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December, 2006 Blog
Forensic Appraisal Aurora Colorado
by: Philip G Rice, Certified Residential Appraiser, CPA, MBA
Very Subprime
This property is located at 19092 E Chenango Cir, Aurora, CO 80015. Click the image to see a bigger size. That snow is 2 feet deep, and it's been there for over a week. My conclusion: this property is vacant. Based on my observations and other input - I think this property has been vacant 12 months, and maybe vacant since Vicki Dillard Crowe bought the property 02/28/05. As noted in my last post (12/25/06), this property shows up as delinquent on the property taxes.
Any pedestrian will be walking in the street - at exactly the time when it's most dangerous. Aurora city code requires homeowners to keep the sidewalk shoveled. As you can see, this house is not in compliance. There are a lot of vacant houses in Aurora -- too many. Vicki Dillard Crowe owns 16 houses (that we know of), and my best guess is nobody is shoveling the sidewalk.
If I am reading it right - the outstanding loan on this property is about $459,000. The sales history makes it clear this property is not worth $350,000 - any idiot can see that. Of course if we just wait a little while, market appreciation will solve this problem, right? Maybe not. The property across the street at 19083 Chenango is a foreclosure on the market for $287,500. This house is much smaller (2,200 sq ft), but it gives an indication of what to expect if (when?) 19092 Chenango goes thru the same process.
Good luck on this one Pemm Tek. Subprime indeed.
tags / Very Subprime
mortgage fraud real+estate vicki+dillard+crowe pemm+tek
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Delinquent
Treasurer's list of Arapahoe county delinquent real estate taxes, dated 11/14/06. I used the browser search function:
Vicki Dillard Crowe: Delinquent on 19092 E Chenango Cir and 5745 S Andes St.
Jamaica Crowe: Delinquent on 17497 E Kenyon Dr and 21291 E Floral Pl.
The name Vicki Dillard Crowe shows up on: Morgan Stanley Mortgage Loan Trust 2006-6AR dated 04/25/06.
Vicki Dillard Crowe shows up twice on this one: Bear Stearns Mortgage Funding Trust 2006-SL3 #16400832 and #16420749.
tags
mortgage fraud real+estate vicki+dillard+crowe jamaica+crowe morgan+stanley bear+stearns mortgage+loan+trust mortgage+lending+trust
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12/21/06
Winter Wonderland
I woke up this morning (Thursday 12/21/06) to a radio news report with a clip from the Broncos coach - Mike Shanahan. His comments had been recorded yesterday in midst of a major blizzard. He said the team had its normal practice yesterday. They were in "the bubble", an indoor facility. Shanahan said he expected every player to show up on time for the practice today. He said (to his players), if you need to leave 2 hours early, then that's what you do.
After my morning cup of coffee, I decided to look around and maybe start to shovel some of the snow. We had about 2 feet of snow, with drifts of 4 feet. Instead of trying to shovel, I got my camera and took a few pictures. Click on the small image to see an enlargement. If you look closely, you can see the antenna from Kimberly's car.
All the schools are closed and nearly all businesses are closed - including the malls and retail stores. I'm not sure about the grocery stores, but my guess is they are open. The airport is closed. There was no mail yesterday and likely none today. All major highways are closed to the north, south and east. You can try to go west (into the mountains) but chains are required.
Right now (Thursday 12/21/06 10am) it is still snowing, but not very hard and the wind is mostly calm. My plan is to wait at least a day before I do any shoveling. With luck, this will all melt overnight. Maybe not.
Click for more photos - Garage 01, Garage 02, Sidewalk 01, Sidewalk 02.
More Adam Conner
I got a response to my letter sent to Erin Toll. The text is below, or you can check out this image. I have a few comments at the bottom of this post.
December 7, 2006
Dear Mr. Rice:
First, thank you for your letter concerning the
correspondence that was sent to you regarding Adam Conner. We have taken
your comments/suggestion into consideration and will make the appropriate
changes.
