Jose's Story
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Son Gifts Parents with Childhood Home, Lost to ForeclosurePosted: Sep 14, 2011 5:49 PM
The GREAT part of the “back story” is that Jose Jr. was
able to buy his childhood home, back from the person who purchased the home
at a foreclosure auction after his folks lost the home to a trust deed sale
in AZ. The sad news is that Jose’s parents were, possibly, the victims of
‘predatory lending’ practices in 2004. Below are images of the home that Jose’s parents lost
to foreclosure after Jose Sr. lost his job due to the collapse of the
construction industry, here in the valley. This
is the house Jose Sr financed for $20,000 in 2004 October 31st 2005
Jose & Maria refinanced the home for $70,000 because the roof and foundation
had failed. Jose Sr. used the money to repair and enhance the home. January 9th 2007
Jose & Maria were solicited to refinance their home again, this time for a
grand total of $142,000. The refinanced loan was broken into a $132,000
first mortgage and a $10,000 second mortgage.
It is believed that Jose Sr.’s monthly income is just under $2,200
and his debt load consists of about $500 in ancillary revolving or fixed
payment obligations. (do we see a problem with this ReFi?) Late 2008, Jose Cordova Sr. is laid
off due to lack of work in the construction industry.
His medical condition also deteriorates and he is unable to gain
employment from this point forward because no employer will hire him with
his medical condition.
This
is the house as it was, when Jose Sr. lost the home to foreclosure because
he had been convinced to take out a $142,000 refinanced loan on the property June 16th 2009
Notice of Default was filed by the lien servicer, Aurora Home Loans. September 3rd 2009
Jose Cordova Sr. is contacted by a real estate agent, (name unknown) who
suggests that the real estate agent can help Jose Sr keep his home. The real
estate agent convinces Jose Sr. by having Jose Sr. sell his home to Jose Jr.
in a “back room deal”. The agent has Jose Sr and Maria quit claim the deed
to “The Luis Cordova Laurel Avenue Trust” in an effort to complete a sale to
Jose Jr. We’re not sure what spooked the real estate agent, but shortly
after the trust is created, the real estate agent backs away from the deal.
(The Cordova’s never knew that the arrangement that was being hatched by the
real estate agent could have been a fraudulent transaction) April 10th 2011
Jose Cordova Sr and Maria Cordova finally lose their home to a Trust Deed
Sale.
This
is the Cordova Family today, standing in the kitchen of the home that Jose
Jr. We began to discuss home purchase
options with Jose Cordova Jr. in February 2011.
At first he simply told us that he was looking for a home to
purchase, somewhere in the $25,000 to $35,000 price range.
Jose was stationed in Afghanistan at the time and we chatted via
eMail and Skype often. Jose
asked that we work with his wife, Anabel, to look for a home for them. Lori,
my wife, showed Anabel dozens of houses. Shortly after beginning the hunt for
a home we learned that Jose was looking for the home for his parents.
We still didn’t know the ‘back story’ at that time.
Over the next many months, Anabel and her parents and Jose’s two
younger sisters looked at dozens of homes with Lori. Most were not fit for
an animal to call home. Then, early in September Jose came
across a small home, only 700 sqft.
Jose sent us an eMail and asked if we would show the home to his
wife. We called Jose on Skype
and talked to him about the property, explaining that it was much smaller,
by at least half the size that we had been showing his wife and parents and
siblings. Nevertheless, Jose insisted that we show the home to Anabel.
Jose contacted us again, before were
to show Anabel the home and it was at that time that he shared with us that
this was the home he grew up in and that his parents had lost it to a trust
deed sale auction just 18 months earlier.
We held off showing the home to Anabel and the family, waiting for
Jose to come home on leave from Afghanistan. On September 1st
Jose came into town and we met him and his entire family at the property.
All of them were so excited at the prospect of possibly being able to
reacquire the property. The
seller was asking $35,000 for the property that he had purchased at the
auction for $14,000. Jose and I
constructed an offer strategy and made an offer of $20,000.
That offer was flat rejected by the seller. I then explained, to the
listing agent, the history of the home and the importance the home had to
the Cordova family. The listing
agent relayed the story to the owner and the owner agreed to sell the home
to Jose Jr. for $25,000. When we got the news, we met the
Cordova family back at the property on September 5th 2011.
Jose Sr and wife Maria brought the two daughters, Adeline now 19, who was 9
when she first lived in the home, Socorro now 14, who was 4 when she first
lived in the home and three tiny Chihuahuas who were all born in the house.
The little dogs were running all over the tiny home, remembering their
little ‘comfort places’. Mom
and dad had tears in their eyes and the three children, Jose Jr., Adeline
and Socorro all reminisced about the stories from their child hood.
Being with the family that day was
one of the best days of our lives.
I don’t think we have ever been as excited to help someone buy a home
as we were with this family. This is why my wife, Lori, and I do what we do… this is the best transaction we have ever done. Lori & G-II (Lori Klindera & G-II Varrato II) REALTORS® with Coldwell Banker Residential Brokerage in Phoenix, Arizona. “G-II” is retired USAF. They are the Number One Short Sale REALTOR® team for Coldwell Banker Residential Brokerage in Arizona. They have continually been ranked in the top 1% of all REALTORS® for all Arizona, with Coldwell Banker Residential Brokerage, for the past 10 years. In 2010 we were ranked 8th in the state in overall production. |
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This article written by "G-II" Varrato II, Coldwell Banker Residential Brokerage. All rights reserved