A few blocks from my house in Lynnwood there’s this beat up home that screams bank-owned to me. The front window is broken out, there are two abandoned vehicles in the front yard with their windows broken out. However, this is a decent neighborhood, close to Daleway and Lynndale parks. The main drawback to the house: it sits on a busy street. Outside of the recession, though, this is quite an unusual state for houses around here.
The homeowner on this one, Marcos Santiago, struggled quite bit. Per county records, the house was in danger of foreclosure, but, if you review the court records, it looks like he managed to negotiate a loan modification back in 2010/2011. Now, though, they received a notice of trustees sale back on November 4 of 2013, which hasn’t been released.
Sadly, Mr. Santiago passed away just a few weeks later on November 20, 2013. The closeness of his death to the foreclosure made me wonder if his death was a suicide, but I don’t see any information supporting that. And I’m not feeling curious enough to pay for a copy of the death certificate.
Another tidbit about this home: Marcos’ son, Marcos Jr., a level three sex offender, actually had a community meeting to address concerns about him living at this home. Shortly after the meeting, he ended up in trouble with the law again. Clearly, a troubled young man. I’m not sure what happened to him after this. He didn’t appear in the sex offender database.
But back to house. It’s again in distress, with a sheriffs levy filled at the end of 2016. US Bank is the entity acting here. I wonder if this will come on the market as an REO (stands for Real Estate Owned, the accounting description for an asset owned by a bank). It was sold with a conventional loan, I don’t expect it to come on the market as a government held one, either. It could sell on the courthouse steps, too. Hard to gauge at this point.
I know how slow these processes can take. As the property is vacant, I expect the heirs don’t feel any great motivation to engage with the process. If so, it’ll be protracted. But, someday, it will be sold and someone else will take this home’s story and make it there own. I hope it will be a happier one.
