Let me preface this with: I am not an appraiser. I just report on public records.
One thing I want to ask first, why are so many mortgages assigned? Some are assigned on the same day. Seems odd.
I picked out a homeowner at random Folio No.: 10-7920-012-xxxx in Keys Landing. The person paid $325,000 for a 1,963 square foot home in June of 2005. The same day, this person got a mortgage in the amount of $260,000. From the same lender this person got an additional mortgage of $65,000 for a Total of $325,000.
No downpayment?
It seems that second mortgage was satisfied 10/13/06 (and I would suppose the first mortgage as well but it wasn’t clear).
Then on 10/31/06 this person took out another loan on the property for $370,800.00. Looking at these numbers, the mortgage appears risky. There is a balloon rider but no information on that page.
If the person defaults, it doesn’t matter to him/her. He/she appears to have no down payment and I don’t think the property appreciated that much to warrant the high new mortgage. So as far as I can tell, this person can walk away from this deal and have made a profit of about $40,000, with the bank holding the bag. The mortgage payments he paid is pretty much rent.
I looked at surrounding properties. A much larger home (2,609 sq. ft.) went for $389,000 on 12/2005. I don’t think prices appreciated that much since that sale.
Am I looking at this correctly?
8 comments:
Is ANYONE WATCHING THE COMMISSION RIGHT NOW 3/20 12:08 pm...?
no, I don't want to get sick to my stomach. please report.
well they were discussing the fact that the memo regarding the recent firings went out by email. Commissioner Seijas was very upset that because 'everyone knows she doesn't have an email' that no one delivered it to her office or faxed it to her. She was actually ranting that she didn't have to have an email, 'that there is nothing in the constitution that says she has to have email'and that her district people know how to reach her. That she doesn't even have a district office!!! So proud. aren't we all?
The Commission was trying to figure out how to get any maoral hiring before them by using the auditing process or by conducting confirmation hearings of those hired. Apparently in the restructured Charter, the Mayor can hire someone but by the immediate next meeting of the Commission, they have the option of a 2/3 vote to vote down the hiring... I was not altogether clear on that part.. Bottom line, they are wasting time trying to determine how to undermine the people's vote for a strong mayor instead of doing the legislative business of the County that they must do. And it's not all of them, I must say, it's only the select few we're all so proud of. That's all I saw, I couldn't take any more.
well they were discussing the fact that the memo regarding the recent firings went out by email. Commissioner Seijas was very upset that because 'everyone knows she doesn't have an email' that no one delivered it to her office or faxed it to her. She was actually ranting that she didn't have to have an email, 'that there is nothing in the constitution that says she has to have email'and that her district people know how to reach her. That she doesn't even have a district office!!! So proud. aren't we all?
The Commission was trying to figure out how to get any maoral hiring before them by using the auditing process or by conducting confirmation hearings of those hired. Apparently in the restructured Charter, the Mayor can hire someone but by the immediate next meeting of the Commission, they have the option of a 2/3 vote to vote down the hiring... I was not altogether clear on that part.. Bottom line, they are wasting time trying to determine how to undermine the people's vote for a strong mayor instead of doing the legislative business of the County that they must do. And it's not all of them, I must say, it's only the select few we're all so proud of. That's all I saw, I couldn't take any more.
You are calculating right. There is so much empty property sitting in those new developments off the turnpike before Homestead..doesn't surprise me people are playing games. I say we're getting ready for another huge bailout of banks before Bush leaves office..just like papa did for the S&L mess. They don't care who/how they give the money away because at the end of the day there's going to be a Federal rescue..on the backs of those of us still clinging (barely) to our homes..and who still manage to pay our IRS bill every year.
How are you pulling up people's mortgage information? When I search the property records on miamidade.gov I don't see anything about the mortgages on the property.
Mikey:
go to: http://www.miami-dadeclerk.com/public-records/default.asp
do standard search:
Document type on next page:
Mortgage
The comment about the federal bailout of US banks is exactly right. There is no other reason why the stock market is going up, at a time when the underpinnings of the US economy are wobbling. Uncle Sam will bail out the Miami Dade county mess, and 1000 messes like it around the nation. It's a great country.
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