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Foreclosure in Altadena : Real Estate Advice

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  • Home Buying6
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Activity 4
Tue Nov 10, 2015
Actually people who are not expert should probably only buy REO properties, which are all listed on the MLS

If you are not an expert you should not being trying to buy homes off the courthouse steps, nor buying homes in foreclosure that are not listed with an agent. The reason is you get these properties with all the blemishes and no recourse. ... more
0 votes 2 answers Share Flag
Sat Oct 23, 2010
M.D.J answered:
Hi Gayle,

You mentioned below "we are at our credit max and can't pile on another nickel for the repairs" so yes you would be spinning your wheels on this particular transaction because the cost of the repairs that you would take on would be added to your loan.

It might be a little late on this transaction but for future referrence the repairs and rehab that you are allowed to do with an FHA 203k loan are added to the loan. Up to $35k on the streamline and for amounts over $35k you can use the full fha 203k loan.

Hopefully it all worked out If not you are now more aware for the next one.

Good luck
... more
0 votes 9 answers Share Flag
Sat Jun 12, 2010
Hannah Fliegel answered:
Hi S,
Your lien holder in second position is a recourse loan. This means that the lender does have recourse to go after you if you do not pay them. For example, they can remove their interest on the property and go after you personally. The can either take that ‘debt’ which is a commodity and sell it to a collection agency or a vulture fund. The collector can take that ‘debt’ obligation to court in effort to get a deficiency judgment against you. With a deficiency judgment that debt obligation is a better commodity and can be sold or traded. Once the court issues a deficiency judgment against you the creditor will then be able to garnish wages, go after assets, place liens on property etc. There is also a statute of limitations that you may want to consider because many folks think that they do not have assets but in 5 years you might and guess who is there waiting for you?
This is the reason that bankruptcy is so common with regard to foreclosure and real estate in general. You might be able to negotiate a settlement with the lender. For example, I owe you $50k how about taking $15k and we call it a day? Good luck!

Hannah Fliegel, FICO pro
The Credit Repair Expert
... more
0 votes 3 answers Share Flag
Mon May 4, 2009
lmc answered:
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