Packard, Home Owner in California

Foreclosure/Short Sale

Asked by Packard, California Fri Sep 28, 2012

I have three homes currently in foreclosure (NOD Filed). I would like to know if I have any options to speed up the process without any deficiency issues . I want to get rid of these houses as soon as possible for tax reasons. Thank you

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Stephanie Le…, Agent, Miami Lakes, FL
Fri Sep 28, 2012
You may want to look into Deed in lieu. Deed in lieu is where you surrender the property to the lender.

Also, you should speak to an attorney and a CPA to advise regarding tax law for your state.

Here is a link to some helpful information.…

Good Luck.
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1 vote
Douglas Perez…, Home Buyer, Los Angeles, CA
Fri Sep 28, 2012
To speed up the process, it would be up to your team, real estate agent, attorney, and who are the lien holders.

There is no deficiency judgement on owner occupied properties, 1-4 units. But, on rental properties or investment, there could be consequences such as deficiency judgement, collection activities, and the worse to pay taxes. So, I suggest you to seek for legal advise right away. You can post a legal question here for free answer :

If you're in Los Angeles Co., you can contact me to help you on selling these properties.

Douglas Perez
(213) 375-8741
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1 vote
Kathleen Bec…, Agent, Santa Monica, CA
Tue Oct 2, 2012
Hi Packard:

You have options. It depends on who your bank/mortgage lender is. I would start with them directly to discuss doing a short sale or a deed in lieu of foreclosure.

Feel free to give me a call to discuss your options in detail.

Good luck.

All the best,

Kat Becker, Realtor
Estates, Residential, Commercial
Prudential California Realty
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Fri Sep 28, 2012
Hi Packard--

We are not allowed to give legal advice as we are not lawyers, but you may want to read about the SB458 law that we have in California about short sale & the lender not being allowed to pursue any deficiency.…

I specialize in Short Sale and Foreclosure in Los Angeles and Ventura County. Feel free to contact me any time at 818-903-2040.

Good luck,
Sara Mehrpouyan, CDPE
Certified Distressed Property Expert
Rodeo Realty
Direct 818-903-2040
Dre License #01712757
0 votes
Victor Quiroz, Agent, Covina, CA
Fri Sep 28, 2012
I have briefly detailed all six options to foreclosure in my video blog if you are interested.…
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0 votes
Richard "RJ"…, Agent, Beverly Hills, CA
Fri Sep 28, 2012
Hello Packard,
I understand your situation. I head up our Office Short Sale Dept here at Coldwell Banker - Beverly Hills. I specialize with short sales throughout the Greater Los Angeles area. I would be pleased to discuss your situation with you in greater detail, but, yes... you do have options and I will make sure you have no deficiency on any of these properties. As far as tax consequences... depends on the property usage and also the lender on each property. Please contact me to discuss further. Thank you.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ - - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Sep 28, 2012
Have you discussed with Bank (s) the possibility of a DEED-IN-LIEU in exchange for a letter freeing you from any Deficiency Judgement?
You may not need that letter; but it might be a good idea.

It would seem that your two best options are the D-I-L, and a Shortsale.

Good luck and God bless
0 votes
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Fri Sep 28, 2012
I'll be happy to help you with your short sales!

I have buyers ready to buy and they can close this before the end of the year! I've done Many short sales in the past and working on a few transactions right now. I'm very familiar with the banks and all short sale procedures/documents. Time is crucial in this situation and the sooner you call me the faster I can start working for you on these transactions.

Please calm me direct 424-777-9377

Hope this info will help you! 

Please contact me anytime! 

Free Consultation 424-777-9377 

Help with any Real Estate Transaction Buy & Sell! 

Thank you for your time. 

Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855)  ext. 777. 

Sergey Fednov 
President - Realtor 
- Trust Sale Realty - 
Residential & Commercial Real Estate 
Toll Free: 1-855-TRUST-55 
Toll Free: 1-855-878-7855 
Phone: 424-777-9377 
Fax: 310-356-4925 

Please call me direct 424-777-9377
0 votes
Pebble Singha, Agent, Woodland Hills, CA
Fri Sep 28, 2012
Hello Packard,
You should immediately get a Licensed agent who has experience with short sales to help you.
Here is a link that will educate you on what questions to ask that AGENT.

The most important thing you need to know is that the laws that protect you in a Short Sale as far as taxes and deficiency are concerened are scheduled to EXPIRE by the end of this year. Will it be extended or not remains to be seen.

For your primary home if it is underwater you could do the HAFA program which will pay you $3000 on relocation incentives. See the following article

Above all, don't wait. Do something about it now. I have personally helped over 200 families avoid foreclosure. I am also the Head of Short Sales Division at Keller Williams Realty Encino. Many fellow Realtors have attended my quaterly classes on how to successfully do a short sale.

If you have any questions you can go to my site which will help you tremendously or simply call me. I am here to help. Always know that there are options available to you and people you can trust.
Pebble Singha (CDPE)
0 votes
Sang and Son…, Agent, Los Angeles CA 90069, CA
Fri Sep 28, 2012
Hopefully you already started your short sale process. If you haven't you should contact all of your lenders to initiate the process. Start working on the short sale check list from each lender. Find an experienced agent with a proven track record working with short sales. We have an experienced team in place with a strong negotiator. If you would like more information, please contact us anytime.
0 votes
Ronit Bendav…, , Tarzana, CA
Fri Sep 28, 2012
Good Morning, Packard,
The only way you may expedite the process, is in my opinion, and you can see that I am an expert and certified Short Sale with a lot of experience, is to get an efficient agent that will be on top of it all the time and to start immediately. Postponing it or hesitating will not do it. Pay attention that we don't know the changes or new rules after the election.

Call me and I'll be glad to guide you and check if I can take this file,

Good luck!
0 votes
Liliana Alfo…, Agent, Studio City, CA
Fri Sep 28, 2012
Dear Packard,
You have the option to do a short sale. You can call the lender and ask them if you can get a package to get the process started. Then, you will need to hire an agent to negotiate the short sale on your behalf. You need to speak to your CPA to ask questions related to tax liability. There's a law in effect till the end of the year that protects the homeowners who do a short sale to be pursued by a deficiency.
Please feel free to email or contact me with any questions.

Liliana Alfonso
Rodeo Realty
Short Sale & Foreclosure Resource Certified
HAFA Certified
818-414-0396 cell
818-761-7277 fax
DRE # 01759367
0 votes
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