This 9700 Timothy Drive down in the Callahan Ranch area. For the life of me, I can’t figure out who is in first loan position. Can you? And what ate the bungalow?
8/29/2002 – Property was purchased by the "current owner" for $1,100,000 with $1,050,000 owner financing (Thornton). There is no record that this was ever paid off (more later).
9/30/2003 – In what appeared to be a refinance, a new loan of $973,000 was taken out. This loan was reconveyed on 4/29/2005. At the same time, a HELOC for $200,000 was taken out but has not been reconveyed.
4/15/2005 – The $973K loan was refinanced with a $1,495,000 loan with a construction rider, and an additional $322,000 HELOC was put in place.
4/11/2006 – Approximately $124,000 in surface water rights on the property were sold off.
1/14/2010 – NOD filed on the $1,495,000 loan based on a missed 9/1/2009 payment.
3/9/2010 – NOD filed on the $200,000 HELOC from 2003 based on a missed 9/1/2009 payment.
6/12/2010 – Thornton, the original owners reconveyed the original $1,050,000 loan to a new trust.
8/20/2010 – NOS refiled on the 2003 HELOC, $213,123 owing.
9/21/2010 – TD for $214,397. But what position is this TD going to be in?
10/4/2010 – NOS filed on the $1,495,000 "first", with $1,625,984.87 owing.
1/25/2011 – NOS refiled with $1,625,984.87 owing.
1/25/2011 – NOS refiled, with $1,168,471.20 owing.
Here’s the listing history on the property from Zillow:
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Could be that the recon was filed in the wrong county. Or it was never recorded.