Tuesday, April 29, 2008

Is it true

that Mark Begich years back, got a loan from Home Savings and Loan for $210,629.93 (Municipality of Anchorage Recorder of Deeds, Notice of Default, Book 1702, Page 103) on a property that later sold at auction for $99,920.00.(Municipality of Anchorage Recorder of Deeds, Trustee’s Deed, Book 1739, Page 797)?

The property in question would be as follows:

The East one-half (E-1/2) of Lot Five (5), and the East one-half (E- 1/2) of Lot Six (6), Block Twenty-Four "D" (24D), of THIRD ADDITION TO THE TOWNSITE OF ANCHORAGE, according to the official plat thereof, filed under Plat No. C-28: Records of the Anchorage Recording District, Third Judicial District, State of Alaska

(click on image to enlarge)

Enquiring minds would like to know if the loan of $210,629.93 was greater than the actual value of the property.

Update: Back in 1985 I had gotten a contstruction loan from Home Savings and Loan. The construction loan was for $90,000.00. The loan was less than the appraised value of the house. The house appraised at $115,000.00.

Home Savings and Loan's policy was to not loan money for 100% of the appraised value.

During the final stage of the construction of the house, the market fell and the house appraised at $75,000.00. Less than the $90,000.00 that was owed. I had to foreclose on the property.

What is interesting in Begich's case is that in 1986, markets were at the bottom thus logic would point to the loan value on the property that Begich was getting would be bottom dollar.

As of right now what is known is that in 1988 when property values were on the increase, at auction, the property sold for $99,000.00. Less than the 1986 loan value of $210,629.93.

There is also the question if this property sold in 2005 for $170,000.00.

More to come, to be continued.....................

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