Well, lets gets started and take a look at the property -
|Here is the Property Info -|
|Bedrooms||Style||Lot||Year Built||Bathrooms||Garage||Square Feet||Price|
|3||Single Family Home||61125||1928||2||1200||$279,900|
Here are the financials -
- The property was purchased in June 2005 for $348,000.
- The only mortgage was for $330,600 with Indymac using a Fixed/Adjustable Rate LIBOR Rider.
- The Lis Pendens filed in January 2007.
- The REO property is currently for sale at $279,900.
- One side note - the previous owner purchased the property in January 2003 for $288,000.
The losses on the Mine Hill property added up. The owner lost their downpayment of $17,400. The lender will lose at least $67,494 if the property sells for the full asking price provided they have the standard 6% realtor fees. The combined loss on this property will be at least $84,894.
Now on to the interesting side note - the house is currently priced $8,100 less the than 2003 purchase price. That is a substantial setback and will be a real comp killer for the area.