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Foreclosure in 92649 : Real Estate Advice

  • All24
  • Local Info2
  • Home Buying7
  • Home Selling5
  • Market Conditions0

Activity 23
Thu Sep 27, 2012
Dan Tabit answered:
If they own the home and you are possessing it, you are technically a tenant and they are the landlord. You should look up the landlord tenant act in California to understand your rights and theirs. Typically, they should give you some notice before expecting to come in, but they are also allowing you to stay 30 days rent free I assume. Working with them may be to your advantage, but learn your rights asap. I'm sorry you lost the house. ... more
0 votes 5 answers Share Flag
Wed Sep 19, 2012
Ron Thomas answered:
You are right, right now your house has no value:
The Value will be determined when the Bank re-sells the house.
The DIFFERENCE between that Sales Price, and your LOAN AMOUNT will determine the DEFICIENCY.
Also, your clock will not start until the Escrow Closes this next sale.
I have that on good authority that the Banks will use the re-sale date for your 3 years of penance.

Now, the good news;
California is a Non-Recourse State:
There are some restrictions, but you be Okay with regards to a Deficiency Judgement. Those exceptions could get you; so I suggest you read up on California Deficiency Judgements.

At least the IRS is considerate about the whole thing: Look at the Debt Forgiveness Act of 2009.

Good luck and may God bless
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0 votes 3 answers Share Flag
Thu Sep 20, 2012
Janis Chiapparo answered:
You can buy it back at listed price, good luck winning the bid
0 votes 2 answers Share Flag
Thu Aug 29, 2013
Ron Thomas answered:
1.) enlist the help of a Realtor
2.) let him guide you.
0 votes 9 answers Share Flag
Tue Sep 15, 2015
Carlos Morales answered:
Hello April, that's sad news, but yes, it's very likely that the new owner whether is another bank or a private investor, they will contact you to request an appointment to see the property condition and they will offer you an incentive to move out without filing an eviction. This incentive could be money or time, sometimes both.

I'd recommend you to begin looking for a new place to move so when they contact you, you are ready to negotiate possession.

I hope this work, if you need help looking for new place; please call me at 714-955-1932
... more
0 votes 19 answers Share Flag
Thu Dec 8, 2011
Alex Buffalini answered:
They will be able to come after you for fraud if you are able to make the payment before you buy the next home. This is referred to the buy and bail. It would be better to sale your condo and then buy a new home. feel free to contact me direct for further questions. ... more
0 votes 11 answers Share Flag
Wed May 18, 2011
penelope la montagne answered:
Your homeowners' association can foreclose on you as well as your lender. If you are resigned to losing your home in foreclosure, it does not seem feasible to continue to pay your homeowners' dues. This is a real world scenario, and the bank foreclosing on the property will bring the hoa dues current for the next buyer out of the proceeds of the sale. While the property is vacant, no dues will be paid to the homeowners' association, which could affect their reserve funds for repairs and the ability to get financing for new buyers if the reserves are underfunded. It is still your call. ... more
0 votes 10 answers Share Flag
Sun Apr 10, 2011
Stacey answered:
This is Stacey letting people know we have the cash. I just need to know how to start looking for the foreclosure homes,
0 votes 13 answers Share Flag
Mon Feb 27, 2012
Connie Bramble answered:
Hi Fred,
What is the verbal agreement the seller has? Is there a tennant in the property? I believe you need to have your seller cantact an attorney on this. Especially with the estoppel. I don't know how the deed in lieu will change the situation with that. Your seller could have responsibility to that tennant. You need an attorney, try the CAR attorney hot line or just have your seller call for a phone consult.
Good Luck,
Connie Bramble
Prudential CA Realty
... more
0 votes 18 answers Share Flag
Mon May 17, 2010
Michele answered:
how to buy a home in forclosure.
0 votes 15 answers Share Flag
Wed Jan 17, 2018
Brad Davidson answered:
Anyone can do a title transfer with a quitclaim deed. If this is one of the companies claiming to be able to save you from foreclosure, BEWARE!!! Putting title in another name won9;t stop a foreclosure. This is a money grab by people preying on others that are in trouble.

Brad Davidson
Broker - 01416432
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0 votes 93 answers Share Flag
Tue Sep 29, 2009
Sally Picciuto answered:
In California, we are a non-judicial foreclosure state, which means that once it is foreclosed upon, there is no redemption time period. The exceptions would be when the power of sale clause is missing, usually involving commercial loans, helocs and hard money loans. You are best to consult a real estate attorney asap.
Sally Picciuto
Broker Associate
Seven Gables Real Estate
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0 votes 7 answers Share Flag
Tue Sep 29, 2009
William Squires answered:
If you have made 10 offers and none of them have been accepted. I don't think it's your agent that's the problem. I think you should consider making better offers.
0 votes 22 answers Share Flag
Sun Jun 28, 2009
Cyndi Mino answered:
And that's the right answer. Short Sales can take anywhere from 30 days to more than 6 months to be approved and close escrow. The average is now 2-4 months for approval. Is your agent also the Listing Agent?

