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Foreclosure in Bay Point : Real Estate Advice

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Activity 8
Tue May 17, 2011
Bob Georgiou answered:
Anon,

Good advice from Steve and a good link but in both cases some inportant information is missing. HOA's and thier collections companies do not always represent the law properly to the people they are trying to extract funds from. You must respond to these requests for payment and tell them essentiall what has been provided by others. The bill collectors take the position that Grace laid out, representing that one the HOA bill is due that it is exempt from the real estate law and a bill like any other bill. THIS IS NOT THE CASE! You must get informed on the specifics of your situation by the proper professionals.

Some aggressive collection companies do attempt to use legal pressure to get you to pay but it is important that you get a good collections attorney on your side. They can provide detailed infomartion for you to pass on to the collections companies so they do not wast a lot of your time. Good luck.
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Thu Nov 4, 2010
Bob Georgiou answered:
John,

IN these situations agents generally refer clients to attorneys for the best information and how your loans reconcile with the law. Much depends on if the loans were taken out as purchase money or renfinances. Without knowing more details the only thing I can generally share is that the home equity line is in all probability a recourse situation. ... more
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Tue Nov 10, 2009
Bob Georgiou answered:
Kevin,

The law is not clear on many things except for the 5 year provision. It must be 5 years effective Jan 1st.
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Tue Sep 22, 2009
Patrick Thies answered:
Usually what happens is that the lien is placed on title against the owner. If you went to sell the house, the lien holder would be entitled to payment before the house can be sold. You would either have to pay the lien before the closing or pay it out of closing costs, but either way the property can not transfer until the lien is satisfied. ... more
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Thu Sep 3, 2009
Bob Georgiou answered:
I disagree with everthing said here.

1) In a foreclosure it depends on who forecloses and what their lein position is. Forgetting about tax and mechanics leins (First and last) if the second loan forecloses they have to make whole or take over the first mortgage (basiclly buy them out). They can then foreclose with all the proceeds. If the first forecloses they get first rights on all the proceeds and the remainder is paid to the second lein holder, than the third, etc. If there are no proceeds then all subsequent leinholders are wiped out.

2) Whether or not a lender cna come after you, something called a deficiency judgement, depends on many factors. Was the the purchase money loan (the mortgage used to buy the property)? Did you refinance? Is the 2nd a HELOC or 2nd mortgage? If you refinanced what did you do with the money? Agents can narrow the scope but to get the right answer we generally advise meeting with a lawyer and/or a tax professional since there are tax consequences if the home is sold short, foreclosed, etc.

3) One way or another your credit will be impactes ant the amount of time to repair is dependent upon how you manage your credit after the short sale or foreclosure. Dave Suttons numbers are rules of thumb, it may be longer it may be shorter. The true answer is it depends.

4) Short sales are not always the best alternative. Banks leverage sellers desires to maintain their good credit and often ask them to carry personal notes for some or all of the "short" in order to approve the sale, if they approve the short sale in a resonable period of time in the first place. From there it becomes a matter for you and your accountant. Since you ahve a 1st and a 2nd NOW the 2nd has a chance to recover some proceeds, at the expense of the first, instead of getting wiped out. If the 1st and 2nd are with different banks this can be a problem.

The other consideration for a short sale is if you have lender paid mortgage insurance backing up your loan. If you do, in most cases, claims are paid only on foreclosure. This is a question for the bank who has no interest in putting nay time into your file unless you are late on payments.

I would be glad to meet to discuss your situation over coffee.

Bob 'Love' Georgiou
RE/MAX Accord
Broker, ABR, e-Pro, GRI, CRS
Lic #01270522

bob@bob2sell.com
925 980 3248

Buy and sell homes like an investment and make every dollar work!
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Tue Sep 1, 2009
Kamal Randhawa answered:
HI Kevin, I provide free loan modifications for distressed home buyers and I've found that while the banks will work with you to lower the payments by reducing the interest rate and such, they will rarily cut your principle balance. It's sad they would rather see your home go into foreclosure but that' s the nasty truth and that's what they do. If you are under water, please feel free to call or email me..I'd be happy to discuss your options with you. Good luck and God bless!

Kamal Randhawa
Broker
510-932-1066
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Thu Mar 12, 2009
Bob Georgiou answered:
There are many technical reasons for providing a counter with similar numbers to a contract. The most obvious to me is the lender is out of state and was worried about blowing up a timeline on the offer.

Rest assured on one fact, the primary goal was to protect the banks interest first.
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Thu Feb 19, 2009
Dave Sutton answered:
A pure guess - it will take 2-3 months for all the implementing rules to be in place and actually ready to take specific action for homeowners here.

One caution. The modification only applies to mortgages of less than $417,000, which is the old FHA cap and does not cover very many mortgages made in California ... more
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