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Foreclosure in Simi Valley : Real Estate Advice

  • All224
  • Local Info14
  • Home Buying76
  • Home Selling6
  • Market Conditions7

Activity 16
Sat Mar 23, 2013
Barry Shapiro answered:
Leisure Village in Camarillo is the perfect environment for senior living. It's a 24-hour Gated community, with onsite management, golf, pool, jacuzzi, and a plethora of activities from A-Z. Ohhh, and the weather is cooler in the summer-time than neighboring Simi Valley. Privately-owned Condo rentals range from apx $1600-2100/month.-- Ask me how you can buy a home here with a reverse mortgage purchase mortgage and never have a house payment again. ... more
0 votes 2 answers Share Flag
Thu Nov 8, 2012
Joe Gino answered:
list it for sale stop making any payments force them to a short if they agree.. Ur off the hook for both loans your credit report will show slow pay debt satisfied for less than full amount....... ... more
0 votes 12 answers Share Flag
Sun Jun 24, 2012
Bonnie Sterling answered:
From my experience, be careful of any promises to save your credit. If you default on your mortgage payments, your credit will be adversely affected. Period. Also, almost any realtor has the ability to help you with your decision to short sale if that is what you decide to do. These certifications are frequently one day classes, I have one, lots of agents have one, I don't think the one I got several years ago has any relevance to short sales conducted today and I don't think it made any difference in my ability to handle a short sale then or now. So, if you want a realtor to work with, interview or at least start to communicate with two or three. Determine if your communication styles are compatible. Your going to be working with them for 3 months minimum, probably more like 6-9 months depending on your goals and you're gonna want to like them.

You have lots of great questions and considerations. These are all good things to go over with a couple of agents. Meet them at their office, communicate by email, of have coffee. Listen carefully. If your hearing all the answers you want to hear, your probably not getting told the whole story. If your hearing choices you'll need to make, none of which sound great, your probably getting the real story.

Also, this is a good time to point out that frequently people who are not accustomed to communal living styles, like apartments, are frequently frustrated with condo ownership. Either their neighbor has a noisy tv, or crying babies or they smoke and it filters into your home. You can't control these things. However, people who are used to this, the way the grew up, will find it just a part of life. Consider how picky you are. How much you want to control your surroundings before jumping into condo ownership. The desire to own a home should not cast aside the desire to live comfortably with your surroundings. You might need to wait to afford to own the type of home you'd be comfortable living in, and owning.
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Fri May 11, 2012
Chris Chin answered:
Doris,

I recommend contacting an agent in Memphis TN regarding your inquiry on 3352 Berea Rd. If you are planning on relocating or buying investment property, you are going to need an agent in TN anyways.

Chris Chin
chrischin@cobaltrg.com
(805)258-2870
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0 votes 2 answers Share Flag
Sun May 8, 2011
Ronit Bendavid answered:
As a short sale expert, approved by Redfin.com and very experienced, I would recommend you to meet to go over all you have been trying till now and check the options I can suggest. I just closed (Friday) another short sale in Simi Valley and I can refer you to the seller or buyer for the highest recommendation you can hear.
It is an emotional and distressed situation and as I deal with it every day, I do the most possible to ease it on the seller, while finding the best way to a solution. You need to pay the most attention that each lender has different rules, such as time limit to accept a package, missing items, period and conditions that are hard to meet if sale date is set already or NOD filed. If it is not done in time, even a professional or expert may not be able to help, as they cannot change it. It is complicated and therefore we are called” experts".
All consultation and/or any advice are without any commitment from you. No pressure. These situations bring enough stress and confuse almost every homeowner. Remember that if any better solution will come later, such as more income, you will have new options. When it seems that all is lost, God will guide us, as there is life without this feeling of “we don’t know what will happen”. Happy Mother’s Day to all the mothers everywhere!
All consultation and/or advice are without any commitment from you. No pressure. This situation bring enough stress and confuse almost every homewoner. Remember that if any better solution will come later, such as more income, you will have new options.
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Thu Jan 6, 2011
David McMillan answered:
The only catch in finding a home is working with a qualified Realtor that will work for you.
There are some nice bank owned properties out there, just be careful and work with someone who is experienced in dealing with the bank and understands the process. I would be more than happy to answer your questions and do some preliminary searches for you.
In regards to the Visalia area, I actually grew up there. My family is still there and are expereinced agents. I am working with them to market some of the listings here in Southern California due to the fact that are so much less expensive. Contact me and I can relay the information to you.
I hope this helps and if I can help in any way, please do not hesitate to contact me at (805) 208-2551.
Thanks
David
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Wed Oct 27, 2010
Pete answered:
Whatever you do DO NOT PAY FULL COMMISSION to an unqualified realtor working for greedy franchise broker!!!!!!! Find someone that knows what they are doing and has a brain. Find a fair and affordable commission broker. In case you didn't realize this... commissions are negotiable and not set by law or the state!!! National franchise and big name brokers are making a killing on unsuspecting buyers and sellers who for some reason believe they are getting more for their money! Insane! Don't do it! ... more
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Fri Oct 8, 2010
Ken Grech answered:
Purchasing a foreclosed home is not as easy as you would think, by having the cash in hand and waiting on the court steps. Please feel free to contact me at your convenience to speak one on one and I will be happy to share my findings with you. You may reach me at: kgrech5@aol.com ... more
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Sun Sep 5, 2010
Ken Barker answered:
Hi Jennifer, I have a different take than some of the other answers. Although I do see the pricing at a leveling out, because we are still in a declining market, I also see interest rates at 50 year record low. I don't see them holding this low for a very longtime but your lender can give thier opinion.

