Friday, January 04, 2013

Living High Desert and Fancy Free

Foreclosure Information

SEPT 27 2012Home in default$64,770past dueThe owner of this property has been served a Notice of Default.
OCT 30 2007Loan issued$253,468A loan was issued by BANK OF AMERICA NA on 10/30/07 in the amount of$253,468.
OCT 30 2007Previous sale$279,000This home last sold for $279,000.
Okay, let's look at that.  10% down end of Oct 2007.  First payment Dec 2007.  Approx monthly mortgage payment; $1400.  Call the monthly late fee and penalty 10%.  $1540.  46 months later they owe $64,770.  Looks like they made about 6 payments and lived for free for 3 1/2 years.  

Here's this particular gem of the high desert.  

No doubt Cinco-X will appreciate the moisture along the foundation behind the kitchen.

So, What about prospects as a rental?  I'm sure the municipality and state would like that.

Tax History via Zillow 

YearProperty taxesChangeTax assessmentChange

At $253,000 the taxes were $5,175 or 2.05%.
At $124,600 the taxes are $3,613 or 2.9%.  

So much for Prop 13 protections eh?  So, the first $300/mo of rent goes to taxes.  

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