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Foreclosure in Madera : Real Estate Advice

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  • Local Info13
  • Home Buying18
  • Home Selling0
  • Market Conditions5

Activity 5
Thu Sep 22, 2011
Paul Rinde answered:
Very sorry to hear of your situation. Here are some answers (my opinion) to your questions.

California is a non judicial state. If your lender was going to go after a deficiency they would have to file for a judicial foreclosure. Whether they would do this or not is anyones guess. From what I have heard Judicial foreclsures are not that common. Consult with an attorney.

Yes, It would be a great idea to work things out with the bank. Foreclosure is the worst thing you can do.

Yes, Bankruptcy is always an option. It is the worst option. Consult with an attorney.

I always recomend trying to work things out with your lender first. In order of best to worst. Loan Mod, Short Sale, Deed In Lew, Foreclosure, Bk. Of course your situation will dictate your decision. But you should definately explore all options first.

Yes, I have heard of EMC, but the rest of your question is cut off.

Good Luck!
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Mon Nov 1, 2010
Marc Yu answered:

I'm so sorry this happened to you... Unfortunately, this occurence happens quite frequently in our Valley Area. I personally had a friend who just moved in and signed a 1 year lease and two months later the Lender leaves a note posted on the front door with a Notice to Vacate. The good thing is you're definitely still protected. Cash for keys is typically for the current homeowners after their home have already foreclosed. The new owner/lender/trustee can offer the previous homeowner time to vacate the property by giving a pseudo rent to them so the previous homeowner can maintain custody of the keys.

As a renter you should check Madera County's rental laws, but California rental laws usually trumps the County. If you signed a lease and made a substantial deposit, usually the new lender/owner should honor the lease. Depending on the county though, you might need to still vacate the home but you have every right for compensation by the lender/new owner. If you were told to vacate without ample time, that is when you hire an attorney and sue for moving expenses and your money back. The attorney will determine whom will be subpoena'd for the suit.

There are a plethora of Realtors and Brokers that are highly experienced to be able to help you out from Trulia. As you progress and actions have been taken against you on your rental, come back and ask more questions. This is a great site for getting help.

Good Luck!


Marc Yu
Jonah Marc Properties
(415) 205-0255
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Wed Feb 17, 2010
Dan Chase answered:
If you are looking at realtytrack listing forget about them. They are not really for sale at the prices they have listed on trulia.

Some are really that cheap in real life. You could be looking at a house that can not be lived in. Some are in bad neighborhoods. Some are best to tear down. Some are actually a good deal.

If you want to find out more about foreclosures and how to find them look here.

Also, any real estate agent can help you to find foreclosures in you area and explain all about them.
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Mon Apr 23, 2007
Porfirio H. Garcia answered:
FSBO's and foreclosures require the buyer to excersise due diligence and accept more responsiblity in the buying process.
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