How can a Presidio Heights house that was purchased for $800,000 in 1992 and refinanced in 2001 with a $1,350,000 note end up listed as a short sale at $2,895,000 in 2010? When it’s refinanced in 2006 with a $2,800,000 adjustable rate first mortgage and a second for $1,188,024 is added in October 2008 (neither of which are noted on PropertyShark).
As correctly surmised, the transfer in title this past February to an LLC was recorded without consideration (i.e., no money changed hands). And while the Notice of Default on 3346 Clay was filed in April with just over $53,000 past due at the time, the Notice of Trustee sale lists $3,138,115 in principal, interest and fees outstanding on the first note alone.
All comments such as, “Did anyone else find the irony in the ‘Parking for Ferrari’s Only‘ sign on the back porch?” on our original post.
∙ Say Aloha To The Short Sale Of 3346 Clay [SocketSite]