Foreclosure in Downey>Question Details

Christian Y,  in Los Angeles, CA

Any Real Estate Attorney in Southern California? Recommendations?

Asked by Christian Y, Los Angeles, CA Sun Jan 24, 2010

Client is looking for a Real Estate Attorney here in Socal La (By Downey, Buena Park or surrounded areas). Need help in deciding if foreclosure or short sale is good or bad for them? Like Tax consequences, 2nd lender chasing after etc..
Property is upside down, negative equity. Value $300k. 1st loan is $330k, 2nd loan HELOC is $120k. Recommendations for attorneys or What do you think of this case??

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4
Peter Rustin--not related--an expert in real estate law. He works with the firm Manning and Marder in Los Angeles. I don't have the number handy.
Web Reference: http://www.calsucasa.com
0 votes Thank Flag Link Wed Feb 24, 2010
Sounds like a great idea to attend those seminars. Californias who have this challenge should definitely take advantage of this opportunity.
0 votes Thank Flag Link Mon Jan 25, 2010
You might want to attend one of the next Foreclosure Prevention Workshops sponsored by the Housing Collaborative (non-profit). I volunteered at one in SJC this weekend and the folks from Legal Aid were very knowledgeable and helpful.

These workshops are a community-focused event and designed to provide homeowners with advise and guideance. There is a very strict policy re: no solicitation that is monitored by the HUD reps who attend, so you can feel comfortable just attending and getting free information.

There is one in Santa Ana on Feb 11th.....check the link below for more details.
0 votes Thank Flag Link Mon Jan 25, 2010
No tax consequences if the property is a primary residence. Short sale is the best opportunity to negotiate with the bank but if bankruptcy makes more sense, an attorney might have the proper advice. There's no negotiating with the bank on a foreclosure.
0 votes Thank Flag Link Sun Jan 24, 2010
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