Yesterday I wrote about this sorry POS, and the $2.650 in mortgage loans extended to a house worth, at the peak of the market, maybe $1.3. Today I went to Google Earth to check out the property because I have a client for whom this area might work. It looks as though there’s a dump on the land, which raises two questions: 1. What’s the Superfund liability for toxic waste clean up here and 2., again, who appraised this place and vouched for it being worth $2.6 million, and why isn’t he in jail?
Rather than being worth anything at all, I imagine the foreclosing bank is looking at having to sink new money into this place to clean it up and, depending on what soil sampling shows, maybe a whole lot of new money. Ow.