patrick.net

Speaking of served, how'd you like to be the guy who served the papers to this place? I'm not even sure if 13000 sq.ft. on 35 acres even qualifies as a McMansion anymore. Maybe a Super Sized McMansion?

http://www.cohomefinder.com/p/80524/360365.htm

Welcome to Hubris Ranch Estates! Where FB's and their compatriots are served generous helpings of humble pie...

I’m not even sure if 13000 sq.ft. on 35 acres even qualifies as a McMansion anymore. Maybe a Super Sized McMansion?

It is a McChateau.

LOL! A McChateau.

I think his deck alone might be bigger than my parent's entire house. In fact, his house has more square feet than 90% of the lots in town!

This home has 5 bedrooms a study, 9 bathrooms...

Oooh, it is my type of dream home. :)

Brand,

I think when they show the taxes at $2,000 I'll take that to mean "per month". Was the guy in default or do you suspect he will be shortly?

Was the guy in default or do you suspect he will be shortly?

I think the description says the house is lender-owned.

"I think the house is lender-owned"

If that IS the case he just might be the Larimer County Record Holder!

Top THAT m#tha f#ckuh! :)

Yes, the description says lender owned. I bet he's not the record holder in Larimer County, unless you remove farms and commercial properties. Even then, I bet he still doesn't break the Top 10, because there's a lot of fast money out here. Who wants to bet he's from California? :) We get a lot of CA cashouts who buy huge retirement McMansions on the golf courses. There are lots of million dollar homes in foreclosure in Ft. Collins and Windsor. The $600K-$1M range probably has at least 25-50 homes in foreclosure, although some of them seem to be selling lately. I really need to start a blog about uber-foreclosures, so that we can track how much the bank takes in the end.

You think the bank would take a dime on the dollar for the McChateau? Who is going to buy an enormous place like that in the isolated north of town? Dig the outside gas fireplace on the deck, though. I like the wine cellar and the private lake, too, but I'm not sure how I'd pay the property taxes. Maybe I could just take out a HELOC to pay the taxes every year?

No carpets, 9 toilets to clean, godnose what it costs to heat. Why?

Brand,

Now why didn't "I" think of that! If you put together an "uber FB" site I see lots of traffic in your future! In ways I'm a little envious of Aaron Krowne (Mortgage Implode) b/c he's gotten a lot of press and only been around (AFAIK) for a very brief time. He just found the most sensationalist and pyrotechnic aspect of the bubble and it caught on quickly. OTOH I'm still pleased w/his success! :)

Without Patrick, Ben and their contribution, for all we know, we would be in:

The Real Estate Boom (Year 10)

Maybe if people were held publicly accountable we wouldn't have McChateaux's in default a year after they were completed?

DinOR, there is something morbidly interesting about tracking McMansions that went back to the bank. It seems like a cruel blog to start, but maybe I can justify that with my Post-Consumerist viewpoints. :)

There were a lot of previous high-end REO listings that appear to have sold. Tech is big in Fort Collins--we have major outposts for Intel, AMD, Sun, HP, Agilent, Advanced Energy. During the boom, lots of people hired in with huge salaries, bought McMansions and then got canned 2-3 years later. And when tech went into nuclear winter, there weren't many jobs engineers could find in Fort Collins paying $90-110K/year to feed that alligator. Plus, with no growth, there are few buyers in the $400K+ range.

Our prices are kinda sticky, at only -10% from 2003 to now. I want to see either prices here come down more, or serious growth in high paying jobs. We are a popular retirement destination, but "gray money" alone can't account for the oversupply of McMansions, fake lakes and golf course homes.

...Or maybe it might be all of us who will be serving the FB's?

Did you see on Aaron's site, he has a class action signup page for FB's; This will certainly draw in more "victims" which will ultimately lead to taxpayer bailouts when the lenders go under and we are left with the check.

With a rotation schedule, 9 toilets will last a long time between cleaning.

