The foreclosure flood has begun……well, it starts with a drop, right?
I was assigned another REO from Bank of America today, and while I’m glad to see that I’m still on their roster, they must be trying to teach me a lesson – the last two were in Pala, now another one in VC:
4 br/3 ba 2,522sf 3-car garage
SP: $755,000 11/05
Opening Bid: $340,000 8/21/09
Back to bene
We’ve seen the subprime, zero-down foreclosures roll through, now we’re working through the rest.
The former owners had put down almost $200,000 when they bought the house, so their payment couldn’t have been much more than what their rent will be from now on. They made no attempt to sell the property either, just went down with the ship.
All eight REOs assigned to me this year have been sent within a week after the trustee sale. No servicer delay there.