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Foreclosure in Daly City : Real Estate Advice

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  • Local Info6
  • Home Buying34
  • Home Selling5
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Activity 10
Mon Jun 4, 2012
David Tapper answered:
Hi Michele,

Every agent is going to throw their hat in the ring and tell you how great they are. Try getting a referral and if you can. If you can't here is a link from past clients.

http://www.zillow.com/profile/DavidTapper/Reviews/


Good luck.

Tap
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Fri Mar 2, 2012
Ron Thomas answered:
Loan Modification
Here is some information that might start you on your way to understanding what’s going on with Refinancing, Loan Modifications and in particular, Obamaâ€s H.A.R.P. Program:

One report I read, showed that during the initial HARP period, only about 10% of the goal was achieved for helping homeowners in distress. While 10% is a pitiful result, the scuttlebutt is that the actual number is considerably lower; possibly as low as 60,000 (3%)!

One explanation was that INTEREST RATES had fallen so low, during the life of the program, that the Banks were doing Loan Modifications on their own! (Unbelievable!)

I understand that the primary reason for the breakdown in communication, is a new-fangled problem called “OUTLYING”:
What this means, is that when a Lender declines a Refinance/Modification and they report the results to HUD, they do not have to give a detailed reason or explanation; they can merely say that the “APPLICANT WAS NOT QUALIFIED” or “THE REQUIREMENTS WERE NOT SATISFIED”. HUD has been blindly accepting these refusals as Gospel and has not looked into the details of what these phrases mean. The Bank does not have to justify anything, they do not have to explain themselves to anyone. When they decline an application; they do not have to give the Homeowner or the Government a reason.

In addition; the initial parameters for Fannie Mae were 80 to 105% of the Loan to Value ratio, which was ludicrous. With the recent extension, this figure has been increased to 125%, which means that if the property had DECREASED more than 25%, then the new loan will not cover it and therefore will not qualify. (Those of you who are Math Whizzes and Mortgage experts; please check me on this; it’s confusing).

There is absolutely no incentive for the Banks to give away anything; particularly PRINCIPAL!

There are two conclusions which can be drawn from this;
1.) Don’t expect to see a lot of Loan Modifications
2.) There should be a lot more investigation here.
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Tue Feb 7, 2012
Walter 'Skip' Kersten answered:
Hi Manda,
Please review the bank addendum you signed when your offer was accepted. It will lay out what the bank is liable for if they cannot deliver title.
Good luck,
0 votes 1 answer Share Flag
Sun Jan 1, 2012
Ann Ryan answered:
Even if $2000 is not enough, it may be better than nothing. See the link below for more information, or consult a lawyer.
0 votes 6 answers Share Flag
Thu Mar 1, 2012
Scott Godzyk answered:
You really need to meet with an attorney, most do not charge for the first meeting so you can get some direction. You will need to a title search to look at the deed and check ownership as well as see what mortgages or liens are on the property. It may be easy to transfer names if you quailify but may need to buy them out. An attorney can let you know... good luck working things out ... more
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Sat Jul 24, 2010
blaison samuel answered:
Your house has been foreclosed this year only, so you have to wait for another 3-5 years before you can qualify for any loan from a lender. You can also also check with any lender for the loan criteria.

Blaison Samuel
Certified Short Sale Specialist
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Wed Apr 21, 2010
Dan Chase answered:
Eventually one of 2 things will have to happen.

1 you pay what you owe
2 they take the house and kick you out legally.

Sorry, it is that simple.

You would be smart to start looking for an apartment as soon as possible. ... more
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Tue Dec 29, 2009
Terri Vellios answered:
You are correct that the HOA can lien your property and does have the right to foreclose. As for locking you out of your home and amenities I think that is wrong/incorrect. Read your HOA documents. There are a lot of people behind on payments, mortgage, taxes and HOA and this is the first I heard of this threat. ... more
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Tue May 29, 2012
Cameron Piper answered:
Greg,

I would start by contacting the county records office in the county where the zip code is located. Explain to them what you are thinking of doing and see how they might be able to help. Failing that you might check out the local library and look for the archives of the local or county paper where the foreclosures are published - that might be a decent source of information as well. Companies like www.realtytrac.com might also be of some use.

Cameron Piper
#1 Trulia Agent in MN
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Wed Mar 11, 2009
David Tapper answered:
Call PJ Rielly, he is very dependable. PJ's number is 415-317-3731. He is a contractor who has built homes from scratch. You can visit my web site and take a look at his work. He built the home in Brisbane.

Regards,

Dave Tapper
www.Davidtapper.com
650-403-6252
... more
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