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Foreclosure in Corona : Real Estate Advice

  • All533
  • Local Info36
  • Home Buying215
  • Home Selling16
  • Market Conditions17

Activity 32
Team Metcalf, Real Estate Pro in Murrieta, CA
Sat Oct 10, 2015
Team Metcalf answered:
it is most likely that home values will continue to drop, However i agree with Mr. Zorn as well you are talking about your home. If you wait and purchase at a latter time you might not be able to purchase the home you want. Interest rates could rise and move you right out of the market place. At the present time there are a lot of homes for sale on the market so go pick out the cream of the crop and make your offer you just might get the home of your dreams for the price you want to pay. ... more
0 votes 5 answers Share Flag
Ray Wright, Real Estate Pro in Riverside, CA
Sat Apr 12, 2014
Ray Wright answered:
Realtors can't give legal advice and we can give advice on law enforcement/crime issues for sure. Just opinions. As an ex cop, I do recall there was a Penal Code section about impersonating another. I think it's 529 PC or something like that. But the impersonation is difficult to prove and I believe there has to be some harm or gain attached to the offense. If the landlord was merely calling the Gas Company and verifying certain things about the bill and using your info to gain it (like on the automated service) you may or may not have much to stand on. My suggestion is to call the local police and see what they say. They may try to get out of writing anything up but I advise you to have them document it at the least. That way, if something else happens in the future, you can have a documented file of past grievances. Good luck! ... more
0 votes 1 answer Share Flag
Mike Carman, Real Estate Pro in Corona, CA
Fri Mar 21, 2014
Mike Carman answered:
The short answer is no. You can find homes in your price range further east in San Bernardino.

Mike Carman
Realty One Group
Homes-Lives-Dreams
951-258-2728
0 votes 3 answers Share Flag
Mike Carman, Real Estate Pro in Corona, CA
Fri Mar 21, 2014
Mike Carman answered:
It's getting tough to find homes in Corona for less than $200,000. But there are many in Riverside and Fontana. Give me a call. We can discuss your requirements.

Mike Carman
Realty One Group
Homes-Lives-Dreams
951-258-2728
... more
0 votes 4 answers Share Flag
David Vairin, Real Estate Pro in Corona, CA
Sat Nov 2, 2013
David Vairin answered:
Hi Marjorie,

If you are looking to actually purchase a foreclosure through the auction process you will need all cash to make that purchase. I have purchased about 40 homes in the past 2 years on the court house steps for another investor. I am also a real estate broker in the Corona area. For the month of October, there were only 5 homes sold through the foreclosure process in Corona. If you're patient, time is on your side, and have cash then maybe this would work for you.

I assume you are looking for a pre-foreclosure or foreclosed home for pricing reasons? You could still find a good value on a standard sale if you keep on the look out. As all other Realtors®, I would be more than happy to help your family find a home.

I have included a link below that will show you the currently active homes in Corona with six bedrooms that are being offered in the pre-foreclosure and/or REO stages.

Thanks,
David Vairin
Broker #01912706
Transformed Realty Group
David@TransformedRealty.com
Cell: 714-397-7165


Thanks,
David...
... more
0 votes 6 answers Share Flag
Stephanie Me…, Real Estate Pro in Schenectady, NY
Thu Oct 3, 2013
Stephanie Medellin answered:
I can help you with a loan with a low credit rating with 50% down (even up to 65% down), but not for trustee auction properties. If you purchased the property at a different type of auction and have time to obtain financing, that's a different situation.

Rates will be higher, generally around 8-12%. These are also shorter term loans, 1-5 years.

Do you plan to live in the home, or if this is an investment? Requirements will be a bit different for owner occupants and investors. You can apply online: https://equitybuilders.startmyapplication.com/smaweb/index.jsp.

If your middle FICO score is 600 or higher, I can qualify you for much lower rates, and you won't have to put such a large amount down. Please contact me through my profile if you have additional questions.
... more
0 votes 5 answers Share Flag
Diego Hernan…,  in San Ramon, CA
Sun Sep 22, 2013
Diego Hernandez answered:
RachelNicole,

I am sad to hear about your unfortunate living conditions and the burden of the situation.
Everyones' situation is different and no one answer is right for everyone. If you haven't short sold or undergone any foreclosure proceedings feel free to give me an email at dhernandez@primelending.com

If you are holding a 1st and 2nd mortgage there exists a dirty secret. Depending on your situation, its usually beneficial to stop payment on the 2nd mortgage, in order for an action to take place they must assume the 1st mortgage. Is this your situation? I doubt it, but if so you may have more options available to help you keep your house.

