Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Modesto : Real Estate Advice

  • All428
  • Local Info38
  • Home Buying143
  • Home Selling24
  • Market Conditions16

Activity 34
Wed Mar 22, 2017
Rebecca.rios2535 asked:
Received blank FIRPTA and SSD asking for my signature. I understand with an REO there is really nothing to disclose; however, I believe the disclosures should still be completed to the…
0 votes 0 Answers Share Flag
Tue Aug 18, 2015
Paolarileyi answered:
It should state the date on the paperwork you received. It should also give you the beneficary and a phone number you can call to get the status and the dates. I hope this helps. http://ForeclosureIQ.com ... more
1 vote 7 answers Share Flag
Sun Apr 20, 2014
Rick McGrath answered:
There are several local websites that can provide you information on a daily basis. You can also visit my website at www.mcgrathaguirre.com. Like any area there seems to always be a certain amount of crime. Many times it is petty. ... more
0 votes 4 answers Share Flag
Mon Aug 26, 2013
Sweetladyca1 answered:
Every time I have tried to talk with my lender they have been snotty and condensating , talking down to me ,being less than civil to me
0 votes 9 answers Share Flag
Wed Aug 14, 2013
Tracy Smith answered:
I just hate it when people answer a question without reading or understanding what exactly is being asked! He/She clearly stated that the addition was DETACHED from the main home! I would believe if the home is still in their name that they should be able to remove whatever they please. I also though would consult an attorney just to protect myself. ... more
0 votes 4 answers Share Flag
Wed Aug 14, 2013
Patty Sykes answered:
Your options are to start looking for a new place to live. Unfortunately this process has a way of repeating itself. I've seen them cancel today and back in foreclosure within a few months. I watched a home in my neighborhood do this for three years. Bringing in renter after renter. Paid just enough to keep the bank off his back...for a while!
You do have some rights as a renter but ultimately, you will be vacated. Did the trustee mention any incentives to stay? Like Cash for Keys? Banks now realize that having someone in the home is a better alternative to a vacant property. Do you know which bank is looking to foreclose? Talk to the trustee and see if you can get any answers.
I'm really sorry for your situation. One suggestion when looking for a new rental, ASK the question...Are you looking at foreclosure?? It's one thing if a landlord doesn't say anything, another if they straight out lie. Unfortunately we have some shady people in this world and your current landlord is one of them.
... more
0 votes 4 answers Share Flag
Tue Jul 30, 2013
Ron Thomas answered:
Yes, seven to ten years from now, your house will be worth more.
1 vote 8 answers Share Flag
Wed May 22, 2013
Curly Sue answered:
Fri May 17, 2013
Rick McGrath answered:
This question brings to mind many of those would sought my counsel saying the bank foreclosed and I didn't get a notice. I have assisted more than 400 families go thru the modification process and more than 200 short sale successfully. What I have found is that it is extremely rare for that to happen. More often than not, when I asked the question, Have you ever received a Trustee's Notice and almost always the response was, well 6 months ago. Once the lender has formally complied with the legal requirements of posting notice, just because the postpone the action, they don't have to notify you again, though some do extend the favor in doing so. ... more
0 votes 3 answers Share Flag
Fri May 17, 2013
Rick McGrath answered:
Often we as real estate professionals are asked this question. As stated my previous agents, it depends on the short sale lender. It also depends on the new buyer's lender. Often the new lender also frowns on it. Not only do you need to disclose the relationship to the short sale lender and get a written approval, you need to check with the new lender to be if they have a problem with it. With successfully completing more than 200 short sales, everyone of them are unique in there own way. There is no set pattern or answer. ... more
0 votes 5 answers Share Flag
Wed May 15, 2013
Rick McGrath answered:
Becoming foreclosed on can get messy. Though as Realtors, we can not give legal advice so should there be any concerns to the information floating around, an attorney should be consulted. When it comes to first and second mortgages in regard to foreclosure, the second mortgage could and most often does pursue judgment against the homeowner unless the second mortgage was a money purchase loan. This usually occurs when a borrower borrows the majority of the money that is considered a first loan and the remaining amount needed to purchase the property is borrowed as a second mortgage. These are most often non recourse loans in California. When home owners later borrow money ( take equity out) and it becomes a second mortgage, then this kind of second mortgage is usually considered a recourse type loan and if foreclosed on, the second mortgage may have legal recourse. Again, an attorney should be consulted to protect your interests. ... more
0 votes 4 answers Share Flag
Sun Dec 16, 2012
Alvena Maryam Safar answered:
Or it is referring to 3909 Wilmington Way- scheduled to foreclose on 12/17 morning. 1815 square feet, 4bedrooms 3 bathrooms- most likely it will eventually be back on the market somewhere around $145,000 to $180,000 depending on condition. If you'd like me to alert you when either of them come on the market please contact me.
Thanks :)

