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Foreclosure in California City : Real Estate Advice

  • All117
  • Local Info8
  • Home Buying47
  • Home Selling9
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Activity 6
Wed May 4, 2011
Don Albino answered:
The property is placed into a trust where the service provider is the trustee and you 100% the beneficiary, 1/8 is deeded to service provider which has a chapter 11 in place. IS NOT an individual BK, is a corporation BK. After the service provider exhaust the lender's remedy, the lender is taken to court, where the service provider will tender 100% the amount of the note in exchange of the original instrument of indebtedness (the note) in its original form. If the lender brings the original instrument they get paid thru a court order the full amount, if they don't UCC code 3.603b and 3.604. I both cases the homeowner will get a principal reduction to 45% of the tax assessed value and payment will be based on 30yrs at 1% interest.
In my personal opinion this is a great program. But you have to do a lot of research, not about the company about the law codes they use to find the remedy.
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Tue Mar 29, 2011
Mike answered:
As a home buyer that is not is not in the real estate business nor an agent, I would expect that the Listing Agent (or my Agent) would have verified that it was actually connected to public sewer as stated in the MLS. Since the Inspector found the toilets and sinks draining properly, why would he check to verify if it was connected to sewer and how, as a novice, would I even know to ask the Inspector or my Agent (except now in hindsight)? So I can see how Fannie is absolved by their "as-is" clause and they would be difficult to pursue. It appears that the Listing Agent or Broker simply did not verify the information they placed on the MLS. I would think I could have an attorney go after the LA and his insurance because of his negligence? ... more
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Sat Sep 4, 2010
Sally Lawrence answered:
Hi Grama,

You definitely want a professional on your side. Short sale negotiations are often complex and lengthy. Having a REALTOR® working with you will give you a better chance at success.

You can check my blog below for more info on short sales. Although I am based in Tehachapi, I work in Cal City as well and would be happy to discuss your needs further.
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Wed Jun 30, 2010
Gnarboots answered:
Thanks for your responses. I forgot to mention that my buying agent has told me we are the only offers so far. Will they wait until the get more offers until they get back to us?
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Thu Sep 17, 2009
Sobe33 answered:
Jes,
What are saying about what income, the second being counted as income? That would be an expense to the IRS as it is interest. Maybe I am not understanding your comment, please explain.
Christine
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Wed Sep 2, 2009
Joanna Jensen answered:
Hi Steve,

It really depends on your lender. I do loan modifications with an attorney. Our office is in San Jose, Ca.

You really need to be on top of the process. I have stopped a few foreclosures within days of the sale date by getting in all of the required documents.

You have to get everything in writing. Usually, if you have all of your info in and your with a negotiatior they will not foreclose while your trying to work out a modification.

It is not a guarantee, you really should have a plan and know how your going to proceed.

I am happy to answer questions and maybe give tips to make sure your on the right direction..

JoAnna Jensen
Volo Law Group
Realtor Paralegal
925 699 5041
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