or, seniors are put into reverse mortgages when they don't actually need them. The reverse mortgage foreclosures I see are simply from the borrower dying.

The more popular way to rip off seniors these days are home improvement contracts and solar. These dirtbag salespeople are trained not to leave a person's house until you close a sale, or until the police are called (true story, look up some of the larger solar companies on Yelp). I ran across a 91-year old lady who was sold a $61K solar contract and was signed up for PACE financing, which amortized over 25 years would have been closer to $180K. Luckily her daughter was a lawyer and they "discounted" the deal to $41K cash. Dirtbags.

Keep an eye on your parents and grandparents! It's a huge problem right now.