I am totally baffled on why you refused the cash for keys option. I am not an attorney and don't mean to be proffering any legal advice, but I don't think you have the luxury on 90 days on a trustee's auction. Somewhat closer to 21 days to my recollection. As far as the security deposit, good luck. Did you rent through the agent? Does he/she have the deposit in a trust account? Or did you rent from the previous owner? If the latter, you have little recourse to get money from the agent or the new owner. After all, they don't owe you anything. And the previous owner? They just lost a home to foreclosure; it is highly unlikely they have your deposit laying around.
Good luck in your new home. I think your only recourse with the agent is to send flowers and say "I am sorry for treating you poorly"...after all, the agent is just the messenger (not the enemy).... more
Call your bank and ask them your options.
Let them know you fell behind.
They may work something out with you.
Be nice to them and they may be nice to you.
Your loan is a business transaction and their motivation is to collect the debt and yours is to keep your home.
Usually after 90 days, a bank will start the foreclosure process of filing and sending you a Notice of Default.
being two months behind you might consider a loan modification, ( understand that your credit report may suffer a little )
While most here appear to be telling you to short sell or loan modify you should consider your options and do something.
Yow might also consider consulting an attorney and a CPA
If it does get worse, just stay away from the vulture investors.
I wish you the best,
So Cal Homes Realty
Cory you can file a quit claim deed but you will still be resposible for any mortgage.This will also affect your ability ti get a loan on a new property.
What is your goal in doing a quit claim deed?... more
Not necessarily to get more money, but to perhaps put your offer in a back-up position in case things fall through on the accepted offer. Many things can happen and the deal could fall out of escrow. Be it repairs that are requested, finances not being in line, or even the buyer changing their mind. If the agent already has an accepted offer than I can only imagine that the agent is looking for back-ups since there isn't anyway that the agent can put your offer in, trumping the accepted offer.
Hope this answers your questions. If you have anymore questions dont hesitate to ask.... more
You'll need to look at the tax assessor's website for your county for information on local tax auctions. Typically they have tax sales once or twice a year in CA.
Be aware that the lists at first may appear massive, but the majority of the tax liens are redeemed (paid off) before the auction, and thus many properties will never go to auction. Also be sure that you know what you're bidding on... not all liens will be removed (meaning you may have a liability you didn't count on) and not all properties will be what they appear to be from the information provided with the auction materials.
CA also reserves the right to "take back" an auction property if the previous owner can prove that there either was an error, or that they didn't receive sufficient notice before the auction. Be sure you know all the rules before you purchase a home at a tax auction, and before you sell a home that you purchased at a tax auction.... more
Typically, when an agent has an REO listing, they submit all offers to the lender of record via email to the asset managment department. The asset manager will normally get back via email to the listing agent within 48 hours with either an acceptance and addendums for you to sign, or a counter offer. I would suggest you light a fire under the listing agent to send another email to the asset manager. Good luck on getting it.... more