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Foreclosure in Playa del Rey : Real Estate Advice

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Activity 3
Tue May 12, 2015
Brittany898 answered:
HSBC is one of the world's largest financial services organisations with around 6,100 offices in both established and faster-growing markets. As the asset management division of HSBC, HSBC Global Asset Management has a network of offices in c. 25 countries and territories around the world.

The challenge to successfully market REO properties has given rise to a growing
practice known as “cash for keys”. The Department of Real Estate (“DRE”) has been
receiving questions and complaints from consumers about “cash for keys” solicitations.
This article is intended to provide some guidance for consumers and licensees when
involved in a “Cash for Keys” program to minimize any misunderstandings or violations of
the law.

> “Cash for Keys” Programs
When a lender takes a home back as a result of a foreclosure action, it becomes
responsible for that property. The longer the lender has to wait to sell the property and
the more money it has to spend to repair damage to and/or to maintain the property,
the greater will be its ultimate loss.

The consequences of foreclosure and the looming
legal eviction action affects the prior resident owner/occupant of the foreclosed
property and/or the tenant(s) living in the property (hereinafter such occupants and/or
tenants are referred to in the singular as “tenant” and in the plural as “tenants”) the
same way – they must, unless there is an existing landlord-tenant rental or lease
agreement that survives the foreclosure by law, or a written agreement with the new
owner/lender to maintain or modify the tenancy, vacate the property in a relatively
short period of time.

Reference Link:
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Thu Aug 22, 2013
Nicolegarcia91 answered:
HELLO EVERYONE!:) THANK YOU FOR THE RESPONSES HOWEVER, MANY OF YOU WROTE BACK WITHOUT ANSWERING THE ACTUAL QUESTION I ASKED. PLEASE DO NOT TAKE OFFENSE TO THIS STATEMENT BECAUSE I HAVE LITTLE TIME TO BE CORDIAL, POLITICALLY AND/OR SOCIALLY CORRECT. HERE IS THE ACTUAL SITUATION. NOTE EVERYTHING I AM TELLING YOU, I FOUND OUT THROUGH MY OWN INVESTIGATION CONSISTING OF COUNTY DOCUMENTS, LEGAL AND REAL ESTATE INFORMATION SITES, AND COURT DOCUMENTS I LITERALLY FOUND IN BOXES IN THE GARAGE OF THE HOUSE.. THERE IS ALOT, BUT ILL TRY TO MAKE IT SHORT. I WAS LOOKING FOR AN APARTMENT OR HOUSE TO RENT. A PHONE APP CALLED "AIRBNB" HOSTS SUBLETS AND APARTMENTS FOR RENT OF ALL TYPES. THE PROPERTY I CURRENTLY LIVE IN WAS AND IS CURRENTLY LISTED FOR RENT. FOR 45$ A NIGHT, THE WOMAN SAID SHE WAS THE LAST OCCUPANT TO RENT THIS HOUSE WHEN THE OWNER SUDDENLY DIED, LED THE BANK AND NEXT OF KIN TO FIGHT OVER THE PROPERTY WHILE ITS IN PROBATE(THIS IS THE STORY SHE IS STICKING TO STILL) SHE DRAFTED UP A INFORMAL LEASE SIGNED IT AND HAD US SIGN. SHE ALSO RENTS OUT THE OTHER ROOMS IN THE HOUSE TO OTHER PEOPLE AS WELL. I THOUGHT THINGS DIDNT ADD UP, WHEN I WAS GREETED BY A SERVICEMAN FROM ALTISOURCE WHO SAID HE WAS ABOUT TO DEADBOLT CHANGE LOCKS IF WE HADNT ARRIVED JUST THEN TO SAY WE OCCUPY THE HOUSE. HE TOLD US THE HOUSE IS NOT IN PROBATE AND HASNT BEEN FOR SOME TIME. THE HOUSE HAS BEEN TO AUCTION FORCLOSED AND ALREADY OWNED BY HSBC. THEY SENT ALTISOURCE TO SEE IF ANYONE STILL OCCUPIED THE HOUSE. HE TOLD US A LITTTLE OF WHAT OUR RIGHTS WERE AND TOOK MY PHONE NUMBER IN WHICH HE SAID THEY WOULD CALL ME AND NOT TO INFORM MY "LANDLADY(WOMAN WHO RENTS US THE HOUSE AS IF IT WAS HERS TO RENT OUT) THIS LADY ALREADY LIVES AT A COMPLETELY DIFFERENT RESIDENCE NOW AND COMPLETED A CHANGE OF ADDRESS FORM ETC. I WAITED TWO WEEKS, NOT ONE WORD FROM ANYONE, OR THE BANK ABOUT WHAT TO DO. DURING THIS TIME I RESEARCHED AND STARTED LOOKING THROUGH THE HOUSE FOR ANYTHING EXPLAINING WHAT THE STATUS OF THE HOUSE WAS, WHO ACTUALLY LIVED HERE BEFORE AND IF THE LADY RENTING US THE HOME HAS EVEN LIVED HERE AT ALL! TURNS OUT THIS HOUSE HAS BEEN IN LEGAL BATTLE SINCE 2010 WHEN THE ORIGINAL OWNER DIED, YES ALMOST THREE YEARS AGO. THE HOUSE WAS FORCLOSED AND AUCTIONED OFF TO HSBC IN JANUARY OF 2013!!!!! there is no way the house was even close to still being in probate when we moved in 3 weeks ago. what I believe the situation is, the lady who I pay rent to is a friend of the owners nephew who lost the battle at auction with hsbc. hsbc now owns this house, has since January. she somehow stayed here for a couple months with a couple other people for free but now that the process is long over, she and the other people moved to separate residences and moved on. she kept the keys and started trying to make money off the house by fraudulently subletting it to me and god knows how many other people, which is currently going on still. I believe she has been in contact with the people at hsbc leading the to believe SHE is the (ME) person living in this house and is trying to get the cash for keys relocation money from them. in which she will most likely make up a story in which she will tell us we have to move out . She doesn't know alitsoiurce came and talked to me, she doesn't know i am onto any thing and id like to keep it that way until i talk to someone over at hsbc and inform them of whats really taking place here. THAT IS WHY IM DESPERATELY TRYING TO FIND THE NUMBER TO HSBC REO FRAUD DEPARTMENT OR ASSET MANAGEMENT, !!!! if i ask anything involving why there are no light fixtures or why i cant put any bills in my name(she wasnts to keep them in her name) or who the contact is(she wont tell me and acts dumb and somehow cant remember who the bank that might be buying this house or wont tell me anything and flipped oiut the other day when i asked for the attorneys number. i told her its because i don't want to be locked out of the house and shouldn't someone know i live here?? she just says not to worry about it and keeps renting the rooms out to random people while charging me rent on a weekly basis. I am still paying rent to lead her to believe I DONT KNOW A THING. a long story and that is just the tip, but ive almost exhausted every avenue and no one can give me a specific number because she has been posing as me to the bank in order to get whatever cash for keys settlement they should be offering me. its a delicate situation and i need some help. if anyone has or can give me a direct contact to them or anyone who i can speak to i would really appreciate it. thank you:) ... more
0 votes 5 answers Share Flag
Thu Aug 22, 2013
Steven Pawera answered:
Straw buyers have hay falling out of the sleaves. :)

Seriously, is the buyer real? Does the buyer whose name appears as the owner of record know he bought a house? Does his real situation support him buying a house? Are payments being made on the new loan? To a lesser extent, did the buyer move in? Or rent the property out and the lessor is the same as the owner?

Hope that helps.
... more
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