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Foreclosure in El Dorado County : Real Estate Advice

  • All23
  • Local Info7
  • Home Buying8
  • Home Selling1
  • Market Conditions1

Activity 22
Sun Aug 5, 2012
Morgan Larson answered:
Cash for keys is always a maybe.

Instead you might think about the short sale route. By doing a short sale you may qualify for HAFA which does include some guaranteed money toward moving expenses.

Another benefit of a short sale would be that you could clear the deed of trust from your assets on your own time schedule, rather than the banks.

If you have more questions, I'd love to help. Contact me anytime.
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Tue Apr 17, 2012
Robert Stiles answered:
Never heard of someone countering a CFK. I'd take it and run before they reduce the amount.
0 votes 2 answers Share Flag
Sat Aug 27, 2011
John Arendsen answered:
I would borrow the money from a friend or a relative. If they are concerned about security offer them a position on the property as collateral until and pay them off once you've settled with your Trustee and have possession of the property. This is not a difficult situation and you certainly shouldn't let it threaten your position on the property unless it is upside down or underwater. ... more
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Wed Mar 16, 2011
Cynthia Clark answered:
Give them a call. I have nothing to say about them. I will not promote them.
0 votes 9 answers Share Flag
Thu Feb 24, 2011
Michele Peterson answered:
Sorry about your loss.
If you would like to email me, I can look up the transaction for you
and explain the details and amounts to you. It is difficult to give an exact answer
without seeing the entire transaction.

callmichelepeterson@gmail.com

Happy to help you answer these questions and any others.

Michele
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Mon Feb 27, 2012
... answered:
Those will be placed as liens against the property. The consequences for you would be that it would appear on your credit report and any financing thereafter would be difficult. You could still be pursued for the debt. ... more
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Thu Jun 27, 2013
Scott Godzyk answered:
they will go through the evcition process, it differs form area to area, mostly gives you 30 day notice than if you request a hearing it takes another 30 days. your best bet is once they contact you, ask for cash for keys, they will pay you to move within 30 days. If you want to keep your house, though, you really should call and ask to speak with the home retention department, see iat least if they can help.... ... more
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Tue Aug 3, 2010
Doug Zeller answered:
Property details and pictures are available at: www.eldoradocountyforeclosures.com or www.sierraproperties.com

You may also call (530) 409-8351 for additional information, with no obligation! ... more
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Fri Jul 9, 2010
Penny Morgan Parker asked:
0 votes 0 Answers Share Flag
Wed Jun 30, 2010
Ruth and Perry Mistry answered:
Hi Marley:

Regret to hear about your problem. It is prudent for you to get advise from a Credit counselor
who can advise you or a Real Estate / Bankruptcy Attorney.

Check the following blog out:


http://www.trulia.com/blog/perry_mistry/2010/05/if_you_have_foreclosed_or_foreclosing_you_could_owe_lenders_c_a_r_is_proposing_a_new_law


Goodluck.
Perry
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Tue May 18, 2010
Dp2 answered:
Yes, you can--provided the other owners, who are members of that HOA, don't have the first right of refusal to purchase them.
0 votes 3 answers Share Flag
Thu Jun 3, 2010
Jane Grant answered:
Michelle: There are many Real Estate networks where you can find experienced buyer's agents to assist you. A buyer's agent can show you all of the listings in the area and not be partial to only their listings.
Activerain is a great source to find an experienced agent: www.activrain.com Link to Eldorado Hills: http://activerain.com/states/CA/counties/El%20Dorado%20County

Here's an unbiased article from Bankrate.com on choosing an agent: http://www.bankrate.com/brm/news/real-estate/agency1.asp

Interviewing agents first over the phone is best. See if they answer their phones and e-mails, and how quickly they respond. When you are purchasing a home you want a full time agent who is very communicative.

Happy House Hunting!

