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Foreclosure in City of Industry : Real Estate Advice

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Activity 2
Wed Oct 13, 2010
Gerard Dunn answered:
Doubtful.

The system is so clogged with paper that getting a bank - especially a big one - to focus on one loan is difficult.

You can certainly hire an attorney to see what your options may be - but you should probably be prepared to leave the home rather than be forcibly evicted.

See if they will work a "Cash of Keys" agreement with you to leave. Although it is not much money - it can offset your expense to find another home.

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
703-216-9100
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Wed Oct 6, 2010
Shawn Luong answered:
Golden West, purchased by Wachovia, owned both the first and second mortgages. As customarily, when a lender owned both first and second liens, the second lien in default will foreclose first to protect its position. This is the case. The second, then sold the property, as REO for $470K, minus selling and holding costs of @$35,000 and first trust deed of @410K in principal, Wachovia took back @33 cents to the dollar.

Your play would be to negotiate to buy the 1st and 2nd notes at a discount where they were in default, similar to current short sales.

I am a REO broker. If you have cash to invest, you can join my private circle of investors who have access to my list of "good deal" properties whether it be 3rd party Trustee's sales, Bank-owned, short sales, probates, divorces....
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