I
have three properties that are going into foreclosure
pretty shortly (One went into foreclosure in 2008 and one just recently foreclosed). One is a four
bedroom house on a beautiful golf course (Foreclosed
09/02/08). One is a three
bedroom house in a resort condominium complex
(Foreclosed 06/30/09). One is a
one bedroom unit in a house in a resort condominium
complex. All the details are given below. If you're
interested, contact me (Noah@ShortOnChange.com)
or the banks or the tax collector. They really are
beautiful properties, and you should be able to get them
for some good prices.
510
Lost Key Drive
Pensacola, FL 32507
Purchase Price:
$880,000
Current Price:
$299,000
Status:
Foreclosed on
09/02/08
I was served foreclosure papers from the
county on 05/27/08. I have given the
papers to my lawyer who will file the
necessary forms with the county court
system. I have twenty (20) days from the
date that I received the papers to file
the paperwork. I have thirty (30) days
to contest the foreclosure or request
verification. Because of the 30 day
period, nothing will happen to the house
until after 30 days. This is for the
first or primary mortgage. The second
mortgage, however, has no chance of
recovering any money in a foreclosure so
their claim is now transferred from the
real estate to me directly. They will
try to recoup their money by any means
available in Florida. This may be
garnishment or seizure of property or
some other means. I have a letter into
my lawyer asking what to expect (read
the letter here). I will post his
answer as soon as I get it.
I received a "Lien in Progress" notice
from the homeowner's association on
06/22/08. That will probably end up very
similar to the small claims court
process used by the condo association.
My lawyer has sent the homeowner's
association a letter concerning this
bill.
(Lien
in Progress)
(Small
Claims Court)
07/11/08: Short sale efforts have been
ended.
08/01/08: Foreclosure Hearing sets the
Foreclosure Sale date for thirty days
09/02/08: The house is auctioned at
Escambia County Court House. There were
no bidders so the house went to the
bank.
Property Taxes:
@$10,000 unpaid for
2007 tax year
First Mortgage:
Morgan Stanley @$689,000
I received a 1099-A
(Acquisition or Abandonment of Secured
Property) which I had to report on my
2008 U.S. Federal Income Tax Return. (1099-A
Blog Entry)
Second Mortgage:
Duetsch Bank @$160,000
I received a 1099-C
(Cancellation of Debt) which I had to
report on my 2008 U.S. Federal Income
Tax Return. (1099-C
Blog Entry)
Home Equity Loan:
None
Listing Agency:
Pennacle Properties,
Inc. (contract lapsed)
Now listed with Odom Realty.
Listing Link:
The listing is online (click
here) through Odom Realty.
Notes:
Last mortgage
payments made
November 2007.
13555
Perdido Key Drive 3C
Pensacola, FL 32507
Purchase Price:
$279,000
Current Price:
Not Listed
Status:
Foreclosed 06/30/09
I was served formal foreclosure papers
on Saturday (04/12/08). I have twenty
(20) days to file a statement with the
court about the status of the house and
my intentions. I will be consulting with
an attorney on this matter shortly. I
will most likely post the statement on
this web site as well.
The condo association took me to small
claims court on June 13, 2008 for the
monthly association dues that I have not
paid since November 2007 (read
the details on that court case here).
I now have a judgment against me for
these fees.
07/11/08: Short sale efforts have been
ended.
09/04/08: I paid the Small Claims Court
judgment plus interest and penalties and
all other past due condo fees
(@$15,000). I will now keep the condo
fees current until the condos foreclose
or sell. This covers both condos (3C and
14AD).
12/03/08: The foreclosure sale date has
been set for 12/03/08. The condo will be
auctioned off to the highest bidder.
Most likely, the highest bidder will the
primary mortgage company, Wells Fargo.
02/13/09: The December 2008 foreclosure
sale date was postponed by Wells Fargo
for undisclosed reasons. The new
foreclosure sale date is set for
02/24/09. I am currently working on a
Debt-to-Income Mortgage Modification
Application with Wells Fargo in an
effort to save the property as a primary
residence.
Property Taxes:
Paid in Escrow
Account
First Mortgage:
Wells Fargo @$305,000
Second Mortgage:
None
Home Equity Loan:
National City @$150,000
National City wrote
this debt off of their books as bad
debt. I believe I still owe this debt
and that National City will probably
sell the debt to another company which
will then try to collect the full amount
from me at a later date. The debt shows
on my credit report as a 'Write Off'.
Listing Agency:
Re-Max Orange Beach,
AL (Contract Lapsed)
Listing Link:
NO LONGER LISTED
Notes:
Monthly condo fees are in arrears
(These were paid on 09/04/08 and are now
current).
Last mortgage payments made
November 2007.
13555
Perdido Key Drive 14AD
Pensacola, FL 32507
Purchase Price:
$259,000
Current Price:
Not Listed
Status:
Pre-foreclosure
I was served formal foreclosure papers
on Saturday (04/12/08). I have twenty
(20) days to file a statement with the
court about the status of the house and
my intentions. I will be consulting with
an attorney on this matter shortly. I
will most likely post the statement on
this web site as well.
The condo association took me to small
claims court on June 13, 2008 for the
monthly association dues that I have not
paid since November 2007 (read
the details on that court case here).
I now have a judgment against me for
these fees.
07/11/08: Short sale efforts have been
ended.
09/04/08: I paid the Small Claims Court
judgment plus interest and penalties and
all other past due condo fees
(@$15,000). I will now keep the condo
fees current until the condos foreclose
or sell. This covers both condos (3C and
14AD).
02/13/09: Nothing has changed on this
property. CitiMortgage has not set any
foreclosure date. I still maintain the
condos fees and the electricity. It is
currently vacant.
Property Taxes:
Paid
First Mortgage:
CitiMortgage @$249,000
Second Mortgage:
None
Home Equity Loan:
None
Listing Agency:
Re-Max Orange Beach, AL (Contract
Lapsed)
Listing Link:
NO LONGER LISTED
Notes:
Monthly condo fees are in arrears
(These were paid on 09/04/08 and are now
current).
