Portrait of a Foreclosure

[The Tim]

I was digging around on the Snohomish County records and thought I'd share the history of one of the properties I'm researching, sans links, since I'm not interested in picking on individual anonymous people.

February 2003
Bought for $320,000
Mortgage of $256,000 - 30-year, 80% LTV

May 2003
$32,000 HELOC

December 2005
Refinanced to a new 30-year mortgage for $353,180

September 2006
Equity withdrawal to the tune of $40,000 in an additional 15-year mortgage

February 2007
Refinanced to a new mortgage at for $459,000
30-year adjustable-rate fixed for 2 years at 7.625%

February 2008
Notice of Trustee Sale received.
Behind more than $15,000(!) in monthly payments.
$454,955 owed on loan.

September 2008
Foreclosure finalized. Property now bank-owned.
Listed for $400,000.

November 2008
No bites, price lowered to $360,000. Bank now nearly $100k underwater.

Updates:
December 2008
Price lowered to $350,000. Bank now over $100k underwater.

January 2009
Price lowered to $325,000 (just $5k over the 2003 purchase price).
Bank now $130k (!) underwater.

February 2009
Pulled from the market on 02/12/09. No sale apparent in the public records as of 03/11/09.

June 2009
Back on the market, price dropped to $275,000 (now $45k/14% below 2003 purchase price).
Bank now $180k (!!!) underwater.

[uwp]

It's like a magic money ATM.

[tomtom]

Are they a licenced real estate professional?

BTW, where do you find the mortgage info?

[The Tim]

[Everett_Tom]

Curse you The Tim!!.. I just lost like a 1/2 hr of my life playing with the records page

Annnd, the direct link didn't work for me.. I had to trim it down to the base link so I could accept the terms and conditions before the site would load.

base link

[tomtom]

Thanks!