Living off equity

but there are no foreclosures in manhattan.

I see only a small sample of the NYC notices, so don't know what the statistics say. They must be broken out by county somewhere. Of that small sample, almost all are either not-Manhattan or way-uptown rowhouses. Those in what you might call prime Manhattan tend to be speculators who got caught.

"but there are no foreclosures in manhattan."

Generally speaking, this is true among CO-OPs, not condos, where apparently anything -- and anyONE -- goes.

she f'n deserves what's coming to her... so does the bank that heloc(ed) her...

A foreclosure notice isn't a foreclosure. Let's talk about actual foreclosure sales which get banged down, short sales, and deeds-in-lieu of foreclosure. And as someone who spends a substantial amount of ever single week for the last 20 years looking at just about every single foreclosure notice in Manhattan, I can tell you that even now, there are a lot more Coop sales Publicly Noticed (is that the right wording?) than condos.

NWT: at this point, better than 95% of the sales of both Coops and Condos in Manhattan get canceled before the auction. There's a dozen units or more I've seen up over 4 times this year (i.e. auctions scheduled, canceled, rescheduled) and I'm probably on the low side by an order of magnitude.

Ah OK. I just scan the notices in the New York Law Journal (limited sample, as I said) for NY County and interesting addresses. This one jumped out as being scheduled for the 15th, which seemed closer than most.

So, being in the business, you're seeing some proprietary site that lists everything?

w67th - what is coming to her? She'll have to move after not paying her mortgage for a year? She won't be able to get another mortgage for a few years? Not a bad deal for $350K cash.

"So, being in the business, you're seeing some proprietary site that lists everything? "

To some extent, that's proprietary information. No one source catches everything. I'm lucky enough that one of my partners has his secretary look at all the notices in all the papers where they usually appear. For a Judicial foreclosure the Judge usually designates the paper for notices to be placed. Typically this has been the NY Law Journal. But there have been a number of interesting sales which no one knew about because thy got published in the Amsterdam News and NO ONE who follows foreclosures looked there. For Non-judicial sales (Coops), the Attorneys decide where to publish with the aid of the auctioneer, who also usually acts as advertising agency. Back when a lot were happening, Bill Manion at JP&R Legal Advertising did by far the most, and most got placed in the NY Times. Toward the end of that last foreclosure boom, other papers lowered their rates for Public Notices, and the ads got scattered all over the place. Now, you have to look all over the place if you want to see all the notices.

Why aren't all "publishing" requirements just put on different NYC.gov webpages? Everyone in New York either has web access at home, at work, or can get it for free at the library. If you organize an LLC then simply put it on this webpage - the idea that you've got to pay $800 to "publish" is absurd. If you have a foreclosure, then simply put it on a webpage - again it's absurd that you have to pay to advertise a foreclosure (especially when you consider that listing it all in one central NYC.gov website would get your foreclosure more eye balls than publishing an add in one of 10 papers.

30yrs, very interesting. IIRC, Jewish Week used to have them, but now seems to be all LLCs and stuff, so I don't bother scanning for human-interest/-folly ones I like.

Jazzman, but then it'd be too easy. The way it is now, helps keep print journalism going.

NWT - agreed - I'm told that the only reason it hasn't changed is because there is a certain family (who is politically connected) who ensures that things don't change for the better.

It'll all end up online someday. That's good in principle; the more public the better. Meanwhile, NBD. It'll still be what one does with the data -- the analysis and interpretation, etc. -- that'll matter.

No one should underestimate the the level of corruption historically involved in the entire foreclosure and REO process. It's different than the residential brokerage business, more like good old 3rd World SOP (it's amazing how close it is to how things work down in the DR, where I have a few businesses).

what difference does it make where the foreclosure auction notices are piblished? In 95%+ of cases, the property goes back to the bank. Very rarely does anyone actually buy a prperty at a foreclosure auction. The risks are too great. Plus, you have to pay cash. There are no mortgages.

here is a great example of a foreclosure auction gone bad... REALLY bad.

The guy bought the mansion on his block at the foreclosure auction for $2.5 million. He never saw the inside of it. While he was on vacation, the DHL guy making a delivery to it smelled something horrible and called the cops. The cops found a bunch of dead animals and feces inside. The buyer took the bank to court to get his deposit back. After he got it back, the bank later sold the house at auction a second time, except this time it sold for $1.2 million.

http://wcbstv.com/topstories/cats.dogs.police.2.246642.html

he... that's nothing. We bought a Coop unit at the foreclosure auction in February 2001 with a crazy, but motivated and slightly connected guy who was the foreclosed on owner occupant. Between an almost total lack of cooperation from the Coop, the awful NYS Supreme Court System, slimy attorneys, invertebrate judges, etc. we didn't get possession of the unit until 2007, with the foreclosed ex-owner paying NOT ONE CENT and virtually ruining the apartment (we were being fined by the Coop because of the awful smell coming from the unit into adjoining units, rather than helping us remove him, or should I say still standing in the way of us removing him). We spent more on legal fees and maintenance payments than the purchase price.

PS Almost all foreclosure sales are sold "as is", and in addition this was obviously public knowledge before the foreclosure auction. I just read the court's decision in this case and i guess i can only say that NJ's Court system seems to be as abysmal as NY's

http://www.stevenpolinskylaw.com/images/Wells_Fargo_v._Tamis.pdf

30yrs, I think I came across that 2001-2007 case. If it was DeRosa that really was a nightmare. I got bored wading through it all, and didn't get as far as him getting his ass kicked out finally.