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Foreclosure in Titusville : Real Estate Advice

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  • Local Info7
  • Home Buying23
  • Home Selling2
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Activity 5
Thu Feb 16, 2017
NCA.fdg answered:
When you say occupied is it a renter or previous owner.
I am assuming the property is in California.
It makes a difference if the occupants are renters or previous owners as the eviction process is different. California law has provided special protection to tenants in post foreclosure evictions. In a 2012 Amendment, providing the tenant with a 90-day notice to quit if the tenant were a bona fide tenant (ยง 1161b).
Moreover, if a tenant has an unexpired lease, a landlord/tenant relationship exists until the lease expires and, thus, no notice to quit can be sent until after expiration of the lease.Of course, if the tenant fails to pay the rent or is otherwise in breach of the existing lease, the successful purchaser has the right to pursue eviction under standard landlord/tenant grounds.

As to a holdover owner, you would have to file an unlawful detainer.
Through my experience there are two things that could happen.
The holdover owner leaves or stays and fights the UD.
If the previous owner decides to fight, the legal cost can become quite significant, especially if it goes to trial.

Investing in these types of properties can be tricky, another issue you must investigate is pending litigation on the property.
California is a non judicial state, which means the foreclosing entity can foreclose on the property without court involvement.

A title search can reveal a pending action against the property, but only if a lis pendens (pendency of Action) was filed in the county recorders office.
The problem is that a pro -se litigant(representing themselves) may not file a lis pendens, therefore not revealed through a title search as they rely on the public record.
Even if the court finds you are a bona- fide purchaser unless there was fraud involved, you can be drawn into the lawsuit as a doe defendant and again costly in legal fees defending your position.

I hope this helps avoiding pitfalls in buying foreclosures which are occupied in California.
*Disclaimer* This is for educational purposes only and not legal advice, you should seek competent legal representation.*
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Sat Mar 5, 2016
Sally Grenier answered:
Try contacting any local REALTOR. Keep in mind, the "foreclosure" listings you see aren't necessarily real or accurate.

This is just a marketing site and should not replace the service of your REALTOR, or your local MLS. This site is notorious for outdated listings, inaccurate data, FAKE foreclosure listings and bugs in the search feature. Please DO NOT rely on this site for accurate listing info. You need to be working with a REALTOR who can give access to the MLS (multiple listing service), which is the ONLY place you should be getting your info! The MLS will have all available foreclosures in your area. Good luck to you! ... more
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Sat Nov 21, 2015
Diane Christner answered:
FL foreclosures are judicial, meaning lenders must file in court to foreclose on a homeowner. FL has one of the longest foreclosure timelines in the country, with an average timeline of over 2 years from Lis Pendens filing to actual foreclosure.

If you are behind on your payments, try talking to your lender about a possible loan modification. If that is not an option, you may want to consult with a local attorney that handles foreclosures for homeowners. It's better to work something out with the bank through your attorney than to have the back foreclosure and then find out later they now have a judgment against you and can come after you for the unpaid balance.
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Sat Nov 12, 2011
Alma Kee answered:
Hi David,

Just make sure you get a complete forgiveness with your Deed in Lieu or the lender (or a collection agency) and PMI company (if any) may come after you for many, many years to come.

Also if this is your primary residence you may be able to qualify to get $3,000 cash at closing on a short sale. I'm not sure if they would give you cash with a deed in lieu.

Bank of America is also offering 5% of the outstanding mortgage as an incentive so let's say you owe $100k on the mortgage, you may be able to get $5,000 at a short sale closing. Chase has offered as much as $35k cash to a short seller, too!

Because of all of the "issues" with your property you cannot sell to an FHA or VA buyer. A buyer getting an FHA 203k can buy it and have the repairs done "after" closing.

One other reason to get is sold via Short Sale is you will have less wait time to qualify for another mortgage.

All the best,
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Thu Dec 4, 2008
Chris answered:
Actual question. Have you gone to my foreclosure blog on this property?
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