Alvena Maryam Safar | Broker | CalPrime Realty
Office (209) 622-0769 | Mobile (209) 612-8109| eFax (866) 458-0798|
3507 Tully Rd. Unit # 60 Modesto, CA 95356 | DRE# 01509140
Alvena@CalPrimeRealty.com | www.CalPrimeRealty.com
www.facebook.com/CalPrimeRealty
... more
0 votes 2 answers Share Flag
Tue Sep 18, 2012
kailacknudsen asked:
Hi my name is Kaila, owner of BPS
Rental Clean up & Eviction Cleaning/Handyman Services

We are Best Preservation Services, located in Modesto, CA. Please visit our website at www.bpsmodesto.com;…
0 votes 0 Answers Share Flag
Mon Feb 13, 2012
Chuck Bukhari answered:
Hi Doug,

I am not sure what you are looking for when you say "Property Title". The property has no records of it being on the market. So a clearer question would help give you a better answer.

Chuck Bukhari - YOUR Realtor
DRE# 01416945
Keller Williams Realty
1001 Sylvan Ave #A
Modesto, CA 95350
... more
0 votes 2 answers Share Flag
Sun Oct 23, 2011
Harold Sharpe answered:
Jane,
this is a financial decision no one should take lightly.
Your question is very broad.
No one knows your situation.
We can not give legal advice.
If you are asking should I file BK or short sell or foreclose? that's a whole other question.
I would suggest you think about doing a short sale, then if necessary after the property is gone and you still need to go bk then you should consult an attorney then. A bankruptcy does not help you keep your house. It may slow down a foreclosure around 30 - 60 days. Then you have a BK for 10 years on your record.
Generally speaking, I say not. I say don't do it for a first trust deed home loan. It wont help.
You need to consider your options and speak with professionals, a real estate attorney, a CPA, a REALTOR, a BK attorney, and then pick a direction. I would not pick the direction until you talked to all.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@southerncaliforniashortsales.org
www.southerncaliforniashortsales.org
California Department of Real Estate Broker License # 01312992
... more
0 votes 4 answers Share Flag
Fri Jul 1, 2011
John Arendsen answered:
Wow!! I think Christine's covered all the bases. I wish she was on our distressed property team.
0 votes 6 answers Share Flag
Thu Nov 4, 2010
Tammy Hayes answered:
DO YOU QUALIFY FOR A SHORT SALE? - Can you answer Yes to all 4 Questions?

1. The Homes' Market Value Has Dropped. Hard comparable sales must substantiate that the home is worth less than the unpaid balance.

2. The mortgage is in or near default status.

3. The seller has fallen on hard times. The seller must submit a letter of hardship that explains why the seller cannot pay the difference due upon sale, including why the seller has or will stop making the payments.

4. The seller has no assets. The lender will want to see a financial statement and recent tax returns.

WHAT TO EXPECT?

1. The lender will want to see your entire financial picture.

2. The bank may want you to sign a promissory note for the deficiency between the amount owed and the amount your home is sold for.

3. As the seller, you cannot receive any proceeds from the sale. None. Period. Your Realtor and title company may have to work for reduced fees.

4. The banks are overwhelmed with short sales and many times a decision can take up to 60 days or longer.

5. The property may be foreclosed on during the short sale process. Be sure to use an experienced short sale company who should be able to get the foreclosure postponed.

6. Do not expect to receive information on a regular basis, as there may be weeks that go by without news from your lender.

7. The bank will want to get a BPO (Broker Price Opinion) and/or an appraisal of your house.

8. Be patient. This is the best policy. Try to avoid being stressed out over something that you are not able to control.
... more
0 votes 5 answers Share Flag
Sun Oct 17, 2010
Thom Colby answered:
Richard,

I've actually done some research on this over the past week.

In our market (SoCal) we have come almost to a complete stop. Short Sellers are no longer cooperating because they THINK they get to stay longer without paying (They are SO wrong). REOs are on hold while the servicers / trustees figure out the legal status of each property as to whether it was done properly or not. Buyers who are in escrow on REO properties are on hold pending the same review which could take months (but their money is still held in Escrow and they can't get it released to buy something else!) Equity Sellers want more than market value for their properties because of the Foreclosure Moratorium.

Also, now that we are in year 4 of unprecedented Foreclosures, everyone has figured out Trustees stop all foreclosures for the holidays from November 15th thru January 6th.

Best thing to do is keep your buyers and sellers informed and motivated.

Cheers,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
... more
0 votes 2 answers Share Flag
Thu Oct 7, 2010
Gordon H. Wright answered:
Lex,
Bank owned probably means FORECLOSED and this means a family once lived there.They are the true owners that reside there for x number of yrs.and can disclose true facts.
The Bank is selling it to you as is and if you accept then it is a done deal.To protect yourself hire a Lic. Home Inspector...get a consultation then decide....$275.00...still worried??... Look for another house with all the upgrades and move in condition with inspections galore! ... more
0 votes 6 answers Share Flag
1 2
Search Advice
Search
Foreclosure in Modesto Zip Codes

Followers

246