October 9, 2013
Got Cash? Noe Valley Home Scheduled For Foreclosure (Again)
Purchased for $1,450,000 in 2006 with a first mortgage for $1,000,000, a second mortgage for $304,500 and $145,500 (10 percent) down, the owner of the Noe Valley home at 4287 23rd Street has been in default since 2010.
While the past due amount on the one million dollar mortgage was $23,376 back in 2010, there's now $1,279,499 owed including past due payments, interest and fees.
With five scheduled auctions having been cancelled over the past three years, 4287 23rd Street is once again scheduled to hit the courthouse steps Thursday afternoon with an expected opening bid of $1,284,686.
First Published: October 9, 2013 4:30 PM
Comments from "Plugged In" Readers
My subconscious must be getting ready for Halloween. I'm seeing a very creepy silhouette on that staircase.
Posted by: Bang Ding Ow at October 9, 2013 4:32 PM
see you at the auction!
Posted by: mikey woodz at October 9, 2013 5:02 PM
What's the over-under on the steps sale? 1.45mm in '06...
I'd guess 1.5 on the steps, and back on the market at 2mm+ post rehab in 6 months. Zillow says 2,200 sf living space on a lot of the same size...
That said, if it's been postponed 5 times, probably another one is in the works.
Come to think of it, why don't these borrowers face the music, sell and move on?
Seems like the lender on the second would be idiotic not to take a haircut in a short sale rather than keeping 100% of nothing when the first deed forecloses.
First: 1.28, Second 400K (?) = 1.68K debt owed +/-
Probably worth that much in today's market. They might not even have to sell short. Just come to Jesus and list. Come on now. Put it on with some pretty pictures and call it a development opportunity.
Posted by: soccermom at October 9, 2013 8:24 PM
Good guess Soccer Mom!
Sold on the court house steps for $1,460,000!
Posted by: inclinejj at October 10, 2013 3:50 PM
All in at $660 psf before the flop. (What does the house look like inside?) Hope they are holding pocket aces (or contractors!)
But we're getting Yellen, so the money will be easy until unemployment goes down...
Come on, market.
Posted by: soccermom at October 10, 2013 7:55 PM