Although I don't truly know 'Trulia' exact R.E. info updates, I'm certain it's daily as w/ most R.E. websites as well as broker/agent sites. For insance, 262 San Felipe Way first posted on the MLS (Multiple Listing Service) yesterday @ 7:20 pm. Should you wish for swifter "feeds" I suggest that you align yourself w/ a local agent who can, then, provide you w/ direct MLS email updates along w/ establishing a specific criteria lists (like the desired area, number of bedrooms, bathrooms, pool and so on) that caters to your specific real estate needs.... more
There is quite a process involved when a property is in default. If the loan/loans are in default, the lender first records a Notice of Default. The borrower has 90 days from the recording of the notice to bring the loan payments current or to make other arrangements with the lender such as a loan modification. If the loan payments are not current after 90 days, the lender can then record a Notice of Trustee Sale giving a date and time for the Trustee Sale. The Trustee Sale is held 21 days from the date that the notice is recorded. If nobody bids on the property at the Trustee Sale, the ownership of the property goes back to the lender. Then, the lender or a third party company representing the lender will hire an agent to market the property. If there are people occupying the property, they have to be evicted or encouraged to leave before the property can be prepared to market. We represent lenders who have properties to market, so we could explain this in much more detail. There is much more to the process than meets the eye.
Let us know if you have any further questions!!... more
1. Short Sale Basic: To do a short sale, all lien holders must agree in writing. If they All do, then they can NotT come after you for a deficiency judgement. This applies to ANY loan. This law is good for all short sales in CA thru 2013. This great law may not be extended, we will not know until...the end of this year!
Do your short sale now.
2. Foreclosure - Usually its the first lien holder who forecloses. Any balance money notneeded to pay back 1st lien in full then goes to the 2nd lien holder, and isf any left to the 3rd leien hodler. In CA, the Deed of Trust states the holder only gets the house OR the money, not both. So 1st usually goes away, but those pesky 2nds and 3rds can come after you.
Try a short sale. Its best. Call me with any more questions, been doing this for quiet sometime.
PS- new law CAR is trying to get approved......If you have a PrerApproval short sale letter from all Lien holders..they can not foreclose on you. At this time, the short sale is never complete until the lien holders receive AND accept the money paid to them. You want your escrow to confirm this.
The truth is foreclosure is always an option. You simply walk away from your house. I don't recommend it and cannot give you advice about the legal and financial implications you'd encounter from foreclosing. What I can tell you is that there are options out there that can allow you to short sell, offer the bank the deed in lieu of foreclosure, modify your loan (get a possible principal reduction, reduction interest rate), or sell and bring money to the table to make up the difference in what you owe and what you sell for.
If you want a consultation, I'm happy to meet with you and discuss your options. I can also refer you to two excellent attorneys and a tax professional to have your legal and financial questions answered.
Let me know.
To piggy back on what has already been said Ogi and Gabrielle, the numbers are lower in Mill Valley compared to other cities in Marin such as San Rafael and Novato. If you are considering putting your home on the market soon, currently, there is a record low number of homes on the market, even for January. . A lack of inventory, may work for your benefit should you decide to sell. Another thing to consider, foreclosures tend to sell at market value in Southern Marin. If they don't it is because the home is in need of major work. I have yet to see a foreclosed home in Mill Valley that sold well below market value.... more
If you are already working with a real estate agent, your agent can look up the property in MLS through public/tax records to see if the property is in default and also to see the original lender who made the loan/loans on the property. However, often the original loan has been sold to another lender or investor, so it is difficult to know who actually holds the existing loan. Lenders also sometimes pay to have another company/lender service the loan and collect the monthly payments.
Your real estate agent should be your "go to" resource.
Maybe this answer is too late; but hopefully you have already started the Loan Modification process or at least, talked to a professional about your options, whether it is the folks at HOPE like Tistan mentioned, a Realtor who is well versed of and can talk you through the different options, or your tax attorney or tax accountant who is up to the current real estate trend and treatment, etc.
Personally, I would recommend checking into Loan Modification with your lenders first and see what they can/will do. I have heard of quite a few successful loan modifications recently, which is encouraging! If that does not work, Short Sale is usually your next step. Foreclosure or Deed-In-Lieu are next. But this all depends on your specific situation and should be evaluated carefully.
Please feel free to contact me (415) 717-0293 if you still have questions. Although I am very successful in short sales, my preference is to help my clients keep their home (why we buy home in the first palce). I am very good at consulting my clients and will be happy to chat with you.
Frank Howard Allen Realtors... more
Trailing below is an explanation of the foreclosure process.
Terrace Court has received a Notice of Default. It may or may not be offered for sale. The RealtyTrac listings tease with properties like this that really haven't a chance of ever being for sale at <20% of market value, check out http://www.zillow.com/homes/terrace-court,-tiburon,-ca_rb/#/homes/for_sale/Tiburon-CA/34285_rid/37.899859,-122.490582,37.897408,-122.494632_rect/17_zm/1_rs/1_fr/... more
The responses received will get you along the way. http://HopeNow.com, 888-995-4673, provides free counseling and guidance for distressed mortgages from HUD intermediaries.
There is an excellent real estate primer and reference at http://homebuying.about.com that you should bookmark for ongoing use.
http://www.mtgprofessor.com answers virtually all questions one can conjure regarding mortgages. This website is info only written by Jack M. Guttentag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania.... more