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Foreclosure in 94518 : Real Estate Advice

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  • Home Buying6
  • Home Selling4
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Activity 13
Wed Aug 1, 2012
Byron Lohman answered:
The question you're asking requires legal advise. Extremely few responders on this real estate questions site are licensed to practice law in CA. Suggest you seek legal advice from an attorney in your area. ... more
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Tue Feb 21, 2012
Neil Case answered:
Cheyenne,

Both the bank holding the lien on the for sale property and you and your lender will get an opinion of value. Most likely the sellers bank will get BPO (Brokers Price Opinion). In some cases the sellers bank will get a full blown appraisal and in rare cases they might get both. The sellers bank will pay for that. But they will not share it with you. In fact in most cases they don't release the results of that BPO or appraisal to anybody. Next you and your lender will get an actual appraisal (not a BPO) and YOU will pay for that. You will then own that appraisal. It's yours because you paid for it.

In theory the two (or three) opinions of value should be fairly close to one another. But because they are opinions they often times are not.
... more
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Tue Nov 11, 2014
MLSUnlimited answered:
Unfortunately there is no way of finding out until you get served papers by the bank. A foreclosure would be a nightmare for renters, and it is worse for those on lease to own contract. If you are renter and you are concerned about your security deposit, you usually have 1 or 2 months to vacate the house. And a lot of banks offer "cash for keys" as an incentive for renters to move out. Check your landlord's credit history report is also an option.

MLSUnlimited - http://www.digi-go.com/mls/
Sell Your House Fast w/ Flat Fee FSBO MLS Listing
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Tue Feb 7, 2012
Abu Musa answered:
If you have lease you can stay.Forclose can not terminate your lease. In this situation you will get new landlord.Thank you.
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Thu Jun 9, 2011
Shirley Bell answered:
Tue Apr 12, 2011
Suzanne Looker answered:
Hi Monica,
You may want to speak with a realtor who will walk you through all options including auctions.
Good luck to you,
Suzanne Looker, www.suzannelooker.com
0 votes 6 answers Share Flag
Fri Mar 4, 2011
Carolyn Zeigler answered:
Hi Tatoochick,
The majority of banks will come to the door on the day of the foreclosure in California and change the locks on the door so you are locked out of your home with all of your belongings locked inside. My recommendation is to move out a couple days before the foreclosure to avoid the embarassment of the sheriff coming to your door.

Good Luck!

Carolyn Zeigler, CRS, CDPE
Re/Max Accord
email: ZRealEstateLady@pacbell.net
... more
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Thu Nov 12, 2009
Joanna Morris answered:
There are short sales and foreclosures in the Florida market. Some of these can be damaged or have appliances missing even but there are some that are in move in condition. Do you want to be on the Gulf side or ocean side of Florida. Do you want quiet living - not crowded? OR do you want big City? There are some terrific bargains out there right now. ... more
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Thu Oct 8, 2009
The Hagley Group answered:
I am confused! Your bank bought your home? That does not seem right...maybe it was an investor? Give me a call and I will try to help you. you can get my number through the website below. ... more
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Wed Apr 7, 2010
Vickie Nagy answered:
Hello SG,

What did your bankruptcy counselor say SG? There are a couple of ways to stop foreclosure including a loan modification (which would enable you to stay in the home) or a short sale (where you end up selling and relinquishing possession of your home).

You seem to want to stay. See what your attorney can do for you.

Good luck!
Kindest Regards,
Vickie Nagy
Realtor® - ABR, CRS, e-PRO, GRI, SRES
Specializing in "GETTING YOU WHERE YOU NEED TO BE"
(925) 407-7987 cell
http://www.VickieSellsHomes.com
http://www.BestTriValleyHomes.com
Vickie Nagy | Keller Williams | 760 Camino Ramon Suite 200, Danville, CA 94526
CA DRE License #01363932
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Tue May 27, 2008
Jim Johnson answered:
HOA dues are a legal obligation. You need legal advice. Consult with an attorney. You should bring a copy of your HOA covenants and restrictions with you when you meet with the attorney. ... more
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Sat May 18, 2013
Mike Mueller answered:
If the property did sell - the new owner may attempt to contact you (your friend). If the property didn't sell it'll become bank property (REO) and they'll usually assign a local Agent to offer you "cash for keys". Move out peacefully and we'll give you x amount of cash.

They can just send the sheriff out and they will escort you off the property.
Your stuff will be held in storage. The doors will be re-keyed. Your half eaten breakfast will be left on the table. It's a very sad thing. The only thing you have going for you is that you might be able to use the sympathy of being a displaced renter with the sheriff. That might buy you an extra 10 minutes of packing time.
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Sun Nov 18, 2007
Ute Ferdig answered:
Hello Carissa. No, you cannot do a short sale without all lenders with a secured interest in your property t signing off. When you have two lenders and not enough equity to offer the second more than just a few cents on the dollar, then the second lender does not have a lot of incentive to agree. Some second lenders will only agree to a short sale if the borrower agrees to a personal note. Either way, the lenders will not entertain any short sale negotiations until an offer is on the table. You'll also have to submit a short sale package to substantiate why the lenders should take less than what it owed. My recommendation would be that you retain a real estate professionals with short sale experience as trying to do this on your own is very difficult, time consuming and frustrating. You also want to consult with a tax professional regarding the tax consequences of a short sale (lenders have to issue 1099 for the amount of the debt that is forgiven). While there's a tax bill under consideration that might change some of that, there are limitations as I believe the Mortgage Forgiveness Debt Relief Act would only apply to purchase loans (i.e., loans that were given at the time of the purchase as opposed refinancing or post purchase- that's what I have heard).

If the property is foreclosed by the first lien holder, then the second will most likely end up with nothing as the proceeds from the bank foreclosure sale will most likely not be enough to pay even the first, let alone the second. While a short sale will affect your credit score, a foreclosure will be a lot worse.

Good luck to you.
Ute Ferdig
... more
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