Thursday, May 16, 2013

Bank of America is now owner of #702

BAC Home Loans had their Final Judgment for the old Norman Ussery unit #702 and it was sold via an internet auction at 11 a.m. on May 16th. 
As is common in such sales the mortgage holder simply bid $100 more than other bidders and took it for themselves.  The unit will be placed with a realtor for sale and should go for about 40-50% of the original sale price.

The unit was originally purchased 1/30/07 for $169,000 by Norman Ussery Jr.

The Next NCC Auction will be June 27th for #615

Final Judgement Entered on #615

On 11/10/06 unit #615 was purchased by Peachy Gayatin, now of Tempe, Az. for $168,200. NCC eventually filed on it for past due condo fees and it was sold at auction 6/18/12 to Gordon Harris for $9,500.

Now the original mortgage holder, Fannie Mae, has obtained a Final Judgement for $186,639.79 and the unit will be sold at auction 6/27/13 at 11 a.m. via internet sale. 

Sales of units foreclosed on by NCC for past due quarterly dues are generally worthless as the units can not be resold by whoever buys the unit. If Harris has managed to rent the unit out and collected more than the $9,500 he paid he might be ahead a few dollars, if not then he will have lost money.