Curiosity killed the cat?

2 Replies

After listening to podcast with Ankit Duggal I have been studying tax deeds and decided to look at what happens in Dallas in real life - today.

I opened up the latest and upcoming foreclosure information and among various notices of foreclosure one name was coming up several times. It wasn’t default on property tax though, it was a default on bank loans but I thought it is an interesting case and would like to ask for opinion of curious minds here on BP.

It looks like some investor and his business partner are having really bad luck right now with several properties foreclosed. It involves a series of loans one after another and it would be interesting to understand what happened.

Here are the facts:

First, on one day in December 2006, they got three loans on a single property, each loan being $157,000. Then four months later they started getting more loans every month for a different amount for 10 months and finally got three loans for $155,000 in one day.

Here is the PDF with figures

To me it looks like a construction loan. But it was in 2006-2007 and I can’t see any new buildings on that lot or the two properties, where they did the same thing. They all look rather old.

All these properties are going to be auctioned on 1 November 2016. 

I am very curious what it was.

I trust no-one is STILL wondering what caused the GFC of 2008-9? It'd been looming for years!

And it looks like the fallout has STILL not settled! How many more losses are Lenders still hiding?...

@Brent Coombs You prompted me to look more closely at the docs and it turns out all these loans taken in this short period of time were secured by different properties. They bought at least five properties in one street, renovated and modified them, also bought three properties in another street and a bunch of separate ones. 

It is sad it did not work out for them in the end. 

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