November 17, 2011
San Francis Wood (And Nine Others) On The Courthouse Steps
Purchased for $2,000,000 in 2003, and having traded for $888,000 in 1996, the 4,210 square foot home at 136 Saint Francis Boulevard was refinanced in 2006 with a new $2,120,000 first mortgage.
With a first reported default date of 2/12/10, at which point the loan was already $127,698 past due, it’s now twenty-one months later, the loan balance on the $2,120,000 note is over $2,500,000, and 136 Saint Francis Boulevard is scheduled to hit the courthouse steps in San Francisco tomorrow afternoon.
In addittion to 136 Saint Francis, nine other homes are also scheduled to hit the steps in San Francisco tomorrow with original default dates ranging from 7/27/07 for 1000 Crescent Avenue to 12/28/10 for the single-family at 86 Byxbee.
∙ Preforeclosure Activity Picks Up Speed Across San Francisco [SocketSite]
First Published: November 17, 2011 3:40 PM
Comments from "Plugged In" Readers
"With a first reported default date of 2/12/10, at which point the loan was already $127,698 past due..."
So if you take a stab at the mortgage payment being about $10K that would mean that the resident stopped paying in early 2009. Pretty amazing that they've lived here almost three years for free.
Posted by: The Milkshake of Despair at November 17, 2011 3:47 PM
Might be a better time to buy these foreclosures with the FBI having broken up one price-fixing ring.
It still boggles the mind that these 6 and 7 figure deals are being done in the wind and rain, as if we were still in the 18th century. I hear we have these technical wonders that allow better price discovery. Something about a series of tubes.
Posted by: Delancey at November 17, 2011 4:17 PM
Would the Bixby place count as a NOD to Foreclosure in under 12 months? Wasn't there a debate here earlier on this topic?
Posted by: eddy at November 17, 2011 4:41 PM
136 Saint Francis
Sale Status: Postponed to 12/19/2011 (No Reason)
Posted by: formerly%whatever at November 17, 2011 6:03 PM
would love to know the background on this. a little google search shows about 10 properties that this couple "owns" in sf and tahoe and a pending irs tax case...
Posted by: fancy rental at November 21, 2011 11:47 PM