Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Los Angeles County : Real Estate Advice

  • All509
  • Local Info30
  • Home Buying263
  • Home Selling32
  • Market Conditions12

Activity 634
Sun Jan 29, 2012
Pebble Singha answered:
Hello Foreclosed on,
I believe that you reposted this question .......................
Very unfortunate to hear about the foreclosure. Hoping that you did try to do a short sale at least. Assuming that you are in Los Angeles county and the 1st lien holder BofA foreclosed , Ocwen and BofA reserves the right to come after him if they choose to for the remaining balance. Are they going to? Only the foreclosing bank can tell you that. The general consensus is that the statue of limitations is 4 years within which they can come after you.
Your mother's home is a seprate property, if you are current on it then you have nothin to worry about. In either case your fathers home being foreclosed upon has nothing to do with your Mother's home, unless when you took the loan, you took it with the same bank with a clause, that would allow them to foreclose if you defaulted on either loan. BOTTOMLINE
I would suggest u to get get a legal consultations with a Real Estate attorney and even bankruptcy attorney. Realtors cannot legaly advise you. We can only state our experiences.
... more
0 votes 5 answers Share Flag
Mon Feb 8, 2016
Laura Coffey answered:
Definition: Lenders file in the public records where the property is located a public notice called the Notice of Default. In some states, the Notice of Default is also attached to the home, generally on the front window, like a big scarlet letter. It states that the borrower is in default, behind in the mortgage payments, and if the payments are not paid up, the lender will seize the home.
In California, lenders typically do not file a Notice of Default until the borrower is at least 90 days behind in making payments. When a borrower has missed 2 payments and is 60 days behind, at that point many banks send out a 30-day notice of intent, which they are required by law to do before filing a Notice of Default.

Lenders must then wait 90 days. During that 90-day period, the borrower has the right to make up the back payments and reinstate the loan. After 90 days, the lender is required to publish a notice in the newspaper for 20 days and then may sell the property to the highest acceptable bidder on the courthouse steps. If no acceptable bid is received, the trustee then conveys the property to the lender.
... more
0 votes 8 answers Share Flag
Sun Jan 29, 2012
Anna M Brocco answered:
Due to privacy reasons, not sure a name will be posted on an online public forum; you can however check local public records, tax records, ask a neighbor(s), ask any agent offline.
0 votes 3 answers Share Flag
Sun Jan 22, 2012
Andrea Rolf answered:
Tremendous competition for California whereas some investors have stopped and started purchasing the non-performing mortgage notes outside California. Short Sales can be typically priced under value but the bank can still counter higher. Banks know the process and value. When clients hear about fix and flips they are not in the best areas and they are experienced in full renovations. You can invest in non profits that buy from banks and rehab with a return on your money with no hands on; depends on the amount of money you have to work with as this takes about 35% of the purchase price. ... more
0 votes 9 answers Share Flag
Wed Feb 1, 2012
Ruth and Perry Mistry answered:
If NOT then you DO NOT.

Have a good weekend.

Perry
0 votes 14 answers Share Flag
Tue Feb 21, 2012
Shel-lee Davis answered:
Based on a foreclosure service I use, this property is not currently in foreclosure. The Notice of Trustee Sale has been cancelled.

This is good for the Homeowner and the neighborhood. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
... more
0 votes 2 answers Share Flag
Fri Feb 17, 2012
Emily Knell answered:
The asset manager for the bank will be contacting you, they will go over to the house as a preservation measure or send you a letter. They may allow you to rent back from them depending on when they think they want to bring the home back on the market as an REO. You should try to negotiate a good rent price with them as YOU are doing THEM a favor as basically acting as a property manager!

OR They will offer you 'cash for keys', which should be at least 1mo worth of rent, you should try to ask for 1-2mos worth of rent so you can have time to look for another place & then move.

Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
... more
0 votes 5 answers Share Flag
Sun Jan 1, 2012
Sara Mehrpouyan answered:
Hi Bob

Usually, in a "cash for keys" situation, they do not pay the previous owner any money until the property has been verified to be vacant and clean. Otherwise, there is no guarantee that the occupant will be moving out of the property if they receive the money while they are still occupying the property.

Thanks
Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Direct: 818-903-2040
www.short-sale-vs-foreclosure-help.com
Rodeo Realty
Dre License #01712757
... more
0 votes 4 answers Share Flag
Thu Apr 5, 2012
Franklin Jacks answered:
Hi HBuyer,

If you have a certain home in mind please contact me directly at
franklin.jacks@century21.com and I will get you the information you need.
As a Broker I will contact the home owner and get authorization to speak directly
to the Bank.

Hope to hear from you soon!

"...A Good Name is Rather to be Chosen..."

God Bless!

Franklin Jacks
Century 21 astro
562.304.3633
franklin.jacks@century21.com
... more
0 votes 5 answers Share Flag
Sun Jan 1, 2012
Jason Moon answered:
Not at all...in my state of IN the listing agent still gets compensated, and Im sure the listing agent would have loved to have you as his/her buyer as well but this happens more frequently than you'd think. The listing agent should have one goal in mind and that's to sell their client's home...if you are now working with a different buyer's agent and buy the house they have accomplished that goal and still made some money. ... more
0 votes 12 answers Share Flag
Thu Dec 29, 2011
Paul Rinde answered:
Aproximately 1 to 10 business days has been my experience. If you have made an offer, you can request your Realtor to follow up with the listing agent in a few days to check on it for you.

Good Luck!
... more
0 votes 9 answers Share Flag
Thu May 31, 2012
Neil Singerman answered:
Lga658,

Yes since Agent you hire is not representing the seller they are on your side.You will be in better place to negotiate the price and terms since you have your own agent. Think about this way you would not go to court and have the attorney represent you and the other party.

Neil Singerman DRE 01097970
Keller WIlliams Realty L.A. Westside
310-571-5470
... more
0 votes 6 answers Share Flag
Sat Sep 22, 2012
Prudential California Realty answered:
The best thing to do in your case is find a local Realor who is familiar with Short Sales to assist you. They are knowlegable in how to communicate with the Banks as well as the necessary paper work and processes. Our company can help connect you with a knowledgable Realor in your area. Please feel free to contact us to learn more.

Crystal Halatsis-McGugin
Prudential California Realty a HomeServices Of America and
Berkshire Hathaway Affiliate
Office: (888) 995-7575
Chalatsis@prusocal.com
www.prudentialcal.com
DRE # 01438893
... more
0 votes 15 answers Share Flag
Tue Dec 27, 2011
Emily Knell answered:
Even if you called up the bank you wouldn't get an answer to this question. This is called "Shadow Inventory" & the banks are controlling market prices by bringing homes back on the market as REOs when THEY want to. We won't know when that date will be until an asset manager is assigned & the property is put up for sale. The previous owners who are living there, however will probably get a notice as much as 30 days in advance because they'll be given notice to move.

Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
Short Sale Expert
... more
0 votes 4 answers Share Flag
Thu Sep 20, 2012
Mark Anthony Ruiz answered:
FIRST ANSWER

When the bank takes the house in its possesion, the eviction process can take up to six months. First, the bank send an REO agent to negoiate the relocation fee .. Our asset managers give us the authority to give a set amount and as time goes by the amount is lessened. What the previous home owner does not realize is the bank has hired an attorney to work simutaneously towards the eviction and the next three-four months are going to court to evict the previous homeownerers. The sad part is when we arrive with the sheriff and locksmith to re-key and they are always in shock and wished they had accpted the first offer. The thought they could stay ayear because their cousins neighbors brother wifes friend who goes to church with the son-n-laws best friend told them they could live for free for another year. In fannie mae instance, if the homeowner had a tenant with a lease, they offer the tenant an option to finish the lease out. