what is the actual address?

Asked by Paul Hammond, 1522 pacific ave, alameda, ca Mon Feb 2, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003474704--Bay-St-Alameda…

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4
Pacita Dimac…, Agent, Oakland, CA
Mon Feb 2, 2009
Paul

As my colleagues have told you, this property is in pre-foreclosure stage --- that is, the owner has received a Notice of Default which is recorded (is is now on public record).

BUT! That doesn't mean the property will foreclose or that the owner will sell.

The owner has options available to him.
1. Owner can cure the default by catching up on his delinquent payments
2. It's not too late for the owner to apply for a loan modification
3. If owner cannot get do either one, then owner can try to sell via the short sale process
4. If short sale is not approved, owner may want to give back the property to the bank via a deed in lieu of foreclosure. That is, owner doesn't have to go through the process of having the house foreclosed if he voluntary surrenders the property
5. Another option that I heard about, but not something I am comfortable recommending is to file for bankruptcy protection, If someone were to consider doing so, one should consult a bankruptcy lawyer. There are various sites online that can provide at least a modicum of understanding on how to do this.

And.,..if you're interested in knowing more about what properties are in default or in foreclosure, you can also go to the county records to research this information, or subscribe, at a fee, to services like RealtyTrac .

Good luck to you,
0 votes
Quinn Stone, Agent, Alameda, CA
Mon Feb 2, 2009
Paul, this property is in pre-foreclosure, which means that a notice of default has been filed by one or more of the lenders. From public records (match on sq ft, street, and year built), it looks like the $22,000 is just the latest credit line. There is a $337,500 first loan and another credit line for $100,000.

I'm not comfortable publishing the address on the internet, the owner is probably already in distress, and having a bunch of people knocking on his door offering him $22K for his house won't do anyone any good.

Trulia's pre-foreclosure listings often state the value of only one loan, and represent neither the value of nor the amount owed on the property. They are a bit of a teaser.
0 votes
Susan Kaney, Agent, Alameda, CA
Mon Feb 2, 2009
Paul

The address is 1615 Bay Street. I subscribe to Realty Trac and it looks like there are additional loans on the property beyond the $22,500 you have seen. Let me know if you are still interested and I will do some further research for you.

Susan Kaney
Gallagher and Lindsey
510 748 2020
0 votes
Jean Powers, Agent, Castro Valley, CA
Mon Feb 2, 2009
I belong to Realty Trac. This home is not listed in Alameda. There is not a property listed on Bay St right now. Also, there has never been any properties in Alameda that have sold for $22,000 during my 25 years in real estate. Our market is holding strong and we have very few foreclosures. I think this psoting is in error or maybe they just want you to register with the company. Let me know if I can help you with any real estate needs.
Web Reference:  http://jwww.jeanpowers.net
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