Irvine Housing Blog

i am one of the squatters living in a million+ home.  It’s been over 2 years of squatting.  very nice.  saved myself at least 120K of mortgage payment and property tax.  for those people who has feel morally obligated, i say to you that you have great moral, but you are one stupid idiot.

We submitted an offer on this house.  Apparently the former “owner” stayed in the house after foreclosure due to lawsuits so its up as soon as banks got him out and fixed the property.  The former owner is(was) a prominent RE agent and apparently knew how to game the system.  And he wanted to stick it to the bank and took all the doors.

I thought this was shadow inventory as well but my conversation with the listing agent proved differently.

of America is cutting costs and ramping up its foreclosure activities because it needs the money.

Bank of America is furiously raising cash.

* $1.5B for sale of its HCA shares.
* $8.3B for sale of Construction China Bank shares.
* $5B savings from 30,000 employee layoffs
* $5B from Warren Buffet
* Unknown amount from increased notice of defaults issued.

For a total of almost $20B raised since August 2011.

10/12/2011 Bank of America Sells Back 15.6% HCA Stake for $1.5 Billion
8/29/2011 - <a >Bank of America Sells Stake in China Construction Bank</a>

Bank of America announced on Monday that it would sell about half of its China Construction Bank holdings to a group of unidentified investors, in a deal expected to raise $8.3 billion.

8/25/2011 -<a >Buffett Invests $5 Billion in Bank of America</a>

Fixed the broken links:

8/29/2011 - Bank of America to sell China bank stake for $8.3 billion

8/25/2011 - Buffett Invests $5 Billion in Bank of America

Bank Of America Has Already Lost More On Mortgage Mistakes Than The Next 4 Biggest Home Lenders COMBINED Since 2007

* Bank of America lost $39.1 billion

Analysts expect costs will total up to $121 billion when all is said and done for home lenders.

@jon, I do not disagree with you, but you do realize that it is just a matter of time before BofA (or whoever your bank is) in their furious rush to raise cash will start coming after people like you (strategic defaulters with assets). I am making a small assumption that you did something more than a purchase money mortgage but that is probably a safe guess.  I haven’t seen a statistic on it but I’d bet good money that people who’ve strategically defaulted are almost always in recourse situations.

Pretty good flip here in MV.

http://www.redfin.com/CA/Mission-Viejo/27651-White-Fir-Ln-92691/home/5114318

Got what they asked, anyway.

Listing address must be messed up on Google Maps:
“Upstairs balcony overlooking large front yard.” What I can spot from the front photo and aerial view, is literally about a “yard”.

Then again, it’s only $1 million, can’t expect too much.

gepetoh and awgee sound like the same person. I’m assuming they are both religious and attend church to take such a high moral ground and judge others.

jon is excersizing his contract. When one of the good repugnantcans here BK their business, everything is just fine, because the “business” couldn’t survive under the debt load, but when you need debt forgiveness in your PERSONAL life, well, you suck and are a scumbag. This mentality is why we are where we are. Take a look at WHY people are occupying the streets in protest.

http://www.businessinsider.com/what-wall-street-protesters-are-so-angry-about-2011-10?op=1

Do conventional lenders really require, as a condition of mortgage grant, that the applicant have move in money and $56,000 provable separate liquid cash or assets in reserves?  Also, what percent of potential buyers of that home pictured, have the perfect credit to get that lowest interest rate on a conventional first position deed of trust?  What’s the payment then for those with let’s say, run of the mill not so good credit?

Six baths and five bedrooms in 3900 feet?  It must be what we called a cut up “rabbit warren”, is there a basement with more footage?

That is one fugly house!

The banks are not foreclosing on the highend mortgages for yet another reason; these mortgages are not federally insured and the banks must take the entire loss. In many ways the small homeowner is being cooked several times over because the numbers illegal fees and other charges are added on to the outstanding balance at foreclosure and these illegal charges are added to the outstanding balance which is then reimbursed by Fannie Mae or Freddie Mac. The banks are making a killing on Mr. and Mrs. Main Street!