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This Cat's Got 9 Lives

A month ago Jim the Realtor reminded us of the backlog of REOs using the Deutsche Bank as an example. In his survey back in December of '07, Jim found the following:

Here is the survey of 123 Deutsche REOs in North County:
--64 active listings
--18 pending listings
--41 homes not on market yet (33%)

Jim reported at the time that his foreclosing neighbor at the time was still living rent free 4 months after their foreclosure. Which reminds us of this gem in 4Closure Ranch...

10274 Prairie Springs Rd, San Diego, CA 92127 (2,166 sqft)
--05/2001: owner #1 purchased for $409,000.
--11/2004: sold to owner #2 for $665,000, gain of $230,000 for owner #1.
--06/2006: owner #2 to owner #3 for $760,000. Financing for owner #3 at zero down, 80/20 with OwnIt Mortgage.
--12/2006: NOD filed. 1st payment mortgage default.
--2007-04-13 auction POSTPONED...
--2007-05-02 POSTPONED...
--2007-06-01 POSTPONED...
--2007-07-06 POSTPONED...
--2007-07-25 POSTPONED...
--2007-09-28 POSTPONED...
--2007-10-12 POSTPONED...
--2007-11-09 POSTPONED...
--01/2008: still living the good life in beautiful 4Closure Ranch...

For those of you keeping score, this one has it all. Zero down, 100% financing, 1st payment default, and a year and a half of RentFree Living.

Borrowing from OwnIt Mortgage as it turns out is even better than really Owning It...

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