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Foreclosure in Torrance : Real Estate Advice

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Activity 23
Thu Mar 27, 2014
Ginossim asked:
Mon Feb 10, 2014
Jenna Christensen answered:
The prior responses w regard to the home on Vanderhill is correct. The home is pending as short sale - its a funky situation that I will tell u more about if u contact me directly. I live on Vanderhill and have worked the area for over 20 years, so I'm familiar w literally every home in the neighborhood.
310-920-9387. Info@cjenna.com.
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0 votes 3 answers Share Flag
Wed Jan 8, 2014
Lala answered:
Hi everyone--this is LaLa. Thank you for all the info. Here is the back story. My ex tied this property up in a property transfer years before the divorce. This property is one we used to live in. The other party was supposed to make the mortgage payments and is listed as the trustor and has their own trustee with my ex and me listed as beneficiaries (very complicated). The loan is still under the names of my ex and me. The other party stopped making payments when my ex also stopped making payments on his end of the deal (a note on another property which just happened to be where we lived--a three property deal--OMG). At the time of the divorce, which is final, I refused to sign over the deeds, etc. until my name was off the mortgages--I let him have the properties since he has them so messed up. Now the ex is trying to foreclose on the other party and she is counter-suing. The other party has named me in the counter suit but I have an indemnification clause in the divorce agreement. My ex is pressuring me to sign the substitution of trustee so he can continue with the foreclosure. He has pressured and threatened me into signing all sorts of things in the past and I am no longer inclined to do so. I am emancipated! I agree that I probably do need a real estate attorney. ... more
0 votes 11 answers Share Flag
Mon Jan 6, 2014
hanna4u answered:
Our house was foreclosed on this morning but this was initiated by the junior mortgage company (secondary mortgage). The status said "revert to beneficiary". It was explained to me that the house did not sell, only the lien sold or the lien went back to the mortgage holder. I might want to add that the primary mortgage lender had no idea this was happening, why would they? It was assured to me over and over again by the primary mortgage to 'not worry about the sale', "they can't do that" or "it's not going to happen" (meaning the trustee sale). Well it did. Now it seems they are scrambling trying to get answers as to why this happened. The only scenario as explained to me that would make sense is that the 2ndary mortgage was clerically entered incorrectly as the primary. Regardless, very stressful waiting for answers. ... more
0 votes 4 answers Share Flag
Sun Sep 22, 2013
Michael Magaw answered:
Thu Aug 1, 2013
Howard Curry answered:
Janet, I also agree that there are many good comments provided below.

This is a legal question and you should consult with a real estate attorney.

Please note that you mentioned a lien – a lien is a notice attached to your property telling the world that a creditor claims you owe it some money. A lien is typically a public record. A lien is not recorded on equity but, on the property itself.

Separately, if you had work performed by a contractor to improve your property (i.e., Kitchen remodel, room addition, etc), that contractor may file a mechanic’s lien against your property if the work performed was not paid in full (again, it has nothing to do with the equity).

Title & mortgage are two separate issues and the previous comments provided the appropriate response.

It cannot be over emphasized that there are many unknown details related to your situation that has to be considered. The bottom-line is that if your name is on the mortgage - your home and your credit is likely at risk if the mortgage is not paid.
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0 votes 12 answers Share Flag
Sun Mar 17, 2013
Cory La Scala answered:
When you own the home, you pay the HOA fees. If the home has been foreclosed upon and you received a Notice of Sale, and the home went to auction and no one bought it, it goes back to the beneficiary, meaning the bank owns it now. If you don't own the home anymore, you wouldn't be on the hook anymore, the new owner would be. It's refreshing to hear from a distressed owner that wants to be responsible! ... more
0 votes 6 answers Share Flag
Fri Oct 26, 2012
Dot Chance answered:
Just stay in your home. If the beneficiary is now the owner you will most likely get "cash for keys" so it could be worth your while to stay there until they come to the door.

I agree with the answers below, if it is now owned by an investor they will be knocking on your door soon and will begin eviction proceedings. Don't let it get that far. You do not want an eviction on your record!

