Foreclosure in Torrance>Question Details

Shawn K Sext…, Home Buyer in Torrance, CA

I have been hoping to find a house in the SW Torrance area. I found a house listed as a NOD...

Asked by Shawn K Sexton, Torrance, CA Sat May 31, 2008

with the details of the default amount and the balance of the loan. Does this mean I could potentially buy this home for the default amount and take residence with a quit-claim deed? If so, are there lending programs that work similar to FHA for buyers who have less than perfect credit. How or where can I find that information?
I have never been a home owner before and credit issues are hard to clean up on your own after divorce. What advice can you give me?

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Hi Shawn,

I think that Dorene explained the NOD process the best. There are loan programs available for people with less-than stellar credit. I do work with a direct Lender in Torrance and will be more than happy to discuss your options with you any time you'd like. Feel free to contact me any time. My contact information is listed below:

Mike Bjork
Mortgage Planner
Guild Mortgage
Direct: (310) 694-3544

I wish you well on your search and have a pleasant day.

Best regards,
Mike Bjork
1 vote Thank Flag Link Wed Jun 24, 2009
A Notice of Default (NOD) only indicates that the property owner is late in paying his/her mortgage. The owner has time to correct this (cure the default)by paying the money owed, and most of the time they do this.
You are better off, looking at property that is already bank owned (REO) or in a bank approved short-sale.
Shawn, why not interview and hire a buyer agent to help you? As far as your financial situation, if you have a good relationship with your bank, they can assist you in the fastest way to improve your credit.
1 vote Thank Flag Link Tue May 19, 2009

1. When a home is listed NOD, it means that the owner is delinquent on their loan, but still has the opportunity to work it out with the bank (up until 5 days before the Trustee Sale). The NOD and default amount you are seeing relate only to the single loan that is in default. There could be multiple loans against the property and other liens as well, such as tax liens, mechanics liens, judgment liens, etc.
It is important you know what you are getting yourself into when you work with people who are in pre-foreclosure (NOD status). I have specialized in this field since early 2004 and might be able to help you navigate the pitfalls.

2. A quit claim deed does not transfer the title on property to a new owner. I cannot give you legal advice since I am not an attorney, however I do know that all a quit claim does is release any claims an individual has on a property, it does not grant you title to the property. For that you need a grant deed. Beware of people who tell you they will give you a quit claim deed if you cure their default. You are giving away your hard earned dollars for pretty much nothing.

3. I specialize in helping 1st Time Homebuyers and work with some wonderful lenders and other professionals who might be able to help you into your new home.

If you like you can give me a call or e-mail me and we can see if we can come up with some answers and opportunities for you to fulfill your dream of home ownership. Dare to Dream.

Shel-lee Davis
RE/MAX Palos Verdes Realty
1 vote Thank Flag Link Sun Jun 1, 2008
Hi Shawn. It is not as simple as handing some money over to the bank, having a quit claim deed signed., and suddenly you own the property. There are several other steps to the purchase process and a quit claim deed is not involved in this type of transaction. Yes, there are loans programs for people with credit issues. Contact me & I'll refer you to a direct lender.
1 vote Thank Flag Link Sat May 31, 2008
As a Realtor I shopped around for the best lender in the South Bay for a buyer client who was not happy with their lender and who is about to make an offer on a single family residence (SFR), and found one that outshines all the others. She specializes in FHA loans (technically correct is FHA-backed loans) and is with B of A wholesale. She is in Torrance, and she is very knowledgeable and good. I can also help you find the right home. Flavia Brown 424-263-4129
0 votes Thank Flag Link Fri May 15, 2009
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