Let's take a look at the property -
Now let's take a look at the property info -
- The house was purchased directly from the builder in May 2006 for $820,000.
- The original mortgage made on the same day as the purchase was an ARM for $574,000 with Fairmont Funding.
- A second mortgage was taken the three days later for $204,000 also with Fairmont Funding.
- A Lis Pendens was filed February 2007 which started the foreclosure process.
- The property is currently an REO for sale with a realtor for $699,900.
- Finally, our featured property is also part of the Horizons at Pennington Woods Condominium Association which appears to require a monthly fee of $292.
The trouble hit shortly after the purchase since just 9 months later the property started in the foreclosure process. Another important part to note is that it appears from the county records that the Condo Association never received a payment for the property.
Now the former owner is out their $42,000. The lender is out $120,094 if they get the full asking price for the property. The total loss is at least $162,094 for this property so far. Not the biggest one we have come across (that would be this one) but still a significant loss.