Orange County
Laguna Beach has now one of the priciest foreclosures on the market, the years long construction project, that flirted with loan defaults a while ago.
The property – located at 31401 Mar Vista Avenue – ended up in public notices late February 2008, owing $15,137,411. The listing price was $28 million at that time and still was under construction when the loan defaulted.
Finally the property escaped the auction and disappeared from the market because the owners filed for bankruptcy, and that stopped the foreclosure process.
Then the property turned up again in public notices in May this year with an unpaid amount of $19,140,939. This is considerable more than the previous unpaid amount.
Meanwhile the construction was finished and now is listed as a foreclosure asking $19,950,000. That makes this foreclosure the fifth priciest home fore sale in Laguna Beach and arguably the most expensive foreclosed home for sale in Orange County.
The ocean-view property has a total of 11,300 square foot of living space on a 6.9 acre lot with 4 bedrooms and 6 bathrooms.
Category : Distressed Luxury Real Estate News &Orange County
Alexis Bellino and her husband Jim, the newest cast members of "The Real Housewives of Orange County" narrowly averted foreclosure these days, after they got a last minute loan modification from their lenders.
Alexis and Jim defaulted on more than $80,000 in debt payments on the $4.56 million home they have owned for couple of years. The fees and penalties the delinquent amount totaled nearly $84,000 as of April and their lender, Chase Bank scheduled a foreclosure sale for August 25 at the entrance to the central Orange County Courthouse.
The couple managed to obtain a loan modification, so the foreclosure sale never took place.
"Chase Bank has been great to work with on my modification," Jim Bellino said. "The trustee sale has been canceled, and the modification has been agreed upon."
Alexis is a "32 year old spicy blond", a stay at home mom, while her husband, Jim is a self-made entrepreneur. They have three children: 4 year old James and twins Melania and Mackenna.
The property threatened with foreclosure in located in Bayshore, just one block from the home Nicolas Cage sold for $35 million two years ago.
According to the county records, the Bellinos bought the home for $4.56 million in August 2007, but the housing market collapse brought a 42% drop of their home price. Zillow now estimates the house to worth under $4 million.
The house has five bedrooms, five bathrooms and nearly 4,200 square feet and sits on a 9,135 square-foot lot.
The Bellinos have put the home up for sale two years ago, but they pulled it back in October. A notice of default filed in April said they stopped making mortgage payments since the start of the year, but as they obtained the loan modification they can stay in their home.
Contact is if you want to avoid public exposure like the Bellino family received. We will conduct short sale on you distress property in privacy avoiding exposure to the media.
Category : Celebrities &Distressed Luxury Real Estate News &Orange County
Jaena Keough is not the only star from television show named The Real Housewives of Orange County to dodge one of the potential foreclosure actions. From same show, Tamra Barney’s house was on sale from a long time too. After the short sale was announced, the price of house had to go down by $25,000.
Member of famous reality show, Barney has made a name for herself due to her outspoken ways. Early on, she also accepted that she invites trouble due to her outspoken behavior. Throughout the show, she proclaimed to be, hottest star and one can see amount of money she pours onto her looks. Therefore, the foreclosure came as shock for many.
The question that was raised after this declaration was why her house was on auction then. Her real estate agent while throwing some light on the issue stated that banks are usually pokey about getting the postponed foreclosures auction off schedule. Tamra told OC Register she along with her husband had lost around $600,000 by then and did not wanted to lose more. The interesting part was while Tamra Barney was listing agent, Barrington Properties was handling sale.
Tamra Barney’s house, which was on sale for ages has finally sold for $1.12 in Short sale. This self-proclaimed hot housewife in a TV show was lately able to unload her 5 bedroom home located at Posh area of California – Ladera Ranch. This house was initially listed for around $1.6 million, but the lender accepted lower offer from some other buyer to avoid it fall in foreclosure. Barney lost approximately $600,000 of money while transaction was closed.
Even though the foreclosure case has ended, it is remembered by all her fans and others. Her reputation of a lavish star has been shattered by this foreclosure. She could have avoided all this with our helps. Rather than making it public, our team would have settled this transaction with discretion.
Our staff handles the negotiation with the banks, making the process hassle free for the clients. We have been handling short sales of high value homes with keeping the confidentiality of the short sale status of the sellers. With our assistance, the whole scene would have been kept from the public with privacy for Tamra Barney pre-foreclosure case.
Category : Celebrities &Luxury Short Sales &Orange County