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Foreclosure in 90050 : Real Estate Advice

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Activity 212
Wed Aug 24, 2011
Glen Etherington answered:
If the support is delinquent and there is a court judgement and lien against the property, then the lien holder can initiate Foreclosure.
0 votes 6 answers Share Flag
Tue Aug 16, 2011
Scott Parietti answered:
Hi Elie,
Keep in mind that while the amount is negotiable, the bank is now the owner of the property so when they tell you to leave, you have to leave or they could take legal action. The money the bank is offering you is most likely "Cash for Keys" which is money that banks pay to foreclosed homeowners in exchange for the homeowner agreeing to leave the property in good condition. You wouldn't believe how many foreclosed homeowners strip their properties clean when they vacate -- I mean light fixtures, doors, crown molding, carpet, you name it.
If the bank now owns the property as of 8/5 and you have to be out by the 29th, the payment of rent seems to be a mute point since you will have already vacated before the first of the month. The bank should have assigned a rep to you and that rep should be able to tell your tenants where to send their rent checks for the next 90 days. I actually was once a tenant in a foreclosed 4-plex and the bank contacted me immediately and told me to send the checks to them.
I would strongly advise you to do everything by the book and comply with the banks requests, you don't want to risk any legal action against you.
Hope this helps.

Best of luck to you,
Scott

Scott Parietti
Realtor®
Premier West Group
323.632.3409-ph
323.527.0777-fax
www.premierwestgroup.com
scott@premierwestgroup.com
DRE Lic #: 01820791
... more
0 votes 3 answers Share Flag
Mon Sep 5, 2011
John Arendsen answered:
If you're the current homeowner check out this link. http://www.foreclosure.com/statelaw_CA.html.

If you're a renter in a foreclosure here's a link you may want to check out. http://realestate.findlaw.com/tenant/tenant-eviction/renters-in-foreclosure.html?DCMP=GOO-REAL_Tenants-RentersinForeclosure&HBX_PK=rent

Good luck.
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0 votes 5 answers Share Flag
Sun Aug 7, 2011
I. Mia Shin answered:
That $110,172. should cover the rent for 4 years in the area, if you can find a rental for about 1500. per month.
If you buy a foreclosure you have no idea of the cost involved and then there is the prop. taxes until you sell. i do not advise you to buy in an area you do not know anything about. ... more
0 votes 2 answers Share Flag
Mon Feb 13, 2012
Faye Farzani answered:
The owner ( probably the bank) is making it accessible for brokers to show it for sale.
The combination lock contains the keys to the house and the code will only be given to brokers upon request for showings. ... more
0 votes 11 answers Share Flag
Mon Aug 1, 2011
Caroline York answered:
I doubt that your Home Owners Association can block the agent without just cause. Remember, each property is privately owned adn the homeowner has the right to select the person of their choice to represent their property. If she is causing problems with the homeowners at large then you can have the Homeowners Association Board write a letter of complaint detailing the issues one to the local Biard of Realtors In Los Angeles County that would be the Los Angeles County Board of Realtors. http://www.lacbor.org/

Good luck - and remember a Realtor can threaten you with their fleet of lawyers but you have the entire Board of Realtors looking out for you. None of us like having unethical or uneducated realtors giving us all a bad name. But prove your claims first- beyond a reasonable doubt.
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0 votes 7 answers Share Flag
Fri Jul 15, 2011
Bill Eckler answered:
There's a lot here that doesn't "add up."

First, if your information is correct about the bank's foreclosure taking effect on 7/19 property rights typically belong to the owner until that time. This means that they can use the property as they see fit and place whoever they wish in it. Once the foreclosure takes placr and the bank takes owership, they will need to go through the process of removing the occupants. This could consume weeks or months.

Secondly, if you feel you have been provided misinformation by an agent, it may be appropriate to take this up initially with their "broker" and then with the local board of realtors as a possible ethics violation.

On the matter of water damage, most condo associations operate with a set of regulations that allows the association management to access a unit in emergency situations to protect the rights and property of others. This certainly seems that it may apply here. We strongly recommend referring to your association documents or attorney for additional information on this.

Good luck,

Bill
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0 votes 9 answers Share Flag
Thu Jun 16, 2011
Dan Tabit answered:
Jeff,
You need to get an attorney to review your situation. As agents we deal with foreclosures, defaults and short sales, but our licensing is limited.
How this affects you could be in multiple ways depending on the equity available in the property, the borrowers financial status and what may happen next. If you don't get on this right away, you may risk being in a more difficult position if they begin to fall behind your lien. Meet with an attorney right away. ... more
0 votes 7 answers Share Flag
Tue Sep 26, 2017
Fred Glick answered:
Hi Cristina,

This will affect your credit for years to come if it goes into foreclosure.

Try to list the property and have it go through a short sale first. This way would be the less of two evils.

Good luck!

Fred
... more
0 votes 27 answers Share Flag
Thu Apr 14, 2011
Eli Givoni-Short Sale Dept LLC answered:
You can still do a short sale and keep foreclosure off your credit. We can try to negotiate with your lender to let you off the hook for the deficiency. We have been successful with this. If you're not satisfied with the terms, at the end of the day, you don't have to close. You can always let the property go to foreclosure later, but you should, at least, exhaust all your better options.

We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
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0 votes 17 answers Share Flag
Tue Apr 12, 2011
answered:
If you have a complaint against the lender you might also contact the Nationwide Mortgage Licensing system at http://www.nmlsconsumeraccess.org

This will tell you whether the lender is licensed by the CA dept of corporations or the CA dept. of real estate. You can than approach the applicable regulatory agency about your issue. ... more
0 votes 4 answers Share Flag
Thu Aug 15, 2013
Michael Emery answered:
Depending on the value of the property there may or may not be tax consequences. This is a question best answered by a tax professional.

In some instances, California allows for deficiency judgments. This means the lender can come after you for part or all of their loss on the property. But as California likes to make it complicated, this question needs to be answered by an attorney.

Have you discussed with your lender the option of doing a short sale where they would agree not to come after you for a deficiency? This is sometimes the best option in states where lenders are allowed deficiency judgments.

If you're unable to afford an attorney, contact your local legal aide office.
... more
0 votes 17 answers Share Flag
Wed Mar 16, 2011
Richard "RJ" Kas answered:
Good luck... I hope you do get a list, but I doubt anyone will publish it here or give up their contacts... Sorry, but I wish you the best...
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
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0 votes 5 answers Share Flag
Fri Nov 18, 2016
Reo Prep Vendor Management answered:
REO Prep vendor management has just expanded into Southern California and there is a position available for trash out services in the Los Angeles County.
Visit www.reoprep.com and register. REO Prep assigns a majority of the foreclosures & short sales through multiple financial institutions to the agents. Agents have been requesting additional vendors. When you register go to the vendor section of the site. You will have all of your information directly in front of thousands of agents, investors, and financial institutions. ... more
0 votes 3 answers Share Flag
Tue Feb 1, 2011
Linda K answered:
Dear JD:
Do you know who had the house listed for the auction? May be contacting them is a start?
Good luck to you!
Ramona, Broker Associate, ReMax Results, MN, mahb0002@gmail.com, 1-952-239-1697 ... more
0 votes 5 answers Share Flag
Fri Feb 4, 2011
Karen Parsons Fiddler answered:
Hi Aet,

You need to talk to your BK attorney immediately. This is a very complicated situation and there is no time to waste. No one here can give you legal advice nor tell you specifically what's happening with your case.....so please call your lawyer and jump on this.

good luck...I know this is a stressful time for you and I'm so sorry about that.

Karen
... more
0 votes 3 answers Share Flag
Wed Aug 14, 2013
Richard Schulman answered:
Probably...but you never know with short sales. It could be tomorrow, 6 months or never. And anyone who tells you differently is wrong!
0 votes 9 answers Share Flag
Fri Feb 4, 2011
Deborah Bremner answered:
Your question is very unclear. Try again.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
http://www.thebremnergroup.com/news/
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0 votes 2 answers Share Flag
Fri Jul 21, 2017
Lance King answered:
The purpose of a quitclaim deed is when one party wants another to relinquish their interest in a property. In the context of a foreclosure it won't help, but there is something called a deed in lieu of foreclosure where the person(s) on title sign over their interest to avoid the foreclosure process. Usually this only works if there is equity in the property. ... more
0 votes 19 answers Share Flag
Sat Jan 15, 2011
John Barry answered:
Hi Marvin,

If the property has been foreclosed upon and the title has actually transferred back to the lender, then it would be a matter of public record and the change in ownership would be accessible by doing a title search. If you would like to email me the address of the property, I would be happy to look it up for you. My email address is: john.barry@coldwellbanker.com

Have a good day!

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
... more
0 votes 9 answers Share Flag
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