Good Luck
... more
0 votes 67 answers Share Flag
Margaret Ama…, Real Estate Pro in Sarasota, FL
Sun Jun 2, 2013
Margaret Amador answered:
Something similar happened to me; had an offer for 65K which was totally in line with sold comps on the same street but lender told me they needed 83K net. Result, they foreclosed.


Lenders are interested in the FINAL NET, not the selling price. That net gets influenced by factors we Realtors don't always know or are privy of knowing e.g. a portfolio insurance the investor purchased that this loan is part of. It may get triggered by foreclosure. That's a different insurance from the one a buyer purchases when the down payment is less than 20%.

The lender simply compares the FINAL NET for both, short sale vs foreclosure and goes with the highest net. What I object to is why am I not told at the beginning what kind of net the lender must have to accept a short sale. Not knowing that puts us in a volunteer category involuntarily!
... more
0 votes 12 answers Share Flag
Emily Knell, Real Estate Pro in Huntington Beach, CA
Sat Jun 1, 2013
Emily Knell answered:
When is your scheduled auction date? Normally the 2nd will get wiped out after the trustee sale, but that does not mean they can't pursue you in the future with a deficiency judgment depending on the type of loan (cashed equity loan or purchase money)

Your BK attorney will be able to tell you if you're at any risk of receiving a deficiency judgment in the future with regards to the 2nd lien.

Please shoot me an email directly, I know a lot about trustee sales & foreclosure property, I need more information in order to give you a proper answer. I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent
100% Success Rate in CA
... more
0 votes 4 answers Share Flag
ian cockburn, Real Estate Pro in New Orleans, LA
Thu Aug 11, 2011
ian cockburn answered:
You have a contract with the landlord. Pay your rent and have a receipt to show a bank or otherwise.
If you do not pay the rent, the money will not fall from the trees, but may help your landlord take care of the mortgage and make your life easier in the long run.

Do NOT communicate with a third party...ONLY the party you have a contract with. Never go the "boyfriend" route....you do not have a contract with the boyfriend..and so you need to say so, "I would love to give you the rent but my contract is with the young lady..as such I would like to discuss with her what's going on and pay the rent. "
... more
0 votes 10 answers Share Flag
Kelly, Home Owner in Corona, CA
Tue Jul 12, 2011
Kelly answered:
Thank you all for your wonderful advice. Unfortuanately the bank foreclosed. They bought the home back for 26,000 less then the short sale buyers (whom were planning on opening escrow this week) offered. I really don't understand what the banks are doing! Well we are now looking for a rental and negotiating c4k offer. This is all so nerve racking. Please really stay on top of everything when working on short sales the banks can change their mind anytime. Take care and I hope this helps everyone else out who may be in the same or similar situation. ... more
0 votes 11 answers Share Flag
Michael Abram, Other/Just Looking in Los Angeles, CA
Tue Jun 14, 2011
Michael Abram answered:
Hello Mauricio,

If you don't have a history of credit, there are some lenders that will allow you to use "alternative credit" to build a credit history. This type of credit includes strong credit trade lines such as a positive landlord rating with at least a year history of rental payment made on time, a car payment verification, cell phone bills, utility bills. You may still want to start building traditional credit by applying for revolving credit accounts (ex. credit cards) and slowly using them.

If I can be of assistance, please let me know.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
mabram@firstcapitalmtg.com
... more
0 votes 3 answers Share Flag
Lydia Kray, Real Estate Pro in Corona, CA
Tue Mar 1, 2011
Lydia Kray answered:
Hi Melissa,

I am a Realtor that lives in works in the Corona Eastvale area and it is unfortunately the case for MOST shortsale listings and foreclosures in 92880. I have to explain to my clients that shortsale listings and specifically in Eastvale list them lower than market value to get attention.
Ultimately you need a buyers Agent to represent you. Going around driving by signs and calling agents will only make you very frustrated.
Please let me know if you need an agent from 92880. I'd love to be of service.

Lydia Kray
Tarbell Realtors
951-733-1058
... more
0 votes 21 answers Share Flag
Diana Margala, Real Estate Pro in Rancho Cucamonga, CA
Sat May 9, 2009
Diana Margala answered:
Hi Bighazz:

It shoulds like a loan modification would be your best alternative. There are many questions regarding Loan Affordable Refinancing and the Loan Modifications. Here is some basic information on Loan Mods and Affordable Refinancing:

The refinance many times doesl not work for most of us in Southern California because the amount that is owed is more than 105% of the current value. It will also only correct the first, leaving your second still due at the same rate and they would have to be willing to subordinate to the new loan (they usually will).

For those who have been wondering if you qualify for the Home Affordable Refinance Program you can go to http://www.financialstability.gov/makinghomeaffordable/ for more information.

