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It’s FORECLOSURE OF THE WEEK! A new, exciting, EXTREME Reality Show!

Welcome to the debut episode of a new and exciting reality game show!

This idea came about when I was reviewing this long list of properties up for auction, shaking my head in great disbelief over this weekly abomination in one county, in one state.

Contestants! Are you ready?

{Cue theme music from The Shining}

FORECLOSURE OF THE WEEK!
This ain’t no Candyland game.

Each week, right here in our own Foreclosure Hamlet, we’ll be randomly picking a recent foreclosure, plucked right out of the public records, and doing a little check into the background of that specific foreclosure. Doubt that we’ll ever find anything not quite on the up-n-up, but in the event that we do........well, then a check of the court file might be in order! Some fellow internet sleuths might want to join in on the fun and games to help solve some of the mystique and intrigue that defines whole of the Foreclosure Catastrophe.

Contestants may use any of the following tools at their disposal:

* court dockets
* court files
* documents recorded with the county clerk’s office
* property appraiser’s records
* MERS MIN Look Up Tool
* Freddie Mac Look Up Tool
* Fannie Mae Look Up Tool
* the whole of the internet
*

So without further ado........................

The Foreclosure of the Week The DeLima home

FROM PROPERTY APPRAISER WEBSITE:
All Sales
Sales Date Book/page Price Sale Type Owner
Jun-2009 $142,000 WARRANTY DEED STORKEL KURT
May-2009 $100 CERT OF TITLE BANK OF NEW YORK MELLON
Aug-2005 $349,900 WARRANTY DEED DELIMA DANIEL
Jul-2001 $150,000 WARRANTY DEED FILHO TRAJANO C
Jul-1995 $113,000 WARRANTY DEED
May-1988 $106,000 WARRANTY DEED
Dec-1986 $95,000 WARRANTY DEED

FROM OFFICIAL RECORDS WEBSITE
Here are DeLima’s original mortgages that were recorded on 9/13/09, his Lis Pendens filed on 10/15/09 and then his judgment filed on 3/24/09.
MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC 09/13/2005 MTG
MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC 09/13/2005 MTG
BANK OF NEW YORK MELLON TRUSTEE 10/15/2008 LP
BANK OF NEW YORK MELLON TRUSTEE 03/24/2009 JUD

Looking at the documents, DeLima purchased the home for (2005 Sept 13 Dilima 349.9K.pdf) $349,900 on 8/9/2009. He was given two mortgages to total 100% of the purchase price. I know many people who were given their home financing this way, without ever receiving a clear explanation from their mortgage brokers.

8/9/2005 (2005 Aug 9 279.9K.pdf) First Mortgage MERS as Nominee for SouthStar Funding for $279,900 (apparently an ARM)

8/9/05 (2005 Aug 9 70K.pdf) Second Mortgage MERS as Nominee for SouthStar Funding for $70,000 (apparently a HELOC)

10/7/08 (2008 Oct 7 LP.pdf) Lis Pendens was filed on the First Mortgage

10/7/08 Foreclosure suit was filed on for the first mortgage _______ (will have to check the court file to get the exact amount for which DeLima was being sued.

10/11/08 DeLima was served

1/12/09 Default entered (DeLima did not respond in any way to the complaint)

3/16/09 Summary Judgment Granted

3/19/09 Bank filed “Loan Documents” with the court. I’ll have to check the court file to see if that’s some cute euphemism for the “Original Note”?

22 NOF - NOTICE OF FILING
Filing Date: 19-MAR-2009
Filing Party: BANK OF NEW YORK MELLON,
Disposition Amount:
Docket Text: LOAN DOCUMENTS

3/19/09 (2009 Mar 16 Delima Judgment first mort 349K.pdf) Final Judgment Entered for $347,712.36 (? I’m not quite sure how the total judgment amount got to be this high! The (2005 Aug 9 279.9K.pdf) original first mortgage in 2005 was for $279,900. Contestants, click the link and let’s figure that out!)

5/12/09 Home sold at “auction” (2009 May 13 Title to Bank by Foreclosure 100 dollars.pdf) to Bank for $100

7/17/09 (2009 July 17 Storkel 142K.pdf) Home sold to new owner for $142K. Wow! Superfast turn around time in this overloaded market! And, lookie at that free fall of value! Hmmmm, wonder about the 2005 appraisal?

I’m a little confused by the second page of the new Mortgage though. Contestants, again, please help me out.

Okay, follow along with me here:

Plaintiff was The Bank of New York Mellon Formerly Known as the Bank of New York as Successor Trustee to JP Morgan Chase Bank NA as Trustee for Structured Asset Mortgage Investments III Trust 2005-AR7 Mortgage Pass-Through Certificates Series 2005-AR7 (WHEW! Contestants, please allow me to use “Plaintiff” instead of typing that out each time I refer to the foreclosing entity.)

Plaintiff got the title.

Then, EMC Mortgage Corporation “as attorney in fact for”, which I *think* is a mortage servicer company, executes (2009 July 17 Storkel 142K.pdf) the new Deed to the new owner.

EMC, a Delaware Corporation per their corporate seal, executed this document in Dalton, Texas. The document was prepared by Sunbelt Title Agency in Clearwater, Florida. The deed is for a property in Boca Raton, Florida. The Plaintiff is a New York entity and was represented on this deed by a Vice President, Terence Free, who apparently flew to Texas to execute this document. I mean, it sounds awfully messed up, but it’s gotta be clean because......well, we all know that it’s a 2nd degree felony to fool around with recorded mortgages.

817.545 Mortgage fraud.–

(2) (d) Files or causes to be filed with the clerk of the circuit court for any county of this state a document involved in the mortgage lending process which contains a material misstatement, misrepresentation, or omission.

(5)(a) Any person who violates subsection (2) commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.

(b) Any person who violates subsection (2), and the loan value stated on documents used in the mortgage lending process exceeds $100,000, commits a felony of the second degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.

I’m sure this makes perfect sense to all of you in the know out there in Blogosphere! Of course, I’m sure there’s a reasonable explanation, right?

Please!

Quick!

Enlighten me!

And, while you’re at it: I wonder how EMC transmitted the $142,000 in funds from the new buyer to the Plaintiff (seeing as how the Plaintiff was represented in a state court of law in front of a judge to be the holder in due course and due the proceeds from any foreclosure action)?

Plus, Florida being a deficiency state, DeLima owes $230,000 deficiency! Oh, would that be owed to Plaintiff Bank or to EMC? Again, so confusing!

OH, and what about that $70K “second mortgage”?

And, seriously, how does one take out a loan for $279,000 in 2005, make monthly payments for 2.5 years, and then end up with a foreclosure judgment for $347,712? That foreclosure cost DeLima $68,712 (which is factored into that $230K deficiency), on top of the loss of the home & the payments he’d made over the previous 2.5 years!

* Loss of home
* Deficiency of $230K (includes $68,712 strangely added to the first mortgage balance)
* Pending collection of $70K second mortgage
* ___________________________________

And there you have it Ladies and Gentlemen!
Our first episode of FORECLOSURE OF THE WEEK!
How’s that for an Extreme Reality Show?
Please join in! There’s a brainteaser puzzle here. Most every foreclosure today holds secrets, a maze of behind-the-scenes profit taking and illegalities.

Contestants, the starting gun has been fired! YOUR home may be next up on FORECLOSURE OF THE WEEK!

http://www.foreclosurehamlet.org/profiles/blogs/122009-its-foreclosure-of-the

It’s not my work but that of another member on our site.

If you click the link you will find it is completely interactive and will bring you to the actual court filings.

If it weren’t true it would be funny!