As you may recall Deutsche Bank got their 'Final Judgment of Foreclosure' for the #705 unit, and this unit is one of the 5 that Nautilus Cove 'owns'. So 'Our' condo is going up for sale again at 11 a.m. on Nov 28th. Also Bank of America is just about to take back #701 from us (Jarrett). BofA Filed Lis Pendens 6/12/12 and entered a 'Motion for Final Judgment' on 10/30/12. Shortly the Court will grant them title and it also will be auctioned off 30 days after that.
We made an unfortunate decision to file foreclosures on 5 units here and next week one will be taken from our temporary 'ownership' and in about 6 weeks #701 will follow.
We would have been much better off leaving these five units to undergo bank foreclosures and then collect from the banks on our existing liens for dues. We essentially shot ourselves in the foot five times. In order to break even (ie: pay off those units delinquencies) by renting out the condos we would have had to keep possession for 18-20 months each and collect rentals for those months. We are finding out the hard way that this isn't working out well for us.
As for #705 we were able to rent it out for a few months but we will not be able to collect a dime from Deutsche Bank as we stepped in front of them and in effect wiped out the years of unpaid dues that Reyes owed us ($14,010), we never even came close to recovering what was owed to us by Reyes.
Auction Starts - Wednesday November 28, 2012 11 a.m.
| Auction Type: | FORECLOSURE |
| Case #: | 09006429CA |
| Final Judgment Amount: | $180,244.50 |
| Parcel ID: | 40000-100-078 |
| Property Address: | 13700 PANAMA CITY BEACH PKWY #705 |
| PANAMA CITY BEACH, 32413 | |
| Assessed Value: | $70,000.00 |
If you want to keep up with the various auctions for foreclosure see: https://www.bay.realforeclose.com/index.cfm
To see 'Final Judgement of Foreclosure go to: http://tinyurl.com/9xsrljd
Misc: The units we now own and their original owners are-
506 - Grass
701 - Jarrett
401 - Thomas
702 - Ussery
705 - Reyes
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