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Foreclosure in Laguna Woods : Real Estate Advice

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  • Local Info6
  • Home Buying72
  • Home Selling3
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Activity 8
Tue May 12, 2015
Ritajains answered:
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anDyk Mortgage is your source for VA Loans and VA Jumbo Loans in Orange County, CA. We have been helping Veterans with VA loans since 1987. VanDyk Mortgage is a Direct Lender offering VA and VA Jumbo Loans. We offer many VA loan programs for Orange County Homebuyers and California Veteran Homeowners to Purchase and Refinance their homes, as well as Streamline Refinance using the VA IRRRL Program.

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VA Loans for Condo’s (Purchase and Refinance)
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Reference Link: http://valoanguidelines.org/
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Sat Mar 30, 2013
Rochelle Chacon answered:
Here is what I found Jack. Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instruments: Mortgage

- Timeline: Typically 60 days

- Right of Redemption: No

- Deficiency Judgments Allowed: Yes

In Louisiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

There are two types of judicial foreclosure proceedings in Louisiana, executory and ordinary process.

The executory process takes place when the lender uses a mortgage that includes an "authentic act that imparts a confession of judgment", as provided in the Louisiana statutes. Essentially, this means the borrower signed and acknowledged the obligations of the mortgage in the presence of a notary public and two witnesses. This type of mortgage makes the foreclosure process easier for the lender because once the suit has been filed and the original note and a certified copy of the mortgage has been provided, the court will issue an order for the process to begin.

Once ordered, the borrower must be then be served with a demand for the delinquent payments. The borrower has three (3) days to provide the delinquent payments or the court will order a writ of seizure and sale and the property will be sold after proper notice has been advertised for thirty (30) days.

Lenders may also sue to obtain a deficiency judgment, but buyers have no rights of redemption.
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Sat Mar 30, 2013
Thom Colby answered:
Bob is absolutely correct, there are plenty of agents who specialize at Laguna Woods. They can help you best.
In General, in CA, HOA fees are always a "personal debt" up to the point when the HOA places a lien on the property for the past due fees.
Find a great REALTOR and sell the Co-op.
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Tue Aug 9, 2011
Ron Thomas answered:
Dana,
Assuming that you are at the very beginning:
1.) From the time you stop making your Mortgage Payments, you will have about a year until the Bank begins the Foreclosure process. (They won't even talk to you until you are at least 3 payments behind, If you assure them that you are trying to get your "ACT" together, they will give you more time.) (If you want to try to do a Loan Modification, they may work with you and postpone your Foreclosure.) (If you want to do a Shortsale, they will wait 1-2 months while you find a Realtor and List the Property. In the meantime they will ask you for a HARDSHIP letter detailing your hardship. They will then postpone your Trustee Sale indefinitely.)

2.) If you have done #2 or #3 it will now be 1 1/2 years later. Everything has failed and you have received a letter telling you that the Trustee Sale is scheduled for Sept. 1st.

3.) The house probably will not be sold at the Trustee Sale, but that marks the end of the Foreclosure.

4.) The Bank will send a Realtor out to talk to you: He will offer you Moving Money, $1000 to $3000 for a timely move with no damage to the house. You will have 30 days to move and the money will be given to you AFTER you have moved.

I hope this explains thins to you.

Good luck and may God bless
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Fri Jul 29, 2011
Brian Wilson answered:
Hello Duc,

Laguna Woods is a bit different community than many surrounding areas. Besides the age requirement there are homes that are zoned as condos there but there are also many zoned as coops. A cooperative home for sale is usually priced lower than the condos due to the different rules these 'owners' have. Their dues is higher and many items in the home (appliances for example) may be covered under the coop and actually owned by them too. If thinking of an investment purchase then a coop may not work since I believe they have rules on how long a coop can be occupied by non owners.

I would suggest going online and doing some research and then if still interested let's take a look at what is available, I can easily send you a list. The community offers its residents many services and amenities.

I have worked in the community before but there are many agents that specialize in there, I would be happy to assist you or if I felt I couldn't I know a very good agent that primarily works that community.

Brian Wilson, Realtor
Prudential California Realty
949-933-0852
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Mon Jul 25, 2011
Ryan Smith answered:
Hi Dana, there isn't really a standard time line today. It's more of a case by case basis. I don't know of any lenders implementing the minimum time line. I have client's who haven't made payments for over a year and have not had a Notice of Trustee (NOT) filed.

Reach out to me through my profile and we'll discuss your situation.

All the best!
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Sun Jul 24, 2011
David Mayes answered:
Hi Duc,

Right now, Laguna Woods has a terrifice selection of condos to choose from in every price range.

I would love to show you some of the bargains in that you can purchase for as little as 3.5% down.

Do you have to sell before you purchase or do you have to list first?

I am available to show homes daily at: 10:00 a.m., 2:00 p.m. or 6:00 p.m. - which is best for your

David Mayes
Realty ONE Group
Cell 949-632-8115, Email david@mvhomesexpert.com
DRE Licence # 01193349

Website: www.mvhomesexpert.com
“Where you can search for homes 24/7"
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Tue Aug 11, 2009
Steven Abraham First Team answered:
MK,

Hi!

I have a wonderful listing in Laguna Woods.
The listing price has been lowered to a value range of $500K-$534K.
This is a Highly Sought after Navarro model home with only one attached wall.

It has the following amenities:
Single Level (no steps)
Attached Garage with Direct Access
1,690 Sq. Ft. approximately- For the square footage & condition, this is a wonderful purchase opportunity!
Three Bedrooms
Wood Burning Fireplace
Two Master Suites with Vaulted Ceilings
Additional Bonus Room or Third Bedroom
Private Covered Rear Porch with Mountain Views
A Large Living Room with Vaulted Ceilings
Another Bonus Area for Dining or Office
New Paint & Carpeting
New Landscaping
New Driveway and Sidewalk
New Washer/Dryer
Air Conditioning
A Private Gated Walk-way on Property
And More….

In Laguna Woods you are required to qualify financially in order to purchase.

I've sold many properties in Laguna Woods and I am familiar with the purchase and ownership process.

This particular property described above is owned by my wife and I am a licensed real estate agent in the state of CA.-Disclosure

If you are interested in this property or any other details about Laguna Woods, please feel free to contact me @ 949-378-4005 Cell.

Steven Abraham
Prudential CA Realty
lagunacasltes@cox.net
www.stevenabraham.com
Prudential CA Realty
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