Next, per your request, enclosed is a copy of the information sent to us regarding Adam Conner that resulted in the complaint against Mr. Conner. This information can be found on your website. Although this copy was sent to us from CBI, we also have two copies of the enclosure, which were sent to us from your mailing list.
Should you have any questions please feel free to contact the undersigned.
Respectfully,
Yvette Gabardi
Enclosure
My comments: It was a prompt reply, which is good. Signed by a human being, also good. They completely ignored my request for a copy of whatever they sent to Adam Conner. It's not clear if they sent anything to Adam Conner, but if they did, and if it had my name on it, I would like to see it.
tags
mortgage fraud real+estate yvette+gabardi colorado+division+of+real+estate enforcement+unit erin+toll adam+conner appraiser complaint
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Shawn Tieskotter
Shawn Tieskotter filed chapter 7 bankruptcy 12/11/02 (case # 12-30128HRT)
Shawn Tieskotter purchased 14 houses in a 3 month period during 2005. Two of those houses now show up on the Arapahoe County foreclosure website. I don't claim to be an expert on foreclosure process or lingo - but IMHO - this is not a good thing. It does not bode well for the chances of those mortgage loans having a happy ending.
The 2 properties are: 17578 E Baker Pl and 19044 E Prentice Cr.
tags / Tieskotter
mortgage fraud real+estate tieskotter
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Texas Toast
Article in the Denver Post (12/06/06), business section - says Sebring Capital has bit the dust. Kaput.
Sebring was on my radar back in August of 2005. They were one of the "lenders" on the Shawn Tieskotter shopping spree.
I made a good faith effort to contact Sebring in August 2005 - I spoke with people at Sebring and all of the other lenders on the list. I attempted to "report" what was going on. Looking back on it, it's pretty amazing the attitude of the people I spoke with. Now the people at Sebring are looking for a job.
The money quote from the article:
....Sebring, like other subprime lenders, was hurt by rising defaults. A major investor stopped funding Sebring's loans as a result....Sebring had to close....
Now a quote from my letter to the Governor (and a long list), dated September 2005.
.... some faceless, anonymous “investor” who gets screwed. Sooner or later, the faceless anonymous people wise up or run out of money, and then what?
How bad does it have to get? The answer is found in California. If (when?) things in California get as bad as Aurora is now, the "authorities" will get past the lip service and get serious. My prediction -- this will happen in about 18 months - just in time for the next presidential election.
tags
mortgage fraud real+estate sebring tieskotter
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Dear Erin Toll
Colorado Division of Real Estate
1560 Broadway #925
Denver, CO 80202
Attn: Erin Toll, Director
re: Case No. 80357976, Adam Conner
This will confirm my receipt of an unsigned letter dated 11/20/06 (copy attached).
Paragraph #4 says:
“Please direct any additional communications regarding the investigator named above.”
I encourage you to proof read this sentence – it is poorly worded at best. Two sentences later, the letter says:
“Any additional communications should be directed to the attention of the undersigned.”
This is problematic. Either it’s redundant, or it contradicts the poorly worded sentence. The letter is not signed - i.e., there is no “undersigned”.
The letter says that my “complaint involving Adam Conner was received by the Colorado Board of Real Estate Appraisers.” I encourage you to be more specific. Which complaint? What is the date of the complaint? When did you receive it? And what property/address is/are involved?
Please send me a copy of whatever the ENFORCEMENT UNIT received that caused this letter to be sent to me. In plain English – please send me a copy of my complaint. I have reason to believe there is some kind of mix-up.
If you have already sent correspondence to Adam Conner, please send me a complete copy of whatever you sent to him.
Sincerely,
Philip G Rice
11268 E Linvale Dr
Aurora, CO 80014
720-282-3376
phil.rice@mkgappraisal.com
-- end of document --
tags
mortgage fraud real+estate christine+stanley colorado+division+of+real+estate enforcement+unit erin+toll adam+conner appraiser complaint
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