*****
***
*
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0 votes 7 answers Share Flag
Sun Feb 14, 2010
Hannah Fliegel answered:
Hi Marie,

Well she needs to move at some point so why not listen to the one who is offering the cash to move? Make sure they do not pay her moving truck. They might put all her belongings in storage and then charge her the money they gave her to buy it out of storage.
I would be happy to send her my e-book about how to return to home ownership if that is her goal. I certainly wish her well.

Good luck!

Hannah Fliegel
The Credit Repair Expert
415-999-9348
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Mon Aug 12, 2013
Keith Manson- Metro Milwaukee Wisconsin answered:
I would contact your lender and try to apply for a modification. It will depend on you income , your current mortgage payment and your outstanding debt. The best way to start is by contacting www.makinghomesaffordable.gov. The program has had bad press but it all depends on the lender and how they implement it.

Other options are:
1. Do Nothing- If a homeowner does nothing, they will most likely will lose their home at foreclosure auction. This is a major credit problem which will affect the homeowner’s ability to obtain credit for homes, auto’s etc for years. THIS IS THE MOST COMMON REACTION AND THE WORST THING A HOMEOWNER CAN DO.
2. Payoff/Refinance- Completely pay off the entire loan amount plus any default amounts and fees. Typically this is accomplished by refinance of the mortgage loan. The new loan is usually at a higher interest rate, plus there may be a prepayment penalty because of the recent default. This option is available if the home is worth more than the payoff amount of the delinquent loan and assumes the homeowners still have reasonably good credit scores.
3. Reinstatement- Paying the entire past-due amount on the mortgage loan (all missed payments, plus interest, attorney fees, late fees, taxes, and other fees). This requires the lender’s approval, particularly if foreclosure has actually started.
4. Loan Modification- Work with the mortgage lender to rearrange the conditions of the loan (add years to the loan term or increase the amount of monthly payments to repay the delinquent payments and costs over the remaining life of the loan). This may allow the homeowner to “catch up” without having to refinance the entire loan. To qualify, you must prove to the lender you have fixed the problem that caused the late payment. This requires lender approval.
5. Forebearance- Lender might agree to a temporary repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements. This requires lender approval.
6. New Second Mortgage (Partial claim)- In some cases, the mortgage lender may give the homeowner an additional mortgage, secured by the home. All of the new loan proceeds are used to bring the 1st mortgage up to date. From that point on, the homeowner must make payments on both the original and new loans. Depending on the mortgage lender/investor, this option might be fairly easy to obtain but must be requested by the homeowner.
7. Deed in Lieu of Foreclosure/Quit-Claim Deed- Give the property to the lender instead of letting the lender take the property by foreclosure. While less damaging than a foreclosure, this will still impact the borrower’s credit score. Banks generally require the home be well maintained, all mortgage payment and taxes to be paid current and the home must be in good condition. This requires lender approval.
8. Bankruptcy- This option can liquidate debt and or allow more time to pay the loan current. (I can refer you to a qualified bankruptcy attorney.)
. Chapter 7 (Liquidation) Completely settles personal debts BUT takes home away from the homeowner (this might delay a foreclosure long enough for the homeowner to bring the loan current or sell the home)
. Chapter 13 (Wage earner Plan) Payments are made on a plan to pay off debt in 3-5 years (Homeowner can keep the home).
. Chapter 11 (Business Reorganization) A business debt solution (similar to Chapter 7)
Any bankruptcy will have a negative impact on credit scores, but may enable a homeowner to keep the home or sell and retain equity .
9. Rent the property- This option works best when the monthly rental payment is equal to the full mortgage payment. It can also work if the homeowner has the ability to cover the shortage. To use this option, the loan must be brought current. This requires lender approval.
10. Sale- There are two types of home sales:
a. If the property IS worth at least enough to pay off the mortgage debt, the homeowner may sell home without lender approval through a conventional home sale. This is the best method for protecting a homeowner’s credit score, but becomes more difficult to do as the number of missed mortgage payments increases. ,
b. If the property IS NOT worth enough to pay off the entire mortgage debt, a “SHORT-SALE”, also known as a pre-foreclosure sale, can be negotiated with your lender by a Real Estate Professional. This requires lender approval and may affect the credit score.

