Here is a look at the property info:
|Bedrooms||Style||Lot||Year Built||Bathrooms||Garage||Square Feet||Price|
|5||Single Family Home||21780||1958||3||2300||$449,000|
Here is a look at the financials:
- The property was purchased May 2003 for $225,000.
- The first mortgage in May 2003 was for $213,750 with Quicken Loans.
- The mortgage was refinanced in August 2003 for $220,000 with Atlantic Home Loans.
- The mortgage was refinanced again in May 2005 this time for $345,000 with an ARM through American Home Mortgage Acceptance.
- A HELOC was taken in November 2005 for $25,000 also through American Home Mortgage Acceptance.
- The mortgage was refinanced again in May 2006 for $381,000 with an ARM with Quicken Loans.
- A second mortgage was also taken in May 2006 for $30,000 also with Quicken Loans.
- The foreclosure process started in December 2006.
- The property is currently bank owned and for sale at $434,900, reduced down from $449,000.
It took less than two years between from when the refinancing started to when the property went into foreclosure. During that time the owners took out $186,000. That averages to $46,500 per year tax free the second income provided the own through the home equity.
If the bank gets the full asking price, after the 6% standard realtor's commission the bank will get $408,806 which means the bank will stand to lose approximately $2,000. Not a huge loss on the property but when adding in the foreclosure costs just breaking even will probably cost north of $50,000.