How can I receive further details about this house?

Asked by Mj Perkins, Los Angeles, CA Wed May 23, 2012

(first time buyer)

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This question is about this property: http://www.trulia.com/foreclosure/3078797126--Wren-Dr-Los-An…

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Answers

4
Kathleen Bec…, Agent, Santa Monica, CA
Thu May 24, 2012
Hi MJ:

What's really sad about the Foreclosure properties that are listed on Trulia, like the one that you are inquiring about, which was foreclosed upon in 2009, and resold, and is currently not in foreclosure, the date provided is misleading. The information on this property is dated, and Trulia does not show the date of the foreclosure.

And...many of the properties are "in foreclosure" but have not completed the foreclosure sale process. Ie: When a homeowner is 3 months delinquent on their mortgage, their mortgage holder, ie: the bank or investor, files a Notice of Default (NOD) on your property. This merely states that they are starting the foreclosure process. You do however, do have the ability to cure the delinquent loan by paying it current, applying for a loan modification or reduction, selling your house as a short sale, (if your property is upside down - your loan amount is higher than the actual property value and you have a financial hardship), giving the house back to the bank as a Deed In Lieu of Foreclosure, or you can ride out the foreclosure process.

Once the NOD is filed, you have about 3 months to make an effort to cure your loan in any of the above ways, and your mortgage holder must reach out to you to discuss your options and to initiate the process. This will postpone the bank's foreclosure efforts.

Once all efforts are exhausted, and/or the bank decided to move forward on the foreclosure, a Notice of Trustee's Sale (NOTS) will be filed against the property and will state the foreclosure sale date, location and time. This usually is about 23 days after the filing. This date may be postponed if you are working on a short sale, loan modification or if you file bankruptcy.

So...in essence, many of the properties are in the foreclosure process, but have not completed it. People have stayed in their house for up to 5 years and have not paid their mortgage...they are attempting to work something out with the bank.

So when you see a property that is in pre-foreclosure on Trulia, the only way it would be on the market is if they were listing it as a short sale. Otherwise, these properties are not for sale...yet. It may take some time for them to hit the open market.

Also, keep in mind, that getting a short sale approved by the banks is taking a very long time, 3 to 6 months in some cases. They are very backlogged. So...this will prolong the foreclosure process too.

Thus...the process of foreclosures.

Hope this helps you with your search.

If I may be of any assistance, please feel free to contact me directly.

All the best,

Kat Becker, Realtor
Prudential California Realty
katbecker@hotmail.com
0 votes
Thanks you for taking time out of your day to reply to my message.
Flag Fri May 25, 2012
Deborah Brem…, Agent, Los Angeles, CA
Thu May 24, 2012
This property is currently bank owned and not for sale. They will list it when they are prepared to sell. That could be up to six months or longer.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
http://www.thebremnergroup.com
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
0 votes
Thank you so much for you reply.
Flag Fri May 25, 2012
Richard "RJ"…, Agent, Beverly Hills, CA
Wed May 23, 2012
You will have to join the service to get the full address. But it appears that the property was foreclosed on. Searching the MLS, I did not see any similar properties to match the stats on this one, so you might have to wait for the property to be assigned to an agent and placed on the market. Good luck.
0 votes
Thanks for replying to my message.
Flag Fri May 25, 2012
Pat Rollie, Agent, Glendale, CA
Wed May 23, 2012
Please contact me directly at 323-224-8207 and I can discuss the details with you. I have specialized in the Mt. Washington community for over 30 years and have been a resident of the community during that time as well. Look forward to hearing from you. Thank you Pat Rollie
0 votes
Thank you very much!!!
Flag Fri May 25, 2012
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