A month ago I posted: “Can You Rent a Home After Foreclosure?” This post received a significant amount of viewers.
I want to add that in this current rental marketplace, especially here in Reno, any landlord who would not consider foreclosures, would close himself off from a large portion of the possible available tenants.
Anyhow, this is a cheap way of saying that we have a Virginia Foothills home for rent and we will consider foreclosures.
Leave a message if interested.
Bijan Madjlessi was/is the owner of the Belvedere Towers condominium project here in Reno and who had neglected to pay his property taxes resulting in the property being seized in a tax foreclosure by Washoe county.
Madjlessi has also been arrested in California for insurance fraud because he filed insurance claims on two separate policies.
Now, it appears that Madjlessi has a very busy man. He is also linked to the failure of the Sonoma Valley Bank that had three branches in the Sonoma Valley area of CA.
When Sonoma Valley Bank granted him a loan he had already defaulted on a loan from IndyMac bank for the same project.
At the center of the bank’s downfall is a series of large loans made to a small group of North Bay developers who were behind three Sonoma County projects that fell into foreclosure over the past few years.
The bank continued to fund the projects even after it became public in land records and lawsuits that the developers were defaulting on multimillion-dollar loans from other banks and were not paying construction contractors.
At this time I am aware of at least two other failed real estate projects. He blamed the bad economy.
Read more here.
According to RealtyTrac, Nevada led the U.S. in foreclosures for 52 months in a row. Foreclosures jumped by 23% to an all time high.
One out of 97 homes received a foreclosure notice in the month of April.
The Las Vegas area was number one or the nation’s cities with one out of 82 homes.
And even though the foreclosures were up, the number of filings has decreased significantly.
Reno-Sparks was ranked No. 9 in the nation with one filing for every 183 households.
Read here for more foreclosure information.
A class-action law suit has been filed against Wells Fargo and its servicing company, American Servicing Company. The lawsuit, filed in the United States District Court for the Northern District of California, alleges that Wells Fargo and ASC induced borrowers to default on their mortgages.
The borrowers claim they were told that if they were current on payments they would not be eligible for a loan modification.
They further claim that this allows Wells and ASC to charge higher fees and late charges.
Read more here.
With the large number of foreclosures that have taken place in Nevada the banks have resorted to auction companies to dispose of their large inventories of REO properties. REDC is one of these companies.
I have, in the past, purchased properties through REDC andfound the process painless. However, I have had reports recently, that a winning bid merely constitutes a place for the banks to begin the negotiation process to sell their REO’s.
One buyer told that the bank eventually accepted the price of their winning bid
now, here is an article that tells of a “quick” closing transaction through REDC. It only took 51 days to quickly close the cash sale.
It was still a profitable deal.