Foreclosure in 90026>Question Details

John Grigo, Other/Just Looking in 90026

I'm in foreclosure. I owe 500k on the place, (90026) and even the low ball estimates put it at 800k, my

Asked by John Grigo, 90026 Wed May 27, 2009

credit's shot. How can I retain at least some of my 10 years of hard earned equity, and not just be tossed out with nothing?

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Answers

14
Hi John,

Everyone on this thread is correct about getting your place on the market ASAP. You have excellent equity and should reap the benefits of it. My office is the largest Real Estate office in the Los Feliz/Silverlake area and I am a top agent here. I'm available for questions and to help right away.

Best Regards,


Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
1 vote Thank Flag Link Thu May 28, 2009
Hi John,

I'm guessing you currently have a hardship which is why you are having difficulties with your payment. You can definitely retain your equity. You need to get your property on the market as soon as possible.

Some banks will be willing to cooperate if you can show them you are taking steps to resolve your current situation.

An offer needs to be submitted to the bank to stop the foreclosure process.

Let me know if you need any assistance.


Sincerely,

Gary Gukassian
Beverly Realty
818-303-4093
mrggg@aol.com
1 vote Thank Flag Link Thu May 28, 2009
At what stage of the foreclosure are you? Get your property listed with a realtor, unless your property is listed with a realtor on the market already.
If you need help, I'll be glad to assist.

Tova Sarir
Keller Williams Realty Beverly Hills
homes@tovasarir.com
310-497-1930
Web Reference: http://www.tovasarir.com
1 vote Thank Flag Link Wed May 27, 2009
John,
If you are not listed with a realtor, get it on now. Get the bank info to your realtor and have them sumitt the contract asap. Get some of that money back, you may even get some bad credit reporting fixed.
1 vote Thank Flag Link Wed May 27, 2009
We can help you keep your home and receive up to $70K in damages from your bank! email me @ chawthorne@debtdefenseservices.org
0 votes Thank Flag Link Tue Jun 28, 2011
here are few Alternatives to Avoid Foreclosure: OPTIONS TO RETAIN OR DISPOSE YOUR HOME...
The type of mortgage loan you have may determine what types of alternatives you may be eligible to pursue. Please contact your lender and a Housing Counseling Agency to discuss which alternatives you are eligible for, and which one is best for your situation.

Options To Retain Your Home:
The following options will result in you retaining ownership of your property.


Repayment Plan: This usually involves establishing a schedule with your Lender to make a full regular monthly payment plus a little extra each month, to repay the delinquent amount over a specified period of time.


Special Forbearance Plan: This option may provide for a temporary reduction or suspension of payments, that will be increased at a later point to repay the delinquent amount over a specified period of time.


Mortgage Modification: This option may allow you to refinance the debt and / or extend the term of your existing mortgage loan.


HUD Partial Claim: If your loan is an FHA insured loan, your lender may be able to obtain a one time payment from the FHA-Insurance Fund to bring your mortgage loan current with payments.


Refinance: This option may allow you to use the equity that you have established in your home to pay the delinquent amount. Depending on the interest rate of your new loan, your monthly payments might be reduced. You can explore refinancing with your existing Lender as well as with any Lender of your choice.


Homeowners’ Emergency Mortgage Assistance: This option provides special financial assistance to Pennsylvania residents who are facing the possibility of losing their primary residence through foreclosure. Depending on the Homeowner’s situation, they may be eligible to receive a LOAN to bring their mortgage payments current. Homeowners, depending on their circumstances, may also be eligible to receive financial assistance with their monthly mortgage payment for up to 24 months from the date the mortgage became delinquent.

Options To DISPOSE Of Your Home:
In situations where you do not want to retain ownership of the home, the following disposition options may be available as an alternative to Foreclosure. These options affect your credit rating less than a Foreclosure will.


Sell The Home: If there is sufficient equity in the property, you may be able to receive more for your property than what is due on the mortgage loan.


Assumption: With this option, you would sign over the property to another person. That person would then take possession of your home, and take over making the payments.


Pre-Foreclosure Sale: This option may allow you to sell your property for an amount less than what is necessary to pay off your mortgage loan.


Deed In Lieu Of Foreclosure: This option may allow you to voluntarily "give back" the property to your Lender without further damaging your credit.

PLS CONTACT ME IF YOU HAVE ANY QUESTIONS re Short Sale. I know of an outside Short Sale Negotiator who may be able to help you in case you decide to sell your home.
Myrna Averia
REALTOR
Lic 01269474
Keller Williams Realty
http://www.JustListedMyHome.com
JustListedMyHome@gmail.com
323 300 1143
0 votes Thank Flag Link Sat Feb 27, 2010
Hi John,
I am very familiar with Silverlake/Echo Park, I live there :)

Short sales may help retain your credit and only take a 50 point hit on your score, depending
on the lender. Usually they will agree to negotiate how it is reported.

I am a certified distressed property expert, so I can go over it in much more detail.
Please call or email me.

Best,
Saurabh
Web Reference: http://www.sethihomes.com
0 votes Thank Flag Link Sun Feb 7, 2010
You are on a sinking ship. I'm sorry that this is happening, but you're certainly not alone in this market. The reality is that you've got to sell it. You don't want all that equity to go to waste (although the bank foreclosing is required by law in CA to return to you all the money above and beyond what they were initially owed+their BS fees). Cut your losses and sell it. If you avoid a foreclosure on your credit report, you can go out and buy another place as soon as you have a 620 score-which is not that hard to get.

I do this kind of deal all the time. Do you have family who would buy it and also qualify for the mortgage?Call or email me to hear my plan to get you to live in there for free until it sells and then get your score back up to buy again.

Thanks!
SKY MINOR
Broker, Preferred Realty and Loan
Cell 310-709-8283
Efax 888-866-8798
http://www.preferredrealtyandloan.com
Web Reference: http://www.skyminor.com
0 votes Thank Flag Link Wed Sep 9, 2009
Talk to your lender. They may be willing to consider a loan modification. If you can no longer afford to stay in the home, and you have equity, you are one of the very few lucky ones. Sell the property, get the equity out and start over. Your credit will be okay because you'll be able to show the home paid off. Yes, it will still have the pre-foreclosure ding and may hurt, but it will also show you paid it off. Good luck. I work the Los Angeles area and if you need assistance, please let me know. I'll be glad to answer any questions I can.
0 votes Thank Flag Link Sat Jul 18, 2009
Hi John. Since you have the equity in the place you have several options. You should definitely not let the bank foreclose or you will lose the equity you do have. First I would contact the bank and discuss the possibility of a loan modification to get you through the hardship. Most banks will work with you on getting your payment lower by modifying the terms of your loan. That could be a lower interest rate or a longer term to get the payments down. This is something you can do on your own. Some companies out there will try to get you to pay them $2000-$5000 but check them out on the California DRE website if you choose to go that route. Second you can try to refinance but there will be some cost involved in doing that so a loan mod would be preferable. Third is a sale of the property. Good Luck and let me know if you have any questions.
Web Reference: http://www.c21andy.com
0 votes Thank Flag Link Wed Jun 24, 2009
These days many homeowners are trying to save their money, but there is nothing we can do about it at this time.
We have to be realistic about the real estate market today.
If you lost most of your equity and you need it now, than sell the property or try to refinance.
If you dont really need the money today than wait 1 year or 2 years until the market will come back up a little and then sell.
0 votes Thank Flag Link Mon Jun 22, 2009
John my company, Prudential California Realty, will help bring the mortgage current if there is enough equity to cover the loan. Please give me a call 323-359-7992 or e-mail me dyannaavila@hotmail.com and we can discuss the programs we have.

Dyanna
0 votes Thank Flag Link Wed May 27, 2009
John,

I am real estate agent in the Los Feliz/Silver Lake area. Give me a call and we can talk about your options.

You can reach me at 310.985.4238.

I look forward to hearing from you. I am very familiar with your street.

Best,
Phil Missig
310.985.4238
pm@PhilMissig.com

Prudential California Realty
1714 Hillhurst Ave.
Los Angeles, CA 90027
0 votes Thank Flag Link Wed May 27, 2009
Hi John,

I am sorry that you are in this situation. I can't even imagine the pressure you must feel everyday and I hope things work out for you.

The others here are correct, if you do not have an agent, it might be a good idea to find one.

If you would like me to run professional comps for your neighborhood, I could let you know if $800,000 is indeed what your property will get on the market. If my research shows that you can get more than $500,000, you should definitely list with an agent and try to sell immediately. If for some reason you do owe more than the property is worth, there are still options I can discuss with you that can help you.

If you would like to email the property address to me, I can get this done pretty quickly.

Take care,

Staci
310-592-6500
0 votes Thank Flag Link Wed May 27, 2009
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