The eligibility requirements for a Home Affordable Refinance are as follows:

• The current loan is owned or guaranteed by Fannie Mae or Freddie Mac (Since the only homes that are eligible for Refinance are Fannie Mae or Freddie Mac secured, how can I find out if mine is?)

For Fannie Mae’s Resource Center, the telephone number is 1-800-7FANNIE or 1 800 732 6643 (8 a.m. to 8 p.m. EST) or inquire online at www.fanniemae.com/homepath/homeaffordable.jhtml.

For Freddie Mac, the telephone number is 1-800-FREDDIE or 1-800 373 3343 (8 a.m. to 8 p.m. EST) or inquire online at

www.freddiemac.com/corporate/buyown/english/avoiding_foreclosure/avoiding_foreclosure_form.html.

Alternatively, a borrower may contact the lender or loan servicer to inquire as to whether the underlying loan is owned or guaranteed by Fannie Mae or Freddie Mac.

• The property is an owner occupied, one-to-four unit home

• The maximum refinance loan amount is 105% of the current market value of the property; (on the 1st loan only)

• The borrower must have sufficient, provable, income to support the new mortgage debt

• The borrower must have an acceptable mortgage payment history.

The intent of a Loan Modification: The purpose of the Home Affordable Modification program is to prevent foreclosures by making mortgage payments more affordable for working homeowners who are struggling to keep their homes. This program is not intended to replace lost equity. However, if the program prevents avoidable foreclosures, it will stabilize our property values which will benefit all homeowners. The participation is not regulated, so it changes from bank to bank and it is not required (unless they get TARP funds), but again what they offer you is not set in stone.

Loan Modifications only effect your first mortgage and the criteria is as follows:

• The borrower occupies the property as a primary residence

• The property is one-to-four units

• The loan to be modified is a first trust deed

• The borrower’s monthly mortgage payment (including taxes, insurance, and homeowners association dues) exceeds 31% of the borrower’s gross monthly income

• The borrower has experienced a significant change in income or expense to the point that the current mortgage payment is no longer affordable

• The unpaid principal balance is $729,750 or less (for one unit properties and higher for two-to-four units).

• The loan was originated before January 1, 2009.

In addition to the above, a borrower with a “back end” debt (i.e. monthly housing, credit card and car payments) of 55% or more of his or her income will be required, as a condition for the modification, to enter into a HUD-certified consumer debt counseling program. To find out if you qualify go to: http://www.financialstability.gov/makinghomeaffordable/.

I hope you find this information helpful…I will have the whole Q & A on my Web site: www.MargalaGroup.com soon!

Diana 909-945-5763
... more
0 votes 3 answers Share Flag
Josh Painter, Real Estate Pro in Temecula, CA
Sat Mar 14, 2009
Josh Painter answered:
Yes, they can sell your LOAN to another servicing company. Of course, they can't sell your house, but servicing companies sell loans, not houses.
0 votes 2 answers Share Flag
Kier, Other/Just Looking in Kissimmee, FL
Mon Feb 2, 2009
Kier answered:
Maybe you should just pay the rent. I'm sure the owner wouldn't want to throw out any tenant in this economy unless they couldn't collect the rent. Just my 2 cents.
0 votes 4 answers Share Flag
blaison samu…, Real Estate Pro in Santa Clara, CA
Mon Dec 15, 2008
blaison samuel answered:
Maria,

You are responsible for payments only upto to the last day it's foreclosed if its not paid; after that you are no longer the homeowner, it would be the bank or whoever bought that house so you are not responsible. ... more
0 votes 3 answers Share Flag
Diana Margala, Real Estate Pro in Rancho Cucamonga, CA
Tue Dec 9, 2008
Diana Margala answered:
Hi Pat:

You really need to talk this over with your Attorney. Depending on the equity that is in your mothers home could make a very big difference on your ability to go bankrupt, but that is something that your attorney needs to know and know right away so that he/she can explain the likely hood or consequence regarding that property.

Good Luck:

Diana Margala 909-945-5763
... more
0 votes 3 answers Share Flag
Diana Margala, Real Estate Pro in Rancho Cucamonga, CA
Tue Dec 9, 2008
Diana Margala answered:
Hi Pat:

I believe you would want to speak to a Real Estate Attorney and a CPA. Depending on the type of loan (if it was original purchase money loan or re-fi) could make a difference. My understanding is that there could be some tax consequences, however one of the bills that the president passed could help you with that, but you would want to speak to a specialist in that field.

Good Luck
Diana 909-945-5763
... more
0 votes 2 answers Share Flag
David,  in La Jolla, CA
Mon Dec 8, 2008
David answered:
Dalene, why is you dont have any agent? Inquiring minds want to know...
0 votes 3 answers Share Flag
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