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Foreclosure in Castaic : Real Estate Advice

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  • Home Buying9
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Activity 3
Sat Oct 1, 2016
Karen Peyton answered:
Contact a lender and speak with an attorney!

I think you might be mistaken about a VA loan assumption. It is my understanding the person must qualify, but does NOT have to be a veteran. Further, in an assumption scenario, VA loan eligibility is "tied up" and can take some time to get back.

All said, I can't see an assumption is ever necessary in a foreclosure which is a process of law and right of a lien holder to protect their interest. Taking title "subject to" means just that, and any lien holders in a more senior position would have to be satisfied (brought current, paid in full, or given payments).

What happens to you (whether evicted or not), your VA loan, and your credit are reasons to speak with an attorney.

In my opinion, the HOA would not have foreclosed if they intended to leave you in the property. Also, despite being "underwater," it is possible for a junior lien holder to recover "something" on the debt owed.

Again...see an attorney.
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Fri Sep 28, 2012
Sara Mehrpouyan answered:
Hi Packard

You may want to consult with an attorney for legal advice. However, California is a one-action state. Generally speaking, it means that if they pursue a foreclosure via trustee sale, only one form of action for recovery of the debt. I suggest that you look into a short sale if you are worried about that, because we have SB458 in California. If lender accepts a short sale (1st, 2nd loans too), they cannot pursue borrower for any deficiency. Feel free to contact me any time if you're interested. Thanks.

Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Rodeo Realty
Direct: 818-903-2040
Dre License #01712757
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Sat Apr 7, 2012
Cyndi Lesinski answered:
I am currently working on obtaining a short sale approval for a client with a 1st and 2nd. Now that the 2nd is over 6 months past due, they are planning on charging it off or selling the loan. This will create a bump in the approval process. We will then start new negotiations with the company that now owns the loan. They gave the seller the option to make a payment to postpone this action. However, the seller doesn't have the cash to do so. Your Realtor will work with the negotiators and coordinate this for you. I am actually in contact with 3 different departments while addressing this situation. I know the post was in February and I am curious what the new status is? ... more
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Foreclosure in Castaic Zip Codes