Interrupting my vacation to post some big stories in the last few days:
From the Bakersfield Californian:
Stunned by defaults
Residents who thought they were in Crisp & Cole lease-to-buy program stunned to find out houses in default
BY GRETCHEN WENNER, VANESSA GREGORY AND STEVEN MAYER,
They write rent checks each month to Crisp & Cole Real Estate
Some thought the payments were bringing them closer to homeownership through a lease-to-buy program.
Instead, the homes are in default -- at least a dozen of them -- along with more than 50 other Crisp-related properties in Bakersfield.
Several residents of North Country Meadows, a new enclave near 7th Standard Road and Airport Drive, weren't aware they were living in defaulted homes until reporters knocked on doors Thursday.
"We had no idea until yesterday," said Richard Black on Friday. Black and his wife, Shawna, moved into their 529 Fern Valley Way rental six months ago believing they could buy the home.
Since the beginning of the year, however, current and former employees, family members, business associates and customers have defaulted on at least 67 homes, mostly in southwest Bakersfield, Californian research of public and industry records has found.
More than $34 million in primary loans and another $7.3 million in secondary loans are at risk of failure.
From Eyewitness News:
More trouble for the once, high-profile Bakersfield realtor, David Crisp.Eyewitness News has learned, for the first time, a home belonging to either Crisp or his wife Jennifer, is poised to go on the auction block.
A "notice of trustee's sale," which is the final warning to a homeowner before a
house goes up for bid in front of City Hall, was filed Thursday on a home on
Lanai Avenue in northwest Bakersfield.According to the Kern County Recorder's
office, the home is owned by Jennifer Crisp.
Documents show an outstanding loan for $400,000. Unless paid soon, the home is set for auction early next month.The Crisps can't sell the home themselves because of an outstanding I.R.S. lien amounting to over $111,000.
Now back to my vacation.