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Foreclosure in 90101 : Real Estate Advice

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Activity 212
Thu Mar 1, 2012
Paris and Connor MacIvor answered:
Tue Apr 3, 2012
Scott Godzyk answered:
You should at all costs try and avoid foreclsoure, becuase you are forced to sell, you are a prime candidtae for a short sale, hire an agent who is experience din short sales and make sure they have a professional negotiator that will work on YOUR behalf. The bank iwll have its owne negotiator so you need soemone looking out for you.

Please see my blog on how to get your short sale approved.
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0 votes 27 answers Share Flag
Mon Nov 1, 2010
Bob Movin-On answered:
Just go with the necessary deposit in certified funds, but if you have not been through this before let me forewarn you now. the likelihood you would win a property at action is slim, the bank will be there and they will bid what is owed plus costs. ... more
0 votes 2 answers Share Flag
Mon Oct 25, 2010
California Homes & Mortgages answered:
Tough spot you're in.

Try this:
Go to the City yourself and talk to a real person.
(Bring all your escrow papers.)
Get a copy of the last 9A report filed to have in your files

Bug Fannie Mae everyday until you get it !

Talk to the Listing Agent's Broker !

Tough spot !
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0 votes 4 answers Share Flag
Mon Dec 20, 2010
Desari Jabbar answered:
Its never a good idea to stop paying your rent without a good reason. And a property that could be "about to face foreclosure" isn't a good enough reason. Check the tax records and see what you can find out. Until the property has a foreclosure sale, the property is still owned by your current landlord.

This is probably a stressful time. But, you do have rights. If you have a valid lease, the bank will more than likely honor your lease. If you're a month to month tenant, you'll have the option of accepting a financial settlement from the bank or you'll have 90 days to vacate.

Please ready my blog

Best of luck to you! Keep us posted.
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0 votes 10 answers Share Flag
Tue Oct 19, 2010
Gerard Dunn answered:
Both of these processes will severely impact your credit.

After a short sale - you can be eligible to qualify for a mortgage loan after 2 years.

After a foreclosure - it can take up to 7 years to be eligible.

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
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0 votes 35 answers Share Flag
Fri Oct 29, 2010
Alicia Chmielewski answered:
It just depends on how fast your agent forwards the offer to the seller's agent and them to the seller. If the seller is a bank they may wait a certain number of days to see all offers. Keep in open communication with your agent and they'll do all the follow up necessary. ... more
0 votes 2 answers Share Flag
Wed Oct 6, 2010
Sara Mehrpouyan answered:
Please do not take this as legal advice as I am not an attorney. You should speak with an attorney. However, yes, the HOA can come after you if they choose to (if it was not settled somehow before). This is why it's better to do a short sale as well -- to try and settle with the HOA. Good luck--talk to an attorney.

Sara Mehrpouyan, Rodeo Realty
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0 votes 6 answers Share Flag
Tue Oct 19, 2010
Thomas Tolbert answered:
If a buyer purchases a home that has a tenant in place, any existing leases carry over to the new owner. The fact that this is a short sale does not make any leases null and void.
0 votes 3 answers Share Flag
Wed Sep 22, 2010
Kevin Olson, Jessica Laude answered:
Hello Pat,

This varies in each state, and it is best to talk to lenders and agents (talk to a few because some aren't sure) in your area to find out.

Some states are consumer friendly and there are things like a 6 month redemption period after the sale date/auction date. In some states the auction date and sale date are two different things. If you vacate the home early, many times the bank will rekey the home and treat it as abandoned to speed up the process. They do this because they have to protect the home.

Be very careful of any answers you get other than the professionals in your local area. You need a clear and definitive answer on this one.
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0 votes 1 answer Share Flag
Thu Oct 2, 2014
Suzanne MacDowell answered:
Lis Pendens is a legal term, I am not an attorney, and you have done the right thing by consulting one, however, my understanding of the term is that it notifies the public of pending litigation. In a foreclosure situation it is usuallyt he first document filed, even before the complaint for foreclosure, notifying the public that the property is the subject of pending litigation, the foreclosure action. I am not familiar with any consequences for completing the sale prior to filing for bankruptcy, especially Chapter 7. And, if they have no assets and cannot afford the mortgage then I would expect the trustee would order the home sold as a short sale. It's hard to tell, but one thing is certain, the homeowners will buy themselves a little time by filing for bankruptcy. It could be that there are other debts, credit cards and so on, that have made it urgent for the homeowners to file bankruptcy now rather than wait. I would let the attorneys talk, it may be this action won't affect the sale at all.

