Bonefish transfers suspect mortgage to a real bank? by Geniusofdespair

On a tip from one of you readers, the Balloon Mortgage to former Mayor Joe Celestin, based on suspect credit, was assigned to City National Bank of Florida 11/14/2006. A real bank bought this loan!! Good luck collecting on it City National! (see previous posts in index under North Miami). HOWEVER,

A 2,500 square foot house sold next door for $375,000 in March ‘05. Across the street is a 2,246 square foot home sold in Mar. '06 for $460,000. According to the Property Appraiser records, the Celestin house is 1,142 square ft. The taxable value is $123,134. So I am still puzzled how you get a $400,000 loan when that is all the property could possibly be worth (with extensive improvements) and there are those pesky unresolved judgments. Since this is not a homestead, the people could attach the property. The judgments were dated prior to the mortgage. I checked today. The judgments are still unpaid according to county records.