From pigged thread:Oh, a new twist on unpaid condo and maintenance fees.
A poverty stricken condo asked for and got a receiver appointed for 11
units that were not paying maintenance and being rented. There was never
any question that you could have a receiver appointed, but it would be too
expensive to ask for one for each individual delinquent owner, which is
what people thought was necessary. A smart lawyer asked for one receiver
for the 11 and got it. So the tenants must pay the receiver, not the landlord.
I presume they would be protected from eviction.
will be some unhappy landlords. Most or all of the 11 are in foreclosure.
By the way, the lenders could do the same thing, but they are not.
On your new twist just before you got pigged: I just keep wondering why people buy condos as investments. They have got to be the worst investment ever. Compare the price per square foot between an apartment building and a condo, add in the inflated overhead, and you'll see at least a 2:1 disadvantage for condos. In some cases, 3:1. You would have to have incredible luck and astounding timing to make anything on a condo investment.
CR- can you run a quick calculation of # of NODs vs # of started loan mods vs # of completed mods? I think that'd be interesting to see how many NODs are even trying to get a mod of some kind.
Mr.Sparkle, California has to be worse in most respects. So I'd guess there are more conventional fixed rate loans nationally and less of HELOCs and ARMs.
dafox, I'll try to do something - maybe this weekend. I expect the next post to be BFF!
Jim A., yes, those HELOCs scary. The loss severity can be 100%. It's hard to tell what the loss rate will be.
So a very singificant percentage of CA home owners could not afford their home, absent creative financing which was an illusion.
One possible explanation for this national disaster: American decreasing earnings and buying power meets reaities of home purchase. Denial of the weakened standard of living meets desire for "the American Dream."
The HELOC balance is nearly a million dollars per account!
What's even more amazing is how it jumped between Dec 08 and Jan 09 from $22,637M to $279,281M while the number of HELOCS went from 308,118 to 305,637.
Somebody must have needed to withdraw a lot of money for Christmas presents.
This gives me hope that the California State Government's computers are infected with the "decimal point virus" and the budget shortfall is actually a huge surplus.
nemo?
From pigged thread:Oh, a new twist on unpaid condo and maintenance fees.
A poverty stricken condo asked for and got a receiver appointed for 11
units that were not paying maintenance and being rented. There was never
any question that you could have a receiver appointed, but it would be too
expensive to ask for one for each individual delinquent owner, which is
what people thought was necessary. A smart lawyer asked for one receiver
for the 11 and got it. So the tenants must pay the receiver, not the landlord.
I presume they would be protected from eviction.
will be some unhappy landlords. Most or all of the 11 are in foreclosure.
By the way, the lenders could do the same thing, but they are not.
@lawyerliz,
you should put there is no normal on your business card.
no me
this does not make any sense as is. was answer to 1st and just to slow clicking on save.
no bff'?
Never having really seen (nor admittedly have I looked for it) how does this data compare with trends nationally?
More HELOCs and less prime?
Nah, people would think that I was errrr, ummmmm,
not normal.
No bank failures yet?? Off to Merritt Island.
"A poverty stricken condo asked for and got a receiver appointed for 11
units that were not paying maintenance and being rented."
Liz, I'm going to talk to the HOA, and see if I can put them in touch with you about this.
My date on the courthouse steps is 6 August.
Lilly sez, "Meow".
"prime" = 75% of DU approved loans with documentation waivers.
lawyerliz,
On your new twist just before you got pigged: I just keep wondering why people buy condos as investments. They have got to be the worst investment ever. Compare the price per square foot between an apartment building and a condo, add in the inflated overhead, and you'll see at least a 2:1 disadvantage for condos. In some cases, 3:1. You would have to have incredible luck and astounding timing to make anything on a condo investment.
CR- can you run a quick calculation of # of NODs vs # of started loan mods vs # of completed mods? I think that'd be interesting to see how many NODs are even trying to get a mod of some kind.
Liz sez, Mew! Fred and Frida the catz say mew to the fabulous Lily.
And bye again.
This would not help you Terry--they might ask you for money!
So the HELOCs are large and of course they're likely to have the highest severity (though not rate) of losses.
Ya Terry if they appoint a receiver then you will probably get evicted right away...
Mr.Sparkle, California has to be worse in most respects. So I'd guess there are more conventional fixed rate loans nationally and less of HELOCs and ARMs.
dafox, I'll try to do something - maybe this weekend. I expect the next post to be BFF!
Jim A., yes, those HELOCs scary. The loss severity can be 100%. It's hard to tell what the loss rate will be.
best wishes
2 2 2bf for friday
sorry about that there are 2
1 in nc
1 in ga
"Terry if they appoint a receiver then you will probably get evicted right away."
The sale on the courthouse steps is scheduled for 6 August, so I gotta get going anyway.
It was a great run. I could throw a cracker into Tampa Bay from my deck, and I've not paid rent since last August. I'll miss the birds and the boats.
So... was it WaMU or WFC that had massive HELOC CA exposure? I thought it was WFC but I could be wrong. Or it could be both.
Remember when taking out a second loan against your home meant you were in financial straits?
* June 19, 2009:
PR-95-2009 First Bank, Troy, North Carolina, Assumes All of the Deposits of Cooperative Bank, Wilmington, North Carolina
* June 19, 2009:
PR-94-2009 United Community Bank, Blairsville, Georgia Assumes All of the Deposits of Southern Community Bank, Fayetteville, Georgia
Only a few paltry hundreds of millions - where's Corus?
"where's Corus? "
gotta be coming.
corus is out of il? thats going to be 7pm eastern i think
Remember when taking out a second loan against your home meant you were in financial straits?
It still means you're in financial straits.
Speed:
"Remember when taking out a second loan against your home meant you were in financial straits?"
It still does.
It's just that we had defined "financial straits" down. We're all subprime now....
So a very singificant percentage of CA home owners could not afford their home, absent creative financing which was an illusion.
One possible explanation for this national disaster: American decreasing earnings and buying power meets reaities of home purchase. Denial of the weakened standard of living meets desire for "the American Dream."
The HELOC balance is nearly a million dollars per account!
What's even more amazing is how it jumped between Dec 08 and Jan 09 from $22,637M to $279,281M while the number of HELOCS went from 308,118 to 305,637.
Somebody must have needed to withdraw a lot of money for Christmas presents.
This gives me hope that the California State Government's computers are infected with the "decimal point virus" and the budget shortfall is actually a huge surplus.
The HELOCS are recourse loans, yes?