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Foreclosure in Pittsburg : Real Estate Advice

  • All112
  • Local Info12
  • Home Buying41
  • Home Selling0
  • Market Conditions3

Activity 8
Thu Sep 6, 2012
Joanna Jensen answered:
Hi Denise,

Even though your home was foreclosed, the new owner has to legally evict you.

If you were not given proper notice to respond to a unlawful detainer action you definately should talk to a Real Estate Attorney.

You can go on the CA State Bar website and look for an attorney who SPECIALIZES in both Real Estate Law and unlawful detainer actions.
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0 votes 8 answers Share Flag
Tue Nov 9, 2010
Thaddeus Kuznicki answered:
The best answer is to be proactive. The bank can and will be starting the process in the near future.
You should def try to re-fi, but it can can be quite difficult right now. Also, make sure that you aren't relying on the re-fi alone. I have seen it drag out for months, keeping in mind that the foreclosure process is moving forward the whole time.

Also note that dealing with an experienced agent helps get the short sale process moving forward effectively.
Once someone receives a auction date, it tends to be too late (unless a large sum of money is obtainable).
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0 votes 17 answers Share Flag
Fri Oct 22, 2010
Tammy Hayes answered:

Short sales are just about seems like you can't get away from them. Many sellers, loan officers and Realtors say they know a lot about short sales, but don't know how the short sale process works or even why a short sale is a better alternative to a foreclosure.

A short sale will enable the seller to purchase a home about 2 years after a short sale completion while a foreclosure will make you wait 5 years. In addition, short sales are better for the lender and it will keep the house occupied, with water and electricity still on and also keep the lawn mowed. Plus the bank will lose less money through a short sale.

No Foreclosure - foreclosures can be a hard and stressful process for a family.

Being Proactive - facing a foreclosure head on will help give you some control over the process.

Start Newer, Faster - minimizing damage to your credit can help you and your family get back on your feet faster.

May not owe anything after the short sale - you can try asking the bank to cancel your debt altogether. It does happen, but not all the time. Primary residences are usually treated more favorably by the lenders.

There is still damage to your credit - when a short sale is done, it is still documented on your credit but won't have the same impact as a foreclosure for most creditors.

Tax Consequences - there may be tax consequences if the bank forgives the debit and will issue a 1099 to the IRS for the amount of debt forgiven.

Bank could demand payment for their loss - the bank doesn't have to forgive the debt. They are able to ask you to pay them back for the difference on the sale and what is owed, but you will need to agree to this.

There are no guarantees in a short sale - whether the bank will approve the sale or forgive your debt, but short sales offer a better alternative to minimize the downside of facing a foreclosure.

Disclaimer -There can be legal and tax consequences. You may want to consult with an attorney or tax specialist before attempting a short sale. A real estate agent cannot give you legal or tax advice.

DO YOU QUALIFY? - 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.


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.
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Thu Oct 21, 2010
Oscar Linares answered:
Hello Lrantissi: if the property is going in foreclosure like this one, you have to be at the court auction place in Martinez to bid for it, if you feel like the price is right and you have the cash to pay for it. also, it would be many investors plus the bank competing for it. if you want to buy a property, please give me a call at 925-400-8357 and I would be happy to assist you since I am very familiar with the area. I can also provide you a free mortgage loan qualification to make sure you are preapproved to buy even before to start looking at properties, if you do not have the cash and need financing. I am an expert since 2002. ... more
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Sun Apr 25, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
The person on the mortgage is the owner of the proeprty and the banks eyes until the property goes to foreclosure sale. The person that makes all decisions prior to the foreclosure sale is the borrower/owner. When the sherif sells the house at auction (the foreclosure sale) who ever purchases the property is the owner and will make all future decisions.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
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0 votes 4 answers Share Flag
Tue Dec 1, 2009
Dave Sutton answered:
Hi Marcos,

Let me try to "set the stage" for the answer to your question.

Foreclosure is the "end" of a process that begins when a homeowner falls behind on his mortgage payments. Usually when the homeowner is three months behind, the lender issues a "Notice of Default" which formally tells the homeowner that they are in violation of the terms of the mortgage contract and unless it is brought current the lender has the right to foreclose. (Hold on, we're getting to the answer you want)

Many times the homeowner is able to either "catch up" on payments or make satisfactory payment arrangements with the lender and that is the end of it.

If the homeowner truly can not make the payments and there is no reasonable way they will be able to in the next few months, the best option is usually a "short sale". That occurs when 1) a homeowner can not make the payments AND 2) the amount of the mortgage is more than the home will sell for. In this situation the home is put on the market in the traditional way (seller chooses a local Realtor, etc) and it is like any other home sale EXCEPT that, because the lender will be losing money on the transaction, the lender has the right to approve (or reject) any buyer's offer that the seller agrees to. Banks are overwhelmed with short sales and and it will typically take at least 30 days, more likely 60, 90 or even longer to get an answer from the bank.

If a short sale is not successful (or not tried) then the lender has the right to "Foreclose". That means the home goes for sale at an auction on the steps of the county courthouse. This is not like any auction you've ever been to and the biggest reason is that the buyer must have cash or cashier's checks for the entire amount of a successful bid. Many times the bids are less than the lender thinks it might sell for on the open market. In that case, the lender will usually out-bid anyone else on the courthouse steps and literally buy the home.

Then the home has been "foreclosed on" and the lender puts it on the market with a Realtor and it sells like any other home.

Just to give you some idea of the scale of what's happening in Pittsburg, there are currently 212 homes owned by a lender (they call it Real Estate Owned, or REO for short). 31 of those are actually listed for sale with a Realtor today. Sooner or later all the others will come on the market, because banks really don't like to own real estate. There are also 51 "short sale" homes on the market today, and 37 that are neither foreclosures nor short sales.

I hope that helps. Feel free to ask more questions.

If the short sale is either not attempted
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Mon Jul 13, 2009
Rosejains answered:
FHA-insured mortgages go into foreclosure every day. Mortgages with insured loans from the Federal Housing Administration (FHA) that go into foreclosure represent unlimited opportunity for experienced and novice investors alike. You can access the complete list of FHA foreclosure homes on the HUD Home Store site.

Click here for more information:
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3 votes 7 answers Share Flag
Sat Sep 6, 2008
Bill Eckler answered:

In these situations tha bank holds all the cards and have no rules other than their own to play by. You are involved in a waiting game which they control

Taking time to accept an offer to them allows for additional players to jump into the game. Have your agent keep the pressure on by calling multiple times daily....make sure they know you are not going away and expect a response ASAP.

Good luck,
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