Keith Manson
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0 votes 7 answers Share Flag
Tue Feb 2, 2010
DeeDee Riley answered:
Hi Jack,

This property is not currently listed for sale. If you would like I could enter your email in a search for that address and you would be notified when it came on the the MLS as an active listing.
Send you email adress to me at driley@golyon.com.

You can also visit my website where I have a hot link for all bank owned listings for Cameron Park and also one for El Dorado Hills. The links are located at the top of my web page.
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Tue Dec 1, 2009
Espie Agbayani answered:
Lenders are starting to get it to the property management business as they have overflow of properties. Simply said, there is no titleship since the relationship is between a landlord (Bank of America) and tenant (your daughter). If somewhere down the line Bank of America will offer a lease option (or maybe your daughter will make that offer), then their contract can convert to a lease option with the possibility of ownership. Usually this is a 3-5 year lease. I can forsee a lot of this kind of transaction coming in the next 3-5 years as most will not afford to buy a home due to bad credit. ... more
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Sat May 9, 2009
Tony Grech answered:
Hi Marley
All you can do is approach them about it. Quite honestly, most lenders right now have their hands full and have bigger fish to fry than someone "threatening" to walk away. You most likely will not get a response until your threats turn to actions. But if you do that then be aware you'd be ruining your credit and wouldnt be able to buy another home for at least a few years.

You mentioned the home value has dropped 40%, but do you still have some equity in it or is it underwater? If you still have equity in it then the lender will gladly let you walk away and they will keep your equity.

I don't know your circumstances, but the tone of your question makes it sound like you're just bitter you made a bad investment or bought at the wrong time and you want your lender to bear the burden rather than you. If you are perfectly capable of making your payments, then you have a legal and moral obligation to live up to your agreement. If you decide not to then just educate yourself on the consequences.

Best of luck
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Thu Jun 18, 2009
Shel-lee Davis answered:
Teryl:

Generally speaking, in California, a Deed of Trust foreclosure goes after the underlying collateral or the home and a judicial foreclosure can go after any and all assets. A short sale is a negotiated deal with the bank. They can look to all or some of your assets, as they see fit. They may also require that you sign a note to them for all or part of the deficiency.

Specifically speaking, the above generalities do not apply to ALL loans. Several issues that can change the scenarios are (1) purchase money vs. refinance; (2) owner occupied vs. investment; (3) cash out vs. no cash out refince; (4) 1st TD vs junior TD; (5) significant other assets vs. these two properties are your only assets; etc. You should take all your documentation to an attorney or perhaps to your lender (especially if you are considering a loan modification) and have them analyze your specific situation.

Hope you can find your way out of this problem with minimal damage. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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Sat Feb 5, 2011
Cameron Piper answered:
http://definitions.uslegal.com/t/trustees-deed/

At the end of the day it is a deed given to a trustee but not so that they own the house but rather so that they may, acting as the trustee, conduct the task (usually selling) appointed them.

I hope that helps
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Thu Feb 21, 2008
Jim Walker answered:
Lovely area, with views of the Sierra Nevada to the east, Folsom Lake, and the city lights of Folsom below. Also the local vistas are very nice too. It is a hilly area. Some of the slopes are steep. Due to the proximity of the Folsom power plant there is a high power transmission line that runs through, otherwise not much negative. I had a meeting this afternoon with a Promontory buyer, he told me that his Mello-Roos and HOA dues will cost about him about $300 per month. That could vary slightly from subdivision to subdivision.

Production builders include Toll Brothers, Christopherson Homes, Richmond American, amongst others.
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