One thing that I love about Simi Valley is they have a downpayment assistance program for low-medium income first time buyers. It is not for everyone and it is fairly tough to comply but if your income works for the program it is a fabulous. It allows the buyer to qualify for a 3 bedroom at a loan of $199,300 to buy a home at $349,300. A 4 bedroom quailfy for $218,600 for a home priced at $418,600. For a better understanding of the program I am attaching my wifes blog, she is a lender that works with the program and in fact has 3 escrows going with Simi, and it will better explain it. Or feel free to call her for further information.

As to short sales, they are a major part of our Real Estate world right now. You can get a good to great deal but you have to have patience. It has been explained well above and it is not a bad thing.

If you have any further questions please feel free to contact me I would love to help. I work with first time buyers well with a, for lack of a better analogy, hand holding process. It is overwhelming and I make it simple and fun.

Ken Barker
Coldwell Banker Residential
805.2174183
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0 votes 7 answers Share Flag
Wed Jun 23, 2010
Ted Mackel answered:
Cami,

I respect Barry very much and share much of his thoughts; what is very interesting is that we have a case here at my office where Chase is the second holder with the second securitized by a deed of trust. Chase did the same thing you are talking about and has assigned it to a Collection Agency. This is not the first time we have seen this in our office. This is uncommon or at least I thought it was.

This really flies in the face of how these loans are securitized. The whole point of the deed of trust is so the lender can non judicially foreclose on the property without the hassle of collections and going to court. Just thinking out loud here, I think these second holders knowing they're going to get wiped out in a short sale negotiation are trying to protect their deficiency rights on these lines of credit. I'm just not sure if they can sidestep the deed of trust, go to collections and obtain a judgment. I am not sure why they have waited 18 months and have done nothing. As far as I understand, there is a 48 month statute of limitations in California on uncollected obligations, usually these amounts are not left idle as the payoff is too big for junk debt purchasers.

This instance in my office with Chase Bank has really screwed up the short sale process as a collection agency really doesn't care about negotiating a reduction on what we see in a typical short sale for a second lien holder.

In any case, if the short sale proceeds then you need to make sure that the approval has in writing a full release of any future obligation on that line of credit. Also you should talk to an attorney so you can put together a game plan on how to deal with this line of credit if they refuse to give you a release.
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0 votes 7 answers Share Flag
Tue Jun 22, 2010
Bonnie Sterling answered:
Hi Cami, Be very careful and get everything in writing and even consider having it reviewed by an attorney you research and trust (not all attorney's are as good as others). Be sure that you are neogitating a full release because what others have written here is completely true. Some people believe that the lienholders approval of the short sale is enough to release them but these lenders are about to come back and collect many years later and will, using dilligent collection companies that will purchase the outstanding debt for pennies on the dollar. There will be a whole industry developed out of these unexpected outstanding debt collections. So, get involved, keep your head out of the sand and make prudent choices for the longterm benefit of both of you. And good luck! ... more
1 vote 6 answers Share Flag
Wed Sep 9, 2009
Ted Mackel answered:
Leo,

I agree with Bonnie. You need help from people in Florida that know Florida Foreclosure law.
0 votes 2 answers Share Flag
Thu Feb 5, 2009
Ted Mackel answered:
With the recent bankruptcy of LandAmerica, be careful on who you choose. First American has some of the lowest rates. Fidelity is here in Ventura County as well. Fidelity owns Chicago and Ticor. You can look them up on the internet and compare coverages and premiums.

I wrote about Title insurance on my Activerain Blog:

http://activerain.com/blogsview/849083/Simi-Valley-Home-Sellers-Save-Money-on-Title-Insurance
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Sat Mar 8, 2008
Alisa answered:
I have lived in Simi my whole life (30 yrs). I grew up in the Texas Tract. I lived on Austin, my grandparents lived on Galveston (the first homeowners when the tract was built in the 60s) and my aunt lived on Austin and later moved to Travis (all in Texas tract). Another uncle ended up living right below the tract in some apartments too. They all seemed to stay in the neighborhood.

It is a great tract! I first attended Belwood, which has long been closed and then transferred to Big Springs. It is a very good school and is now a "closed" school to out of boundary students. It acutally was a school I was going to try to get my kids in when my son didn't make it into the Hollow Hills lottery. Hollow Hills is a fundamental school in the middle of the valley (south side).

Anyhoo - I think the Texas tract is a great neighborhood. Many older residents who have been there for years and newer families moving in too. Many of the homes got a face lift after the earthquake of 94, which helped the older neighborhood come into the present ;)

The homes are good sized and most have very large yards. Many of the homes have been remodeled and that is a plus. Price from what I know is probably in the 500K range to 600K (for the nice remodels).

It is a nice neighborhood I'd highly recommend - we tried to purchase there too when we bought our home 7 yrs ago but it was just like 30K out of our budget - though we found a nice home across from Hollow Hills Elementary (an excellent school) - which we are now likely going to sell w/in the next few months due to a possible relocation - if you are interested let me know ;)

Good luck on your move to Simi - it is a great town to raise kids in and still is holding on to a small town feel - though its just minutes from the very busy San Fernando Valley.
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0 votes 3 answers Share Flag
Mon Sep 10, 2007
Irina Netchaev answered:
Wendy, thank you. Weather temperature is actually one of the considerations. Appreciate the input. thx again!
0 votes 7 answers Share Flag
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