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Foreclosure in Long Beach : Real Estate Advice

  • All691
  • Local Info83
  • Home Buying251
  • Home Selling24
  • Market Conditions19

Activity 36
Tue Mar 1, 2011
Emily Knell answered:
Step 1 is to contact a Direct Lender, make sure when you talk to any lender you ask them this question first "are you a direct lender, can you fund loans ' in house' "? I use a direct lender called Stratis Financial, they're in Huntington Beach, however other direct lenders are Wells Fargo, Countrywide, Bank of America etc.
That is most important step 1.

Step 2, work with a good Realtor who can stay on top of new listings coming on the market.

there are a lot of foreclosures especially in N. Long Beach which are getting multiple offers. Banks look at & accept Cash offers 1st, then Conventional loan buyers with large down payments 2nd & then FHA buyers & then VA buyers.
These Foreclosures usually need a bit of work, so don't rule out short sales & regular equity sales because you can get great deals on these as well. Just because the price is low on a foreclosure, doesn't always mean it's a killer deal.

For 1,000sqft you'll be able to purchase a home in these areas for under $300K.

Call me if you have any questions
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Tue Jul 21, 2009
Bill Eckler answered:
What we do know is if your loan is not a Fannie or Freddie you are out in the cold with no support, no consideration, and NO HOPE.

We would like to know if anyone has had experiences otherwise.

The Eckler Team
Michaeal Saunders & Cmpany
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Fri Jul 17, 2009
Dyanna answered:
Well if you wait until the bank takes the property back, the chances are in your favor that they will offer you cash for keys, especially if you are renter. You don't need to inform anyone, the person that makes contact with you will ask you.

I am sorry that this happened to you. Its a shame to see a renter pay rent even when the owner is not paying the mortgage. I would like to see the Obama administration help renters in that area also. Of several laws passed by the Obama administration, one is that a renter has 90 days before the eviction process can commence, that gives you plenty of time to save up some money.

As far as legal action you might want to try the Free Legal Aid of Los Angeles, they are very informed and have helped many renters and its free/low cost.

I hope this helped!!

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Tue Jul 21, 2009
Jeremy Lehman answered:
The bank does not have to pay your moving costs, but they may offer you something called "cash for keys". This gives you money for leaving the home quickly. I would stop paying rent to the owner and contact the bank that now owns the property. Last thing, don't let this catch you by surprise. Now that you know you will likely be moving out very soon, start packing and get the hard stuff out of the way.

Good luck to you,
Jeremy Lehman
Century 21 Beachside
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Mon Jul 20, 2009
Sam Guillen answered:
Frankly I am skeptical about most publication as few have realistic application to SoCal real estate. Most boast unrealistic opportunities (as it applies to SoCal). Your best bet is to team up with a practitioner with experience and most of all - someone you can trust. Buying foreclosures is no different than any other transactions - the seller just happens to be a bank.

I did hear about homes that could be had for $100 in Detroit though!

Lots of luck!
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Sun Mar 15, 2009
Shel-lee Davis answered:

I am angry at lenders who will not work with home owners that are making an real effort to pay their mortgage (at a reasonable monthly payment). That is why I specialize in helping people like you, and without any obligation or upfront charges.

Foreclosure is not an option. It ruins your credit, makes it difficult for you to rent, and keeps you from home ownership for an extended period of time. Loan modifications work when you can prove the ability to pay a reasonable payment and short sales are another option, when you do not have the income to make a reasonable payment. Usually, while you are in negotiations with the lender, they will hold off on selling your home in a foreclosure proceeding. That does not mean that they will not file the Notice of Default and set themselves up to sell you home if all negotiations fall apart.

One thing is sure, both loan modifications and short sales can take months to complete. During this time, you live in the home and can save all the money you would normally be paying in mortgage payments. This should help give you some seed money, either for negotiating power with the bank or for moving when you can no longer stay in your home. Either of the above alternatives puts you back in control of your life. Isn't this better than just sitting back and waiting for the marshall to kick you out of your home?

It would be my pleasure to work with you to make sure that you have some control over the outcome of your home. Contact me directly and let's discuss how, working together, we can put you in a better position. You can contact me through my profile or call the phone number listed there. I encourage you, do not give up until you have tried everything. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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Wed Feb 25, 2009
Charita King - Short Sale Specialist answered:
I work in the area. Is there any way I can take a look at your situation to see if there is anything we can do besides letting it go into a foreclosure?