Wishing you the best,
Dot
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center
www.DotChance.com
818.339.7712

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
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0 votes 3 answers Share Flag
Mon Aug 20, 2012
Bob Costello answered:
Be careful about doing a lot of BPO's. They don't guarantee anything and it's hard to track all the payments due. We have been stiffed by Old Republic - and there's no one to talk to about it.......
You can try the list from RegisterREO
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0 votes 15 answers Share Flag
Fri Feb 17, 2012
Kawain Payne answered:
Hello Ringo,

The amount of time you have left in the house will depend on the lender.

Once they assign the home to a Realtor to market for sale, you will be notified.

Many banks offer "Cash for keys" meaning they will pay the tenant cash in order to get them to move without having to go through an eviction process.

Best of luck to you.
Kawain Payne, Realtor
714-293-1151
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0 votes 5 answers Share Flag
Wed Nov 17, 2010
Royal Real Estate Group answered:
Dear Dejjoe:

If you property has been foreclosed because you defaulted on your pament obligations. Lender cann't come back after you to obtain deficiency judgment against you, since, it was foreclosed non-judicially.

You can consult an attorney giving them full facts. So that you can have peace of mind. Wish you good luck.
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0 votes 10 answers Share Flag
Fri Oct 8, 2010
Royal Real Estate Group answered:
If the lender foreclose upon the single family residence or 1-4 units, there is no deficiency judgment. Also, if lender forecloses upon the property in a non-judicial setting, there is no deficiency judgment by the lender who choose to foreclose upon the property in a non-judicial manner. However, junior lien holder may survive depending upon the timing and purpose of the loan. Especially, when the loan was taken after the purchasing of the property as Home Equity line of credit or for home improvement loan.

Its better to be proactive and take responsibility of the debts and consider all your options before letting your property be foreclosed upon by the 1st lender.

Ofcourse, if the property is investment property other than single residence and or more than 4 units , and if the lender choose to proceed with judicial foreclosure, it could recover deficiency judgment against debtor from the court.
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0 votes 10 answers Share Flag
Fri Oct 8, 2010
Eric Baskett answered:
Hello Art,

No one should be telling you to stop making payments but look at it this way, YOUR KISSING YOUR MONEY GOOD-BYE! Do you have money saved to move? How about some extra cash for first and last months rent on your new place? Keep in mind the one thing that messes with your credit score is missed payments. How much is your credit worth to you? A short sale can last 3-6 months. It adds up. I would be happy to talk with you about your options. www.shortsaleinlosangeles.com ... more
0 votes 6 answers Share Flag
Fri Sep 17, 2010
Brenda Feria answered:
Michael Magaw has given you sound advice. You definintely should contact him and weigh in on your options.

Brenda Feria
Real Living Eudailey Real Estate VA
Real Living at the Beach SC ... more
0 votes 2 answers Share Flag
Thu May 6, 2010
Mike King answered:
Alissa,
This may be too late for you, so anyone else in your position that is looking at this should stay in the home until they are contacted by the new owner. I buy foreclosures myself and I know these folks would much rather pay you to leave amicably than go through the eviction process. ... more
0 votes 9 answers Share Flag
Thu Aug 6, 2009
Carl Snyder answered:
The foreclosing lender is the beneficiary.
In Nevada, the eviction process is initiated with a 3 day notice to quit after the Trustee Sale is finalized. If there is no response, the new owner will file a five day eviction notice with the court.
If there is no response by 5 pm on the 5th day, the Constable will evict the tenant.
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0 votes 1 answer Share Flag
Wed Jun 24, 2009
Mike Bjork answered:
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
E-mail: mike@mikebjork.com

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

Best regards,
Mike Bjork
... more
1 vote 5 answers Share Flag
Sat May 16, 2009
Hannah Fliegel answered:
Hi Anabel,

If the property is occupied then the homeowner may have been able to keep the home with the bk. If the home is vacant than the bank or lender may be holding it back in what is called 'shadow' inventory. This shadow inventory is what banks hold back because they do not want to release too much inventory at once which will cause the prices to plummet too quickly.
If the property is vacant and you have the address, I will be able to see if you can pick it up pre-foreclosure listing with an asset manager of the bank. I have a connection or two.
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1 vote 3 answers Share Flag
Sat May 16, 2009
Hannah Fliegel answered:
The current homeowner is in default and therefore this would be a pre-foreclosure sale. For more information on this topic please visit

http://www.foreclosureoptionsnetwork.com
0 votes 4 answers Share Flag
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