Listen to your attorney and good luck.
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0 votes 17 answers Share Flag
Sat Sep 18, 2010
Ruth and Perry Mistry answered:
After. The auction the banks will secure title. Since, the property is in California a Sheriff will
Come and post a sign to vacate.

Banks may get in touch with the owner directly and offer them cash for keys.

There are no guarantees that the home will be left in good condition.

Good luck.
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0 votes 4 answers Share Flag
Tue Oct 12, 2010
Scott Godzyk answered:
transferring the property will not help unless the mortgage is paid off by the new buyer obtaining a new mortgage. If you have a source of income, your best bet is to call your bank, ask for teh home retention department, let them know your problem and that you want to keep your house. Ask about a forebearance or loan modificatio which can bring you current and allow you to make payments once again. if you have no income, it is unlikely to be able to keep a home if you can not pay for it.

Good luck with working things out
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0 votes 7 answers Share Flag
Wed Oct 13, 2010
Paris and Connor MacIvor answered:
You need a cashiers check for the amount you want to spend (your maximum purchase price) - there is a list for the day of the auction that you get when you arrive. Then after you give them your check and register, you are let into the crowd, they announce the property and you bid against the others at the auction.

Simple, the work before the auction is the labor intensive part of the process. To get the potential property lists for Pomona and Norwalk. To make sure there are no leans on the home - to make sure it is vacant, and to do the comparable values and draw your lines in the sand as to the maximum price you are willing to spend.
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0 votes 15 answers Share Flag
Sat Apr 14, 2012
Tom and Joanne Team answered:
Dog Lover:

The only way that I am aware of to get free listings is to go to the local court house and research the listings. Since this is a pain in you know what most services charge for this information. All the best. ... more
0 votes 10 answers Share Flag
Wed Sep 29, 2010
Scott Miller answered:
Hi Hoa. Why don't you contact the president of the HOA and ask them to rent out your unit starting tomorrow? Ask them to keep all of the monies that are paid for rent and apply them to what you owe. This is what's being done in Florida.

Why has the property been vacant for a year???!!! The rental market is booming!

Scott Miller, Realty Associates, Boca Raton, FL
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0 votes 11 answers Share Flag
Wed Sep 1, 2010
Scott Godzyk answered:
Most options include forebearance if you are behind in payments or a loan modification for extending the term of the mortgage or lowering the interest rate. You should start by contacting your bank, ask for teh home retentin department and ask them for assistance. If you are not getting anywhere you will want to talk to a real estate attorney for your options. good luck with working things out ... more
0 votes 8 answers Share Flag
Wed Sep 1, 2010
Richard "RJ" Kas answered:
Hello Jon,
If you are a 1st time buyer, I would avoid it, unless you have a trusted contractor or you have extensive renovation skills. You should look at the purchase price, the lease amounts and a copy of the violations and what it would cost to correct. There are a lot of short sale and foreclosure opportunities out there that are not in that program and are great values. Unless you are in love with the potential of this one... I would keep it on the backburner and see some others as a comparison. I am always happy to assist.
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 - - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
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0 votes 5 answers Share Flag
Tue Apr 3, 2012
Scott Godzyk answered:
First thing is verbal acceptance is worthless, you need to get it in writing. Most lenders do not gove a verbal acceptance anyway, the verbal part may be conversation from the banks negotiator to the person negotiating for the seller what they will take. If it is not in writing, it is not accepted and not binding.

So first get it in writing, second all commissions in short sale gets reduced, that is why most agents will purposely raise their commission knowing the bank will only pay 5 if there is a buyers agent and soemtomes only 3 or 4 if they are the only agent involved in the deal. For the agent to risk killing the deal to get greedy, is unethical. It may not be against the law, but it violates their agency releationship with the seller and with the buyer if they are the buyer agent too.

if the agent on their own tries to checnge any terms the seller sbank says tehy will accept will cause a delay in the bank having to review it again.

good luck working things out, make sure you get things in writing.

Please see my blog for more short sale tips.
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0 votes 20 answers Share Flag
Sat Mar 1, 2014
Richard Schulman answered:
You'll need to contact an attorney or the city. The city may provide legal advice to you. If you are paying rent, you may be able to withhold rent to make the needed repairs. And, of course, you can always move.

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0 votes 10 answers Share Flag
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