All you can do is continue to look at other properties and have your agent continue to stay in touch with the Listing Agent during the Short Sale Process.

If I can answer any other questions for you, please call me. I have been both a Listing Agent and Buyer's Agent on many Short Sales and find that they are all very different.

Cyndi Mino
First Team Real Estate'714-349-2424
... more
0 votes 7 answers Share Flag
Tue Jun 16, 2009
Karen Parsons Fiddler answered:

Ooh...that's a good question. The advantage is that you can get a great price...the disadvantage? It's pretty sight unseen. They don't normally have inspections available and you have no contingency periods as with a normal sale. But...if you are willing to deal with whatever you can make some great money. I would suggest you run the address by a realtor first..usually they have been on the market before they go to auction. We can call the agent and see if they have any information to disclose about the home. The old listing might have known defects disclosed too.

Agents don't represent you in this...but I'm happy to do some research for you if you like?

... more
0 votes 11 answers Share Flag
Fri Feb 24, 2012
Bob Phillips answered:
There ARE circumstances wherein the lender CAN come after you later, for a deficiency. Not on purchase mortgages ( The loan or loans you used in order to buy your residence.) BUT, they may be able to come after you for deficiencies in loans you obtained later, like HELOCS, ( Home equity, lines of credit.) or quite possibly, a later refinance for a higher amount. Those are usually or frequently written differently, giving the lender "recourse" - the ability to pursue you later, in court.

The bottom line might be, if someone has talked you into - or IS trying to talk you into - a short sale, you'd best be careful that you don't have a recourse loan. Bear in mind also, that I am not an attorney and I am not trying to give legal advice - just sharing some things I have heard.
... more
0 votes 14 answers Share Flag
Tue Jun 16, 2009
Barbara Robbins-Olexa answered:
It is very frustrating even today dealing with short sales. I am finally getting an answer hopefully from the bank (Chase) in a few days or so they say after no word for 5 months. WAMUs was also having financial difficulties in 2007 and had decided at least when I was doing a loan with them for a client to shut down their mortgage division just as she was waiting for approval with 70% down and turned her down just before it was shut down and then purchased later by another bank. They kept her thinking she was getting the loan until the end.

As far as anything I have read to date, all of the financial help that is coming on board is for those in the foreclosure process now. Unfortunately I don't think there is any help for those like you but if I hear of anything and your are willing to provide me your email address I will be happy to email you any information I hear about that might be helpful to you.

Sorry again I don't have any better news.

Barbara Robbins-Olexa, Broker, e-Pro(R), SRES(R)
L B Brokerage
... more
0 votes 6 answers Share Flag
Tue Sep 29, 2009
Patrick Beringer answered:
The bank can definately do this. The purchase and sale agreement you signed is between you and the seller, subject to lender approval. Until you have that approval letter from the lender regarding your specific transaction, there is no deal.

I just went through this situation--The bank gave us a verbal approval but someone else at the bank closed our file and killed the deal. After this happened I spent 3 hours a day for the next 4 days on the phone with that bank trying to get the deal revived. In this situation it was a matter of one hand not knowinmg what the other was doing and I was able to get it fixed. 8 days after they denied our transaction, we closed. Your situation may still be salvagable--Have your agent discuss what's going on with the listing agent and see if they can talk it over with the rep who originally gave you the approval.

For the record--Short sales are a nightmare. The banks are definately not effiecient or easy to work with. Sometimes they shoot themselves in the foot, but I guess that's their perogative.
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0 votes 7 answers Share Flag
Tue Jun 16, 2009
Susan Wesely answered:
HAVE to pay cash? Not likely, but probably depends on the property. Sounds like you need a buyer's agent to represent and educate you,and a loan officer to determine what you can aafford. You should be able to get a mortgage on a foreclosed home, assuming you have good credit and the home appraises for at least the loan amount. Even if you need to make repairs, there are mortgages that provide for that. ... more
0 votes 16 answers Share Flag
Wed Jun 24, 2009
Jason Williams answered:
If you need a loan to pay for it, I would talk to a Mortgage Broker first. When you say foreclosure do you mean REO's? Short sales? I would talk to a Real Estate Agent that specializes in foreclosures. Every Agent you speak with is going to say that they specialize in whatever you are looking for, so ask them how many foreclosures they have worked on(and watch them dance). When you find the an agent you are comfortable with, you are on your way. Remember to be very diligent. Most of the great deals are on and of the market before the ink dries.

Good Luck
... more
0 votes 20 answers Share Flag
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