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92376 : Real Estate Advice

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  • Local Info0
  • Home Buying12
  • Home Selling1
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Activity 16
Yesterday at 7:59pm
Melissa Castilo asked:
Mon Apr 18, 2016
MCM_STL answered:
No. Percentages factor in too. The lender is concerned with its risk when deciding whether to issue a home loan. This situation changes the percentage of the home's value the lender is issuing even if the dollar amount of the loan doesn't change.

The original loan application had the buyer putting 10% down and the lender issuing a loan for 90% of the home's value.

At the $290K value, the loan of $270K is now about 93% of the home's value so the buyer is really only putting about 7% down with the remaining $10,000 making up the shortfall between the appraisal and sales price.
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Tue Jun 30, 2015
Diane Christner answered:
Whether he can stay until the end of the lease may depend on state law. Some states have statutes spelling out how much notice to vacate is required to be given by the banks to tenants, others do not.

If I were him, I would contact the attorney handling the foreclosure for the bank and let them know that he is a current tenant in the property. Then I would start making plans to move as the bank will most likely give him a notice to vacate after they foreclose as the bank will be wanting to put the property on the market to sell.
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Thu Mar 13, 2014
Gary and Karina Youngman answered:
Wow - I think I can provide some insight here...

You want info on this topic...
Call - Gary 561.306.7653
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Fri Nov 8, 2013
Terry McCarley answered:
Do you have a lease? Also, as Sheryl Arndt said, you have rights as a tenant. Best wishes to you - I hate it when I hear of things like this happening to people!
1 vote 2 answers Share Flag
Sun Sep 8, 2013
Steven Ornellas answered:
Hi dluismuro,

Here a few links you might want to review to get a better understanding of your options:

CA's "Protecting Tenants at Foreclosure Act" - need to know info!
http://tinyurl.com/auwnnfe

AND

CA Dept. of Consumer Affairs Landlord-Tenant Guide:
http://docs.Steven-Anthony.com/Landlord-TenantGuideCA2012.pdf

-Steve
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Fri Feb 8, 2013
lena2421 answered:
Many of you offering advice are from California. Would this same advice apply if the home in foreclosure was in Florida?

My Summary of Final Judgement of Foreclosure letter stated the house would not be put up for sale prior to March 6th. A second letter says it will go up for auction on May 23rd. Does this now mean I have until May 23rd to move out?

Thank you.
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Wed Jan 2, 2013
Devona Garrigus answered:
Is the attorney working on your behalf or the HOA? For a detailed examination of your situation vist our website at http://GarrigusRealEstate.net
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Tue Jan 1, 2013
Michael Huffman answered:
Tue Dec 4, 2012
Ernest C. Ochoa answered:
In this market it's almost impossible, you need to find a seller willing to do it, but since everything is selling quick, I really doubt very much somebody is willing to go that route now. There's a lot of specifics that you have to look into. There are some people out there willing to do a lease option to buy, just have to be very careful how you conduct your business and/or who is representing you. For anymore questions please call me anytime. Thanks ... more
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Fri Nov 30, 2012
Sergio Rojas answered:
I'm sorry to hear that.

The easiest action for you to do would be to contact a Realtor, he/she might be able to help you.

I can help you with that, just send me your address by email and I'll let you know if it got sold or not.

Sergio Rojas
Nationwide Realty
909-475-7580
Trulia@SergioRojasTeam.com
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Sun Nov 18, 2012
John Arendsen answered:
Don't give anybody any money until you speak with an experience RE attorney who specializes in eviction issues. Just do a google search in your immediate area and you should be able to find one. ... more
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Sun Nov 18, 2012
Ron Thomas answered:
We get a lot of questions about Lease/Option on Trulia;
and I am quick to caution people about the pitfalls of doing that:
It would sound to me that that is basically what you had, and it really fizzled on you.
I would hope that potential Buyers would see this and maybe be forewarned.

No matter how you got to where you are; you are in the situation that a lot of Tenants find themselves:
The Banks all listen to beat of their own drummer, and we cannot predict when the axe will fall:
What you are looking for is the Notice of Trustee Sale, pinned to your door. That could arrive soon, or maybe, later.
I would be that you have a while; but that is just a W.A.G.
When the Trustee Sale is scheduled; and assumiong that the Bank buys it back, (odds are), then you will have 2-5 weeks before their Listing Agent knocks on your door, negotiates with you and gives you 30 days to exit. This may/should include Cash-for-Keys.

In the meantime, save every penny you can; you will need it.

Good luck and may God bless
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Sun May 27, 2012
Yalmar Zelaya answered:
Maria, the state of California has the CALFHA program which helps you with your down payment by giving you a silent second loan. This loan helps your financing move up from 96.5% to 99.5%. Their is also the USDA program which finances 100% of the purchase price of the home you buy but you have to buy in an area that has a population of less then 25,000 residents. Cities that qualify nearby are: Adelanto, Bakersfield, some parts of Lake Elsinore and parts of the city of Perris. If you qualify for an FHA loan you can qualify for this programs. I work with specific lenders that have this program available today. ... more
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Fri Jun 3, 2011
John Arendsen answered:
Using the word "Decent" raises a red flag to RE pros. It's called steering and it is not only discriminatory and unethical............It could cost a Pro their license. Be careful how you frame your questions. Start with your local PD. ... more
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