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Foreclosure in 87121 : Real Estate Advice

  • All15
  • Local Info2
  • Home Buying10
  • Home Selling2
  • Market Conditions0

Activity 14
Mon Feb 18, 2013
Tina Lam answered:
Unfortunately, you don't have many rights now that your landlord has lost his rights to the property. You can get in touch with the lender/owner right away and work out a new lease arrangement. If you don't have their contact info, you may just have to wait until they contact you, but you run the risk of being evicted. ... more
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Tue Mar 20, 2012
David Stafford answered:
Go to and look up public records. First go to tax assessor and look up by address to get legal description, then go to records lookup and punch in legal. Look for a lis pendens notice, which is first step (notice of default). ... more
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Wed Dec 27, 2017
Roland Vinyard answered:
Generally, you can't, especially with the multi-state big banks. When they are ready to sell, they use brokers and do not deal directly with the public. There may be exceptions, but they are mostly with the small, more local banks. ... more
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Sat Mar 3, 2012
Keith and Gina MacRae answered:
go to our Facebook fan page Cecilia where you can view a whole bunch of foreclosures, HUD homes and bank owned properties. The address is Enjoy!

Keith and Gina MacRae
Coldwell Banker Legacy Realtors
(505) 250-5779 or (505) 379-3225
... more
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Sat Oct 30, 2010
Arthur Miller answered:
I recommend that you contact a Real Estate Lawyer. Our office uses and recommends Sylvan Segal at 888-8888.
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Sat Aug 7, 2010
Chris Smith answered:
Chris - my experience it is a numbers gaming and timing. It will be hard for you to get insight on that purchase price the bank would accept. Unless you can press the listing agent for information, the banks inventory, profit/loss margins, etc are all areas taken into consideration when bank reviews your offer. For example, I have made offers on bank foreclosures with clients and the bank countered at list price with no flexibility in price or terms. I have made offers with clients and the bank has accepted substantially less. Bottomline, review comps put together an offer and send it are not going to offend anyone. Remember to press the listing agent for action. Sometimes you will experience delays, etc. It is a good idea to clarify respond time with listing agent prior to submitting offer. Also, my experience is that you just make an "as is"....if you are trying to negotiate repairs, etc.....usually delays the process. Make the offer as simple as possible would be a good general guideline. Good luck and let me know if I could be of any assistance. ... more
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Thu Dec 10, 2009
David Stafford answered:
You should start here: and/or consult a real estate attorney.
If possible, you ought to take this once in a lifetime opportunity of the perfect storm of conditions for buyers and try to buy your own home. Call me to discuss this in more detail, and to determine if it is right for you. Best of luck to you!
... more
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Wed Oct 14, 2009
Philip asked:
Wed Oct 14, 2009
Philip answered:
Hey There, how many apartments are empty? And what part of town are they in ? You say it has deteriorated in the neighborhood, or are they just in a bad area to start? I am in Albuquerque and may have some ideas for a solution to your problems, note I said MAY have, my e-mail is if you are interested shoot me a message. ... more
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Tue Dec 8, 2009
Brandon DENT answered:
No, all HUD homes do not get remodeled.
Best wishes,
Brandon DENT
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Fri Apr 2, 2010
kjflk;asdjfhasldjfl; answered:
I'm willing to work with you in that regard. You may call me if you like. 505-977-9733
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Sat Jan 31, 2009
Dennis Smith answered:

In general, there are several options, depending on your financial situation.
Your best are probably A, 2 and 5

A - Call the lender(s) and explain the situation. Ask for a workout.
1 - Sell at a loss and come out of pocket with the difference.
2 - Sell as a Short Sale and the lenders take the loss (You must have a verifiable hardship).
3 - Keep the home till it appreciates to the loan balance.
4 - Rent it out.
5 - Get a loan modification from Hope Now - HOPE NOW is an alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants that provides free foreclosure prevention assistance. See the tab called "Helpful Resources".
6 - Let the home go into Foreclosure.
7 - Deed in Lieu of Foreclosure. You quit claim the prpperty back to the bank. They do not have to accept.
8 - Bankruptcy (If the house has no equity, it will be removed from the BK).

First a definition:
A "Short Sale" means that the loans and obligations are more than the property is worth so the seller is "short" of enough funds to pay off the existing loans, taxes, closing costs and other obligations against the property. The seller requests the bank take an amount which is short of the amount owed instead of foreclosing on the property. The bank will consider a short sale if the seller has a verifiable financial hardship, and, the bank will get more for the property than it will in a foreclosure.

A Short Sale can occur with or without the bank filing for foreclosure. Usually it is a race to see of the property can be sold before the foreclosure. Foreclosure in California takes 90 plus 21 days from the date the bank filed. This can be proceeded by 2 to 12 months of the seller not making payments.

The seller does not get any money from the sale, however, the seller usually is not asked to pay any of the back obligations or transaction costs. The bank pays all these costs and eats the loss. It is a big hit on your credit report but not as bad as foreclosure.

There are 3 approvals required on a short sale.
1 - The Sellers acceptance of the buyers offer. That is easy since the seller does not have to pay anything.
2 - Banks acceptance of the price & terms. Banks usually want at or near fair market value.
3 - The banks acceptance of the sellers verifiable hardship = no deal.

A Short Sale is usually anything but "short".
Most banks will not agree to a short sale in writing until they have a formal offer. Before a short sale is APPROVED, the sellers have to submit an application, hardship letter, financial statements, tax returns, pay stubs, the purchase agreement from the buyer, a HUD statement from the pending transaction, payoff letters from all lenders involved, and several other things depending on the lender.

Either lender can start the foreclosure action.

If your equity loan is not a "purchase money" loan, they will be able to come after you for the difference but rarely do, except in cases of fraud.
... more
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Wed Jan 28, 2009
Gilda Baxter SRES, GRI answered:
Dear Bj
I suggest you call your lein holder. They are trying to work with borrowers lately. On the other hand, if you don't talk to them, you will lose your home.
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Sat Jul 5, 2008
David Stafford answered:
The pursuit of people facing foreclosure has gotten rather competitive over the last few years so by the time they are foreclosed on they are often not such good deals anymore. In fact, most banks/lenders and the VA and HUD now market their REO properties in the MLS with brokers just like any other home on the market - usually listed at market rate. They are occasionally decently priced and good for handyman properties, but rarely are they the deals they used to be and never are they the bargains those TV commercials claim. The government foreclosed homes can be found on the web at (HUD homes) and (VA homes). Nowadays, in order to get the bargains you may be seeking, you connect with distressed homeowners before they are in foreclosure. Typically, when homeowners miss their 3rd payment, the lender will file what is called a Lis Pendens, which is recorded with the county and is the first public notice that the homeowner is in trouble. Because of the competition, within days of this happening the homeowner will be assaulted with numerous letters and possibly phone calls and even knocks at their door. My letter is one of the many. This is what you need to do if you want to get those bargains. There's another great way to get good deals right now and that is buying homes for less than owed by the bank, which is known as a short sale. This is something I specialize in and would be happy to help you make such a purchase, if you'd like. Simply contact me anytime. I hope my answer has been helpful and if so, please mark it as such. Best of luck to you David! ... more
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