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Castaic : Real Estate Advice

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  • Home Buying9
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Activity 13
Sat Apr 7, 2012
Sara Mehrpouyan answered:
Hi Packard,

Usually the 2nd gets sent to collections or charged off after either 90-180 days of non-payment. Unfortunately, there is really no way of telling if and when it will happen. I have had some clients that have not paid on their 2nd mortgages for over 6 months and their loan does not get charged off. Sometimes, they may change the servicer of the loan but that does not mean that they are sending it to collections. Please let me know if you have any additional questions as I specialize in Foreclosure & Short Sale. You may consider a short sale. Especially, because you have the California SB 458 law. Feel free to visit my website for more information www.Short-Sale-Vs-Foreclosure-Help.com.

Good luck,
Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Rodeo Realty
Direct: 818-903-2040
Dre License #01712757
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0 votes 3 answers Share Flag
Tue Feb 14, 2012
Angie Simpson answered:
Packard,

For starters, the lender would notify you if they plan on foreclosing. If you are concerned that you have not received the paperwork (but have reason to believe it was sent), check with the county offices because paperwork would be filed in the event of a trustees sale. If you live in the state of California, it would most likely be a non-judicial foreclosure.

Good luck to you.

Angie Simpson
Coldwell Banker
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0 votes 3 answers Share Flag
Fri Sep 28, 2012
Emily Knell answered:
Thanks to the new laws that were passed last Jan. & in July, if the lien holder agrees to a short sale whether you're an investor or this is a primary residence, they CANNOT seek a deficiency judgment from you in the future.

The only thing you have cause for concern is the Mortgage Debt Forgiveness Act is not on your side. You will be taxed by the IRS at your tax rate for the negative balance forgiven.

Please do a short sale if you're upside down. If you let the home go to total foreclosure, the bank CAN issue a deficiency judgment on you.


Shoot me an email directly if you want to talk about this some more or if you'd like me to look into it for you, I don't look back on this same Trulia thread for answers posted after mine. I close short sales currently within a 300mi radius of where I live.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtor
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0 votes 6 answers Share Flag
Mon May 16, 2011
answered:
The process varies. It depends on numerous circumstances. The main variance is who the investors are for the mortgage(s) on the property you made a short sale offer on.

Bank of America for instance, has a few different 3rd party vendors who handle x%/certain HAFA file negotiations for the loans they service (like REDC, or Loan Resolution Corp). Each appears to handle it a bit differently (the process) based on my experiences. Unfortunately, there is no way to tell you exactly how the process will play out, for you. HAFA offers are supposed to be more streamlined, structured, and and quick. I've heard of getting approval in 10-14 days...and more of an average around 30-45. It just depends from what I can tell.

Whether or not they make a higher counter, will be based *mostly* on what the fair market value for the home is, as determined by them and or their independent verification process, which may utilize a BPO (broker price opinion/appraisal). If your offer is under fair market value, there's pretty good odds you'll receive a counter offer. If you're working with a good Realtor, they should be able to indicate to you where, with respect to market value, your offer stands. Likewise, banks sometimes (go figure) make mistakes, and act on bad information, ie - their value is too high or their value is too low.

Best of luck with your offer!
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Thu Nov 20, 2014
Amir H. Kazemzadeh answered:
Santa Clarita has its bus system which travels from various areas in Los Angeles to and from Santa Clarita and its surrounding areas. It also connects with the MetroLink line as well. I would check either the City of Santa Clarita (www.santa-clarita.com) and the Metro (www.metro.net) websites for more information.

I hope that helps.

Kindly,

Amir H. Kazemzadeh
President, Real Estate and Mortgage Broker
DRE License 01813512, NMLS 309986
Certified General Real Estate Appraiser, OREA License AG029627
ASAP Real Estate Services • an ASAP RES, Inc. Company • DRE License 01862782, NMLS 322735 • "SERVING ALL (APPRAISALS, LOANS, AND LISTINGS) OF YOUR REAL ESTATE NEEDS"
ASAPPRAISALS • an ASAP RES, Inc. Company • "YOUR REAL ESTATE VALUATION EXPERTS" - PROUDLY SERVING THE LOS ANGELES, ORANGE, AND VENTURA COUNTIES
26504 Bouquet Canyon Road, Suite 227
Santa Clarita, CA 91350-2353
661.735.ASAP
818.674.2043 Cell
661.999.3328 Fax
amir@asapres.com
www.asapres.com
www.facebook.com/asapres
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Thu Jun 30, 2011
BOB Khalsa answered:
Give me a call.