Please email me your property address and I'd be glad to help you out. Get additional information from the bank.

Charita King
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Mon Sep 8, 2008
Bob answered:
good for you! Everyone should walk away rather than face a lifetime of debt on a worthless asset.
0 votes 1 answer Share Flag
Sat Aug 30, 2008
Shel-lee Davis answered:

I specialize in this area, both Long Beach and Foreclosure on properties. I can tell you there is no guarantee that walking away from your property and letting it go into foreclosure will leave you debt free. It all depends on your individual situation. It might be helpful to get legal and tax advice, as these are two other areas that might impact your future. You may walk away without debt on the house, but may owe money for taxes.

Contact me directly, either by phone or through my profile. We can talk about your specific situations, determine with you your options, and then you can make an informed decision. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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0 votes 1 answer Share Flag
Thu Oct 15, 2009
Joan Patterson answered:
Hi Tammi,

It all depends on the bank. I have written offers for myself and the bank refuses to pay me a commission. It is crazy because if it were another offer with another agent representing a buyer they'd pay. They have funny stipulations regarding paying agents on bank owned properties for some reason.

So, in answer to your question, it all depends on the bank, but I have not seen any bank wanting to pay an agent a commission if it is for themselves. Don't ask me why, it seems pretty ridiculous if you ask me.

Thanks Tammi!

Joan Patterson, B.A., A.S.P., G.R.I., Realtor
Keller Williams Realty
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0 votes 2 answers Share Flag
Sun Feb 1, 2009
Keith Sorem answered:
The Act is specific about the type of mortgages covered, time frames of purchase, and qualifications.
Some individuals may be subject to capital gains when they sell their homes via a short sale, they'll need to check with their CPAs.

Many people re-fi'ed and used the cash for other things. Only purchase money loans, or loans to re-model or rehab will qualify. So if an owner bought a bunch of toys, they are going to be exempt from this act.

See link below.
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Wed Feb 25, 2009
Beth Moran answered:
REO means that it has gone back to the beneificary (lender) whoever that might be. It has completed the process of foreclosure and no one stepped up to purchase it at the trust deed sale which is the last stop before it goes back to the bank. ... more
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Sat Jun 21, 2008
Julia Huntsman answered:
Hi Leo, I'm very well acquainted with this area as I have sold property in it over the last 10+ years. Are an investor or looking for a personal residence? To be honest, I'm not sure if there is a big market price decline in this area, and townhomes are not at all common in this zip code, you are looking at condos, and there is a wide variance in pricing of condos depending on ocean view luxury building or small 1 bedroom in a 12 unit building further back from the shoreline. Prices may continue to soften, but local neighborhood factors very much come into play here. It's very hard, for me anyway, to predict any future change in prices for a given area, but what I can do is provide you with a list of solds for the last quarter for the type of property you're most interested in. Please contact me directly or visit my website to search properties for 90802 that are actively on the market. ... more
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Thu Apr 17, 2008
Laurie Manny answered:
In Long Beach we have a variety of luxury condominiums. There are lovely, full service high rise downtown condos, many with ocean views, some on the sand. In Spinnaker there are lovely townhomes on the canals with available dockage. Marina Pacifica, on the Naples Canals provides luxury in a more affordable environment, dockage available here also. Prices are down and luxury condos are available, it is a great time to buy... ... more
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Thu Feb 5, 2009
James Bridges answered:
FSBOs It is important to know that FSBO's are generally not cheaper than anything listed in the traditional MLS. FSBO's are trying to save themselves money on one side of the commission as there is no cost to using an agent to help you purchase a property. Even if you run across a FSBO an agent or broker can represent you in the purchase to protect you throughout the escrow process. Foreclosures Foreclosures are starting to hit the market in the MLS so searching an area like Long Beach for homes or condos in our MLS can often turn up foreclosures. There is usually a bit more paperwork involved, but you can save a bit of money on the purchase. Short sales are another closely related option to foreclosures where you can save some money. It is important to note that with a well prepared package you can often get the same savings on purchase price out of a traditional seller compared with a foreclosure or short sale. ... more
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