Asked by Todd, 91335 Sat Jan 8, 2011

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Joanna Jensen’s answer
Joanna Jensen, Other Pro, Livermore, CA
Sat Jan 15, 2011
Hi Todd,

What stage of foreclosure. If you are now the true owner of the property and you have at least 7 days before that sale date you MAY have options.

1) you can bring cash to the table to cure the default any time before 5 days before the sale date.
2) You may be able to negotiate a forebearance with the lender explaining the situation.
3) If your plannin on occupying the residence and the home fits the criteria of HAMP I would immediately submit a loan modification package.

for Hamp
1) Loan balance when loan was originated needs to be $729,950
2) owner occupied
3) loan was originated before 1/1/09
4) total payment of the FIRST loan including principal interest taxes insurance and hoa is more than 31% of your gross.
If you meet all 4 of above you may be eligable for the Making Home affordable modificaiton which offers you protection. However this is not typically the only mod servicers/lenders offer.
If you submit your complete package 7 days before the sale date the lender / servicer to review you for a mod.
This of course can be done on your own but I do suggest using an experienced Law Firm.
The lender does work differently with a Law Firm then they do with an owner.
JoAnna Jensen
Legal Assistant / Realtor
Volo law Group / Legal Realty


Not intended as legal advice.
0 votes
Dp2, , Virginia
Sun Jan 9, 2011
Sorry to hear about your loss, Todd, and I can relate (4 relatives passed recently).

You have some options. Whether or not you opt to keep or sell the property, you'll need to determine how much it's worth. You'll also need to determine the costs to hold onto it. If you can't afford to hold onto it, then you might consider selling or partnering with someone to hold it.
0 votes
Cheryl Garner, Agent, Valencia, CA
Sun Jan 9, 2011
Immediately call the lender that holds the note and discuss your situation. If that doesn't work, speak with a Real Estate attorney. The quicker you act, the better!

Cheryl Garner, Mortgage Expert
Fairview Mortgage Capital, Inc.
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0 votes
Bill Eckler, Agent, Venice, FL
Sun Jan 9, 2011

At this point, gathering accurate information about the home's status is critical.....Where is the bank in the foreclosure process? What is the amount owed? Who is the bank's loss mitigator? etc.

It's likely that at this point the best chance of saving this property would be through an attorney.

Good luck,

0 votes
Ruth and Per…, Agent, Los Gatos, CA
Sat Jan 8, 2011
Hi Todd

Sorry for your loss.

You can bring the loan current and avoid foreclosure, by either qualifying for a loan
Or bringing in cash.

Other than that not much options.

Web Reference:
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sat Jan 8, 2011

Wow! This must be a tough time for you. I am sorry for your loss. In order to avoid also losing the house you will, however, need to act quickly.

The first thing you need to do is call the lender and let them know the situation. If the foreclosure sale is imminent, you need to get a postponement to gain the time to work through the details. You may need to have the attorney or executor handling the estate make the call. However, the sooner you contact the lender who is foreclosing the better your chances are to, at least, postpone if not stop the foreclosure.

Next, you need to get informed. This means speaking with a realtor (who can provide you with an estimate of value of the property and possibly refer you to others that can help), speaking with a lender (who can tell you if you would qualify to refinance the home or otherwise work with the existing mortgage), speaking to a tax advisor (different ways of handling the situation would result in different tax consequences for you) and speaking with an attorney (so you don't make any mistakes that could cost you in the future).

If you need someone to guide you through this process, please feel free to contact me. My vendor relationships encompass all the professionals you will need to speak with to get the answers you need to make an informed a decision. I am here to help, if you need help. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
0 votes
Eli Givoni-S…, , Boca Raton, FL
Sat Jan 8, 2011
You can bring the loan current and continue to make the payments. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
0 votes
Liliana Alfo…, Agent, Studio City, CA
Sat Jan 8, 2011
Hi Todd,
If the house has equity, you can try to sell it or buy it yourself. When it sells, everybody can get their money. However, you or a Realtor need to get in touch with the bank to see where you are in the foreclosure process. In most cases, the bank will give you some time to try to sell it.
Please let me know if I can help in any way.

Liliana Alfonso
Dilbeck Real Estate
DRE #01759367
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Sat Jan 8, 2011
Hi Todd,

I'm sorry for your loss! The first question is is there any equity in the home? If not...make sure you really want to save it, I understand the desire to keep something out of sentiment, but if the home is not really an might consider letting it go before it impacts your credit.

If you are not the legal can keep it from foreclosing by paying the arrears. I would highly recommend that you get legal advice, since I'm not an attorney and can't give you legal advice.

I'm sorry....I hope it all works out for you,

0 votes
Richard Schu…, Agent, Los Angeles, CA
Sat Jan 8, 2011
The attorney I work with can handle this for you. My team specializes in situations like this. Give me a call to discuss details - 310-482-0173. You need to get going on this asap to save the house.

Richard Schulman
Keller Williams Realty
0 votes
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