Bob Khalsa
Broker Owner
United America Realty
661-260-3911 Ext 13
0 votes 4 answers Share Flag
Wed Feb 2, 2011
Shel-lee Davis answered:
Amarjeet:

Sorry to hear that your bank has reduced your loan approval. It is really important that you ask your lender the reason for reducing the loan amount so you can proceed in your home buying quest with full information. If it has nothing to do with your income and qualifications then you can always shop around for a new lender. If is was based on your verifiable income and debt ratios then this, in a way, is a blessing. It will prevent you from being among the thousands who bought more home than they could afford and are unable to make the monthly payments.

Now to the other issues covered above.
1. An offer on a short sale is contigent on the seller's bank agreeing to take less than the full amount owed them. The offer should have included a C.A.R. form SSA that clearly states this contingency. Until the seller's lender agrees, you effectively have only a contingent offer.
2. All offers have other contingencies in them. One of those contingencies is the ability of the buyer to get the financing. Obviously, you cannot get the financing, so you cannot remove this contingency and effectively, you do not have a valid offer submitted.
3. Your agent works for you!!!! Too often agents are too focused on their next paycheck and not their client's well being. Your agent has a duty to YOU, the client, to follow YOUR instructions and protect YOUR interests. If your agent will not assist you in submitting a formal cancellation on your offer, then call your agent's broker. They should be willing and able to help you out. Your offer was effectively presented by the broker, not the specific agent you are working with and they need to know that your agent is not willing to help you cancel your offer.

Hope this helps and you are still able to find a home that you can afford, with comfortable payments and a 30 year fixed rate fully amortizing loan. Now is a great time to find these deals as housing prices remain affordable, inventory remains high and interest rates are at their lowest levels in history. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
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0 votes 6 answers Share Flag
Sat Nov 20, 2010
Michael Wolff answered:
It can take anywhere from 30-60 days up to 90-120 days! Depends on the area, the lender, the strength of the buyer and the details of the short-sale package.

An experienced agent can help you through it as quickly as possible. ... more
0 votes 10 answers Share Flag
Mon Nov 10, 2008
answered:
Hello there, I will say that is pretty odd for an REO property to not have an answer for 2 weeks. It sounds more like an unapproved short sale to me. We have sold many REO properties in the last 8 months or so, (especially in Castaic) and the longest turn around time that we have seen is about a week... it is usually a couple of days. Assumming that it is an REO property, usually the asset managers don't get personal... especially if there is multiple offers. They will look at the net amount that the bank will receive in order to maximize the return of their individual portfolios. They will also look at how well your individual offer is written, and your ability to close escrow. I hope this helps, and feel free to contact us to answer any other questions via our website. or phone. Best of luck to you, and hopefully we can be of assistance, Sincerely The Scv Agents ... more
0 votes 2 answers Share Flag
Wed Jul 22, 2009
Keith Sorem answered:
Richq
I appreciate your frustration, however the bottom line is what does the contract state AND what did the first agent do?

In California if you agree to and sign a Buyer Representation Agreement - Exclusive, and the agreement is in force, it does stipulate that if you buy a property shown by this agent that they are the "procuring cause".

The truth is that depending upon the paperwork, contracts, etc. the broker of your current Realtor will be "discussing" the procuring cause basis for who is actually due the commission.
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0 votes 5 answers Share Flag
Fri Nov 19, 2010
answered:
Hi Richq - the bank cares about what they net. So if you offer a higher purchase price, but ask for closing costs to be credited back, they really don't care about that gross number, they look at what they'll net after they give you those closing costs - thats your real offer. Lets say your offer is $400k, but you need 10k back in costs. Your net offer is really $390k to the bank. If another buyer comes in at $390k, and they DONT need closing costs whatsoever, its probable the bank would chose that offer between the two options - since a buyer requiring NO help with closing costs, on the average, appears like a more stable buyer financially who has a higher odd on closing the deal, since they must have some $ in the bank to close the deal. Just remember its about what the bank is netting. If your asking for more closing costs than your competition, but you're still netting the bank a higher price, odds are they would take your offer. A bank asking for highest and best is very common, usually in REO deals, not that common in short sales, but it happens, especially when there are multiple offers as you've indicated. Best of luck with everything! ... more
0 votes 4 answers Share Flag
Thu Aug 7, 2008
Terra Bruns answered:
Patty, there a number of land listings available up there...can you tell me what sq ft you are looking for and also are you open to Val Verde which is a part of Castaic that is a bit more secluded?? Either way, I could send you what is available through a special website I set up for you. Let me know if you would like me to do that. ... more
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