I was doing public searches in buildings and happened upon this condo which sold for $702,000 in in November 2007. The buildings condo's are now selling in the high $300,000 range. So I thought: "Hmmm, something is wrong here, I need to take a closer look." I went to public records and looked up the woman's history. She is listed as owning 4 properties, 2 in the same building. Appears she had a $596,700 mortgage on the $702,000 condo - putting 20% down. She oddly also had two quit claim deeds, she deeded a property to her attorney and he deeded it back to her a year later (no sales price on quit claim). She bought two additional condos: one in 4/2006 for $460,000 ($322,000 Mortgage) and another a month later for $455,000 (she got $455,000 in 2 mortgages 5/30). She got two additional mortgage for $138,000 5/31 and $91,000 6/12. So the woman had more than a million and half in real estate holdings and many mortgages during the rash days before the crash. Out of all the deeds listed in the graphic the only property she sold was on 7/28/05. As you can see by the graphic (hit it to enlarge) of her actual county records, things took a turn for the worse on her wheeling and dealing, in early 2009. Lis pendens, liens, foreclosures and judgments have plagued her ever since. I couldn't make sense of her mortgage history as the quit claim deed threw everything off.
The last entry is a foreclosure granted for $277,087 principal due. With fees the principal due climbed to $302,882. Sad. But, think of what a mess this is for collecting property taxes.
Key: AMO - Assignment of mortgage, SMO - Satisfaction of Mortgage. REL - Release of lien. LIS - Written notice a lawsuit has been filed. CVP - Civil Court Papers.
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