5 bed / 9 bath is a good combination. There should always be more bathrooms than bedrooms.

How about themed bathrooms? :)

My cats would disagree, but I prefer hardwood (not pergo) and stones to carpet any day.

Why haven’t they invented a self-cleaning toilet?

It is cheaper to hire guest workers.

Why haven’t they invented a self-cleaning toilet?

Actually, they have:

http://www.extremetech.com/article2/0,1558,1820013,00.asp

A house that size requires a team of at least 4 guest worker maids.

Peter, it seems like a waste to have 9 bathrooms. I would rather have a main Roman bath, then a scattering of 2-3 full baths for convinience.

With 35 acres of privacy, maybe the Roman bath could have a glass wall looking out onto the lake, and sort of a greenhouse decor with lots of plants.

Peter, it seems like a waste to have 9 bathrooms. I would rather have a main Roman bath, then a scattering of 2-3 full baths for convinience.

Perhaps, I think 5 bed / 7 bath is more reasonable. His-and-her baths in the master suite, 4 outher suites, and a guest bath. :)

I like the roman bath with greenhouse decor though.

With 35 acres there shouldn't be any shortage of "baths".

allah,

I'm not sure I dig where Aaron is going. How typical, rather than education and counselling when push comes to shove it's "SUE the bastards"! I realize the guy's gotta make a buck but is this the best use of his cyber-notoriety?

With 35 acres there shouldn’t be any shortage of “baths”.

I wonder why golf courses build toilets all around. :roll:

I’m not sure I dig where Aaron is going. How typical, rather than education and counselling when push comes to shove it’s “SUE the bastards”! I realize the guy’s gotta make a buck but is this the best use of his cyber-notoriety?

Exactly! The true "victims" will find their way to a lawyer on their own; Aaron is just instigating and encouraging more FB's to claim themselves as victims. While I really don't care how much money they fleece out of those shills, you know growing number of "victims", this whole thing is going to fall on the backs of us taxpayers who will then be the true victims.

You can only feel so bad for sheeple until they start to take you down with them. In other words, don't give a hungry dog a bone if it's crazy-glued to your hand.

allah,

That and the fact that if given a nice settlement how much has our FB really learned? Oh... I get it! Go out and borrow more than you could possibly EVER afford to pay back in TWO lifetimes then live "rent free" and you get a check! Whadda kountry! :)

Wouldn't these solutions be better served through education and training?

Earlier today I heard one of the class action attorneys for the (former) Enron shareholders and while he had some legit points the bank's atty. said all we're doing here is taking away the liability from Enron shareholders and transferring that risk to the BofA shareholders.

He went on to say that (ahem) their shareholders had done their due dilligence and that perhaps Enron s/h should have done theirs? After all, the bank lost a ton of money too.

DinOR,

I already have some free information for the sheeple looking to buy. Of course it's not going to help those who already made the transition from sheeple to FB, but it may wake some sheeple up who haven't yet crossed over. I have yet to add to it regarding financing, anyone have anything to add to it let me know.

DinOR: I am puzzled by your bad attitude about the justice that people clearly deserve. Are you seriously suggesting that people be well educated prior to making major financial decisions? That, good sir, is the biggest load of tomfoolery I have heard this week!

Next you will suggest something even more ridiculous, like a correlation between risk and return. Just do yourself a favor. Forget the numbers (you're a number weenie, aren't you?) and read the illuminating posts from theOtherSide in previous threads. Buy now, math is for dorks, it always goes up. Why must I always just spell it out for you people?!?

By the way, anyone know where I can get a $3.52M loan? I figure that huge lake house isn't going to sit on the market for long. My realtor tells me there are other bids, so I want to push up another 10% right off. I'll take any terms, so long as I can make the first couple monthly payments. Then I'll install some carpet and perigraniteel, flip that sucker and move on to the next prime area. Maybe the marina? Guess I'm just confused by all you renters out there... you number-nerds just need to face reality! One day you'll all be wishful that you'd taken my advice. Please set aside your opinions!

Of course I only want to gloat over them which is borderline evil.

Do you plan to "troll" there? :)

Try this one:

http://iamfacingforeclosure.com/

Again, I honestly admire Casey Serin.

Hey are there any FB blogs?

Of course I only want to gloat over them which is borderline evil. muwahahaha

I haven't seen any yet, but you might want to check out The official FB site , read the scarlet letters, he has a real FB that tells the story of how his cards played out. You can even ask him questions if you want.

I don't think TOS is an FB though.

I think the majority of FB's don't own and/or use a computer; This would certainly explain why they got to where they are when all the warnings where all over the internet. My guess is that the only news they read is local news and the local news is the last place that you will hear stuff like this.

Honestly, how many articles on the internet have we read about people getting in over their heads with ARM's, N/A, NINJA, I/O, "teaser rates". These stories have been running for several years, anyone reading a few stories like that should have enough oxygen in their brain cells to avoid them.

I don't think TOS is a he.

Hey are there any FB blogs?

Try Craigslist forums. It's a zoo there.

I don’t think TOS is a he.

Huh?

HK:

tOs is not willing to engage in any earnest discussion. We've wasted over half a year countering her same example, numerous times, only to have her reappear a few threads later with the same old circus act.

The walk-away option is NOT FREE. Or as tOs says, "a built in free call option". Bullshit. It does cost you to abandon any loan in quantifiable future costs. How will your credit score look after defaulting on a loan? All the CA laws protect for some (those who never refinanced mostly, which isn't many) people are their *other* assets. But wait, there's more you say?

a. Almost no people who default have any *other* assets. TOS should believe this, because FAB said it, and he "knows what he's talking about", in her own words.

b. Even if they do have *other* assets, and they are protected because they didn't refinance with another institution, then guess what, hope they like those assets because they're not getting a loan to buy any other ones for some years to come.

c. If they do get a loan, and they'll need one because they don't have money or they wouldn't have defaulted in the first place, they'll pay through the nose because they are a bad credit risk (now with a history of being unsecurable).

Free option indeed. Only if by "free" you mean "fucks up your life".

Here's a simple realistic, practical question that will separate any *earnest* discussion from bullshit:

Do you really think that Joe Homeowner will just "walk away" when he can fight on until there's nothing left? Now who sounds like the unrealistic economist assuming people are hyper-rational robots? (Of course most people have a sense of guilt about defaulting and they'll do everything possible to not default, even if it means painting themselves right into a corner).

hey TOS,
try using 1989 as your starting part. housing tanked for 10 years.

i dont know why people feel sorry for FB’s they ‘ALL’ get 1 year free living and then get to rent for half thier old house payment. SWEEET! where do i sign up! Some of these Aholes steal the applicances from the house too. I can send links if you want from mls.

Peter P Says:

> http://iamfacingforeclosure.com/
> Again, I honestly admire Casey Serin.

So do I…

Scroll down to Casey’s April 3rd entry and take a look at his wife.

You have to hand it to a kid with no job, no degree and no money that has a hotter wife than most of my friends…

http://tinyurl.com/36mnwu

JOHN DVORAK'S SECOND OPINION
Has Silicon Valley lost its edge?
Commentary: It looks like a pretty grim year's ahead

Scroll down to Casey’s April 3rd entry and take a look at his wife.

Perhaps they should take a photography class. The white balance and exposure were all messed up.

lunarpark, I like sentence in the article. :)

Web 2.0 is a catchall term invented to make things seem more exciting then they actually are.

Scroll down to Casey’s April 3rd entry and take a look at his wife.

You have to hand it to a kid with no job, no degree and no money that has a hotter wife than most of my friends…

Yes, but how long before that attractive and obviously very naive young woman catches on to her husband's sociopathic B.S. and dumps his lazy good-for-nothing ass for someone better (i.e., practically anyone)?