First of Cole's properties foreclosed
BY GRETCHEN WENNER, Californian staff writere-mail: gwenner@bakersfield.com
Carl Cole, former managing broker of now-defunct Crisp & Cole Real Estate, counted his first two foreclosures Thursday, trustee's deeds recorded with the county show.
They are so far the only foreclosures in the Cole family, but just a pair among more than 100 defaulted and foreclosed properties associated with the former company's employees, family members and associates, according to an ongoing Californiantally.
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Carl Cole
Federal investigators are currently looking into Crisp & Cole operations for possible mortgage fraud after a federal raid of 13 Bakersfield sites Sept. 12.
Cole declined to comment when reached by phone Thursday evening.
Lenders took a hit when the homes were auctioned off last week, records indicate, a situation now common in the current real estate market.
Cole borrowed more than $1 million total against the two homes in January 2006, property records show, while banks repossessed them last week for a total $722,325.
Only first loans are typically counted in the default and foreclosure process. Second loans, which both properties held, are often eaten by lenders.
The foreclosed properties are at 5208 Glacier Canyon Court in the southwest and 12212 Great Country Drive in the northwest.
As of Thursday, 102 troubled properties with more than $62.3 million in total loans can be pegged to former Crisp & Cole associates, according to The Californian'songoing tally.
Of those, at least 57 have so far foreclosed.
On Monday, the Seven Oaks mansion of Cole's former partner, David Crisp, is scheduled for the auction block.
It will be the third time the 10509 New Quay Court home could foreclose. Two previous auctions were postponed.
Crisp and several of his family members have already foreclosed on many properties, but the grand mansion's auction -- one of the sites raided by FBI and IRS agents in September -- has attracted widespread public interest.
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