The Bain Family looks like they are about to re-emerge into out collective conciousness. Their family home is once again heading for sale on the courthouse steps.
You can Google “Bain Family Reno” to read up on their history. In a nutshell, they fostered a family of 8 children with a grotesque past in order to keep the family united. This required a move to a larger house to accommodate the new additions as well as their other 3 adopted children. They purchased 9540 Cordoba, a 5 bedroom 4 bath 3200 square foot home for $581,140 with 100% financing in December 2006. Dave Bain really didn’t have much of a job, and Kathy had to drop to part time to help manage with the kids. The county provided a monthly per child stipend for fostering which is standard, but then the Bain’s adopted the children which seriously reduced their income. They missed their December 2007 mortgage payment, looked like they were going to lose the house, and went to the RGJ publicize their plight. Their mortgage got modified, the community rallied, and they even received a sizable donation from a New York artist. They have recently published book “The Bain Event – Our Adoption Story”.
Since their story broke, I have gone back and forth on whether the Bain’s are the most selfless or selfish people I have ever heard of. You will have to make your own value judgements on that, and maybe question the oversight of the Washoe County agencies involved. They certainly aren’t financial geniuses.
– 12/29/2006 – Purchased 9540 Cordoba for $581,140 with a $435,850 1st at 7.75% and a $145,200 2nd. Their existing house has been HELOCed into oblivion already (and is currently set for the courthouse steps).
– 3/20/2008 – Notice of Default filed based on a missed 1 December 2007 mortgage payment.
– 7/14/2008 – Notice of Sale recorded, and the RGJ broke the story.
– 11/4/2008 – Under media pressure, Greenpoint Mortgage modified the 1st mortgage. The loan balance was increased to $452,734.06 to account for late payments, the interest rate was reduced to 5% for 4 years or so, monthly interest payments were set at $1,886.39 (negative amortization).
– 12/1/2008 – Lien from the HOA.
– 3/4/2008 – Notice of default from the HOA.
– 8/28/2009 – Greenpoint files another NOD based on a missed 1 May 2009 mortgage payment.
– 6/21/2010 – A Notice of Sale is filed with a date on the courthouse steps set for July 1o, with an outstanding balance of $486,511.76.
I don’t think I have ever felt sympathy for a lender before! What a PR nightmare for them. I fully expect that the Trustee’s Sale will once again be postponed, but sooner or later, the lender will have to resolve this situation.
Any thoughts? Saints, sinners?