Foreclosure in Anaheim>Question Details

Cesar, Home Buyer in Anaheim, CA

I'm losing my home, I also own another property if I give it back to the bank can this affect my other home...

Asked by Cesar, Anaheim, CA Thu Aug 21, 2008

I'm losing my home, I also own another property if I give it back to the bank can this affect my other home...

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Cesar,

As long as you continue to make payments on the other home they can not force you to sell or take your home from you. If you consider Bankruptcy however, a judge may have different ideas about how to put you in a position where you can more easily afford your monthly obligations.

Let me know if you would like someone to contact your lenders on your behalf at no charge. DO NOT pay anyone upfront to help you negotiate with your current lenders. Too many scams out there.
Web Reference: http://www.helpumodify.org
2 votes Thank Flag Link Thu Aug 21, 2008
As I understand it, in California purchase mortgages are non recourse, meaning that they cannot come after you for any of their loss. However, if the loan was a re-fi, they can.
1 vote Thank Flag Link Thu Aug 21, 2008
Typically not. The foreclosure is based off a secured asset, The Home. The bank has no standing to go after the home not in foreclosure.
What you need to do is determine if your loan (that is being foreclosed upon) was it securitized? Through a securitization audit and a mortgage scene investigation you can identify any irregularities in the foreclosure process. Many times we find that the Deed of Trust was assigned after a Notice of Default. And, that alone is a tail-tail sign that the loan was improperly placed into that trust and the parties involved are trying to now reunite the Deed and the Note in the attempt to cove there paper trail. Only a securitization audit can unwind the trust and the parties involved and determine how the loan was securitized and what really happen. The point I like to focus in on is the State Laws in which a trust must adhere to. If the Trust is administered in the State of New York (which about 90% are) then the Trust has to Adhere to that state's Common Trust Laws. Many want to argue that UCC Article 3 and Article 9 cover that issue but Common Trust Law trumps UCC 3 and 9.
Robo-signing is another major element to the Foreclosure crisis and if you’re in a Trust Deed state; the chances that you can unwind this fraud is unlikely unless you step in front of the Lender and try to protect yourself. Contact me if you would like to have your situation discussed. My name is Brian Head and I am the Chief Auditor at Lighthouse Consulting Group in Santa Ana. I'd be glad to discuss your situation
I can be reached at either 800 529-2959 ext 1002 or 714 486-0652
Web Reference: http://www.lhcginc.com
0 votes Thank Flag Link Thu Oct 27, 2011
The government run systems which I linked below have since been improved. The new, higher limit for refinances is now up to 125% of the present value. That means if your present loan amount is $400k, and the declined value of your property is only $350k, you can now get a refinance at today's lower rates.

Of course if your house is that value in Orange County, in today's hot market, you could probably sell it quickly, with multiple offers, if you'd prefer to sell, rather than stay in the property.
0 votes Thank Flag Link Mon Jul 6, 2009
Here are links to see if you can qualify for either a refi ( if your first mortgage doesn't exceed 105% of your home's present value.) or a loan modification:

http://www.makinghomeaffordable.gov/

To see if your mortgage is with Fannie Mae: http://www.fanniemae.com/homepath/homeaffordable.jhtml

To see if your mortgage is with Freddie Mac: http://www.freddiemac.com/corporate/buyown/english/avoiding_…

Loan mod self assessment tool: http://www.financialstability.gov/makinghomeaffordable/.

Good luck in finding solutions - that are FREE.
Web Reference: http://BobPhillips.net
0 votes Thank Flag Link Sun Apr 12, 2009
Sorry to hear about your situation. You are not alone. There are millions like you. Real estate is not a good investment, I guess you know that now. Good luck
0 votes Thank Flag Link Fri Aug 22, 2008
Hey Cesar, Have you tried to work out a loan modification with the bank or negotiate a short sale?
Web Reference: http://www.LehmanHomes.net
0 votes Thank Flag Link Thu Aug 21, 2008
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