Here is the property -
Here is the property info -
- The property was purchased in June 2000 for $312,500.
- The original mortgage at the time of purchase is not available on the internet database.
- In October 2001 a second mortgage was taken for $88,000 with Bank One.
- The property was refinanced in March 2002 for $342,800 with Federal Mortgage Investment Corp.
- A new second mortgage was taken later in the month of March 2002 for $64,275 Also with Federal Mortgage Investment Corp.
- In September 2004 the property was refinanced again with a cash-out totaling $518,500 through an ARM with Ameriquest Mortgage.
- The property was refinanced again in March 2005 for $531,250 with an ARM by Accredited Home Lenders.
- The foreclosure process started in August 2007 with a Lis Pendens filing.
- The property is currently for sale with a realtor for $406,500 reduced from $427,500 as listed last month.
Within 5 years of ownership the extraction totaled at least $218,750 - maybe more if the second mortgages were not closed. However the final extraction proved to be too much and the owners fell into foreclosure just over 2 years - perhaps the ARM reset to an unaffordable payment. Whatever happened the property provided the former owner a second income of $31,250 a year.
And for the lender, who ever currently owns the mortgage will lose at least $149,140 if the house sells for the full asking price and the realtor receives the standard fees.
Interesting case today - the previous owners won over $218,750 with the house but lost it in the end along with some of their credit ratings. The final lender just lost.