I have been a broker for over 20 years specializing in residential and residential income property in Los Angeles and San Bernardino Counties. You mentioned Los Angeles area - my preference is to avoid the CITY of Los Angeles due to rent control issues - Los Angeles COUNTY areas do NOT have rent control. Call an agent that knows the difference.
Sellstate Pacific Realty
Arcadia, CA 91006
626 233-0190 cell... more
Transferring title to property will not help. You need to consider all other options, sale, refinance with the help of a cosignor, or if you have regular income and you can make regular payment but cann't catch with entire defaulted amount, speak to an attorney, chapter 13 could be a good option for you. You can make payments with the help of your family members.
Transfer of the title to the property, will not stop the foreclosure, if you are trying to achieve that.
Lender has a security with respect to the payments. Best solution is to look for ways to catch up or resale to pay off the balance and save equity in the home or come up with a payment workout plan with lender.
Good luck.... more
The same holds true of all real estate investments. NEVER buy something that you have to feed every month with the hopes that it will appreciate in value and you'll sell it later-you never know what will happen. Nothing makes you broker faster than poor performing real estate.... more
Look, CA assembly has amended the code to 2923 through 2940. Sub dividion 2923.5 deals specifically with a lenders obligation ot work out a problem with the borrower. There is a 30 day requirement for lenders to conform to code. A debt validation notice is usually prescribed as a good faith gesture and that can preceed the 30 days required to meet the demands of 2923.5. Therefore 60 days is a realistic assumption.... more