Over 1.6 Billion Dollars during the Previous 23 months In Foreclosure (an Real Estate Fraud)
Date: 2010-04-03, 1:26PM PDT
Now when I wrote my recent posting regarding the data involving N.O.D.’s, Trustee Sales and Trustee deeds I really gave you the soft sell. Truth be told upon further review of the Data provided at http://www.sbcvote.com/Data.aspx by our County assessors office the numbers are much worse than I shared. During the past 23 months of Data regarding Foreclosure types of sales or transfers. Based on the average property price found at the web site below we get an average County property value of 557,400.00
557,400.00 x 2956.00 = 1,647,674,400.00 WOW
The Data below is for the past 23 Months in Santa Barbara County
Notice of Defaults filed 5832 = a monthly average of 253
Notice of Trustee Sales filed 4793 = a monthly average of 208
Notice of Trustee Deeds filed 2956 = a monthly average of 128
So how does this fraud work?
The short version is this. Any one who has reviewed N.O.D. postings in the local media is well aware that 4793 Trustee sales have not been advertised in this County as required by law when properly following Foreclosure procedures these past 23 months. The non published sales are allegedly held at the Court House and of course no bidders are present sense they have no way of knowing when to show up. So even if all the other rules are followed the current home owner is a victim on many fronts.
1- The Investor or lender after they alleged attempt at a sale may now take control of the property with any further out lay of cash. He simply files a Non Judicial transfer, states he gained control of said property via the non occurring Foreclosure sale and the property is than transferred into his name.
2- So why cheat when the home owner is clearly at fault by being delinquent in there payments? High Property value that’s why! Many Investors or Hard money lenders will not exceeded 60% Loan to value thus having an upside of at minimum 222,000 based on County property averages or over 300,000 based on Santa Barbara city averages.
3- Now with that kind of equity still available it creates many possible work out solutions for the present home owner. So greed is the simple answer as to why cheat on the foreclosure process.
With out a chance at fair market value comes other obstacles the previous home owner must face. Please review my previous posting below and I will continue after that.
Date Event Price Source
01/27/2009 Sold $233,000 Public record
11/10/2008 Sold $369,000 Public record
12/27/2006 Sold $75,185 Public record
The web link below will show the les pemden removed 12/15/06 and a transfer after sale on 12/27/06 yet no new notice filed to reset trustee sale date and increased indebtedness
Recording Date 6/4/2008
Document Title NOTICE OF DEFAULT
Number of Pages 2
MENDOZA, LAWRENCE ANDREW
MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC
Now the sales history above illustrates my point that I am making of taking control of a property with little cash out lay. The other issue is when Title Company’s and First Mortgages try and act as if a short sale has occurred on there part creating a tax liability for the cheated party such as myself. How can one issue proper title insurance? So an N.O.D. is allegedly filed 06/04/08 on property I have already lost in 12/06 to Mr. Urwick the holder of a second note on my property and has been transferred out of my name and into his. A full 18 months down the road and the Lender (first mortgage) now wants me to take the tax liability because they are selling the property to friends or other Mortgage criminals at under fair market value. Mind you when I say the lender I am not talking about Mr. Urwick the Investor who held the Trustee sale and completed the transfer. Oh no I am taking about the first mortgage lender and he does so with Mr. Urwicks blessing? So when and how does Mr. Urwick benefit from this arrangement? What happen to the transfer into his name and when does he relinquish title and what does he get for it? Are you as lost as me? Why go through the effort of foreclosing on my property only to allow others the benefit of the sale? Something else that is bothering me because one of the sales is credited to Prudential of Santa Barbara, the same Realtors that pulled it off the market. I feel this house could be taken back by Bernies family with my blessing. Some things just don’t add up do they? At a 20% tax bracket or 20,000 per 100,000 being written off illegally as a loss to the I.R.S. you can see how your life can be further negatively impacted.
In Closing why buy 1721 Chino street on 11/10/2008 for 369,000.oo Only to sell it on 01/27/09 for 233,000.oo?
I would tell you but as I mentioned in the past posting no sales information shows up when researching the Santa Barbara County Assessors office. You see there I go again getting off point. How are 128 property’s being transferred every month and the Court House and it’s personnel are well aware of the fact they did not hold anything close to that many sales, legally or illegally? If you found my posting useful please share it with others.