Foreclosure in 94550>Question Details

Orange, Other/Just Looking in 90503

I own a rental property in Los Angeles that is 20% loan to value. My other property in Las Vegas just went into forclosure with one loan. Can the?

Asked by Orange, 90503 Wed May 5, 2010

bank put a lien on my LA property?

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6
To avoid this type of problem in the future. look into Land Trusts. It allows you to separate properties from each other with regards to legal actions such as liens and lawsuits. With properties in California you will have to set up the corporation that is the trustee in a state like NV. Google Land Trusts to get more info and speak to an attorney before moving forward
0 votes Thank Flag Link Tue May 18, 2010
Short Sale the Las Vegas Property to me, I will buy it if it is worth less than the loans against the property.
Call the number on my site and I work the details out with you, most people are just letting the homes just go back to the bank, and that is hurting everyone. The Bank would rather you short Sale the property plus it is better on your credit. I pay cash to the Bank to remove all liens and then I can rent the property as my investment.
Web Reference: http://www.we-pay-cash.net
0 votes Thank Flag Link Thu May 6, 2010
It also depends if the loan was a recourse or a nonrecourse loan. Nevada is a deficiency state so I would seek legal advise on this issue.
0 votes Thank Flag Link Thu May 6, 2010
There are a lot of factors that determine what the bank can do. It sounds like these are investment properties and if that is the case you have very little protection.

Good Luck
Bob Patrick
Buy a home after foreclosure expert
0 votes Thank Flag Link Thu May 6, 2010
Orange,
The best resource for this type of question is a real estate attoney who can review your documents from when you bought the home. Hopefully there was no fraudulent activity (buying the home owner occupied with no intent to live in it etc.) I have an attorney in Arizona I could refer you to but I don't know how whell they are going to be versed in the Las Vegas market/and real estate laws, but if you want that information I have happy to give it to you she has a fairly reasonable consultation fee about 200-250. Email me direct for the information should you want legal counsel, though it you have it in LA, I would talk to them.
Best of luck hope this helps
0 votes Thank Flag Link Wed May 5, 2010
That all depends upon the type of loan(s) that you had on the foreclosed property, whether you held that title for the LV property in a LLC, whether you're holding the title for the LA property in a LLC, whether you personally guaranteed all of those loans, etc. Having wrote all that, Yes, it's possible that your lender(s) for the foreclosed property could put a lien on that property.
0 votes Thank Flag Link Wed May 5, 2010
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