Sunday, January 31, 2010

Janet Speer

Janet Speer, Home-ATM

Why are people still willing to come forward with their B.S. stories for all the world to see???

A comment left at the story says it all:

---- start -----
Let's look at the facts here with the key one being #2:
1) She bought the house at $100,000
2) It went up to $154,000 and she refinanced it at $154,000 which means SHE TOOK OUT $54,000 in cash.
3) Its now down to $120,000 and she cant afford mortgage so she is walking away.

So basically she bought the house with a loan, took out $54,000 in cash to do as pleases, now walking away. And we wonder why banks have struggled. This person took all of the upside ($54,000 cash out) and then walked away when it went down.

There are many sad stories of people losing their house. This is not one of them. This person got somewhere to live and $54,000 cash out over a period of years. They are the example of why the people are to blame for this problem just as the banks have a lot of blame to take. This is an example of a case where you should be just as mad at this person as you are at the banks as they both caused problems by their behavior.
---- end ----

Commentary at Calculated Risk: Is this really "Walking Away"?

2010-01-31:I'm walking from my underwater mortgage
-or- How I tapped my Sweet Home Equity and Now I'm Bailing
I stopped paying my $1,450-a-month mortgage on my 200-year-old, four-bedroom home in September 2008 -- after making the hard decision to walk away from my mortgage because it is hopelessly underwater.
...
This house originally cost $100,000. In 2005, as the housing market heated up and I needed cash, I refinanced it. An appraiser said it was worth $154,000 -- which I thought was too high but nonetheless accepted. I cashed out the house at that value.

-----

And here is the house...
327 church st, Royersford, PA
4 beds, 1.0 baths, 1,577 sq ft

Friday, January 29, 2010

Sonoma Canary

Below are the Notices of Default and Trustees Deeds for the county of Sonoma, as taken from the Sonoma County Assessor. I thought I would regularly post these as indicators of the real estate situation and "recovery" in California.

Note the drop in NODs and Trustees Deeds as the new California law (SB 1137) went into effect. It effectively delayed the foreclosure process, offering no real benefit or solution for house debtors. The numbers below appear to support its lack of effectiveness.

NODs are down in Jan 10', but Trustees Deeds are up. Lets watch that Alt-A bomb explode.

Sonoma Story: Calculated Risk article on the Alt-A bomb exploding in Sonoma.

July '09 sets new record for NODs!!

NODs:
. . '08 . '09 . '10
Jan 451 . 394 . 255
Feb 513 . 468 . 380
Mar 498 . 553 . 407
Apr 509 . 497 . 354
May 505 . 491 . 389
Jun 492 . 562 . 303
Jul 460 . 615*. 275
Aug 482 . 425 . 252 through Aug 20
Sep 191 . 399
Oct 178 . 379
Nov 241 . 320
Dec 500 . 319

* New Monthly Record
* Sep '08: CA Law SB 1137 takes effect
* Dec '08: CA Law SB 1137 FAILS

Trustees Deeds:
. . '08 . '09 . '10
Jan 164 . 166 . 181
Feb 238 . 151 . 155
Mar 221 . 121 . 209
Apr 236 . 123 . 215
May 280 . 149 . 184
Jun 324 . 271 . 169
Jul 341 . 202 . 179
Aug 372 . 231 . 123 through Aug 20
Sep 303 . 183
Oct 195 . 210
Nov 184 . 218
Dec 229 . 195

Thursday, January 28, 2010

David Crisp, Part 3



David Crisp,
Formerly of Crisp & Cole

The noose tightens!!!

(thanks, fraudyouwant)


2010-01-25: Fourth guilty plea in Crisp & Cole case entered
FRESNO -- An almost imperceptible pause was the only apparent emotion displayed as 31-year-old Megan Balod pleaded guilty to felony wire fraud and other charges in a Fresno federal courtroom late Monday afternoon.
...
"The investigation is continuing," Assistant U.S. Attorney Sheila Oberto said after the proceeding, referring to the overall federal mortgage fraud case related to Crisp & Cole operations. Oberto said she could not comment on specifics of the open investigation.
...
Balod's sister, Jennifer Crisp, is married to David Crisp, the former co-owner of Crisp & Cole along with Carl Cole. Both men have had their real estate licenses revoked by state regulators and numerous civil lawsuits are in play against Crisp, Cole and their failed company.

No criminal charges have been filed against the Crisps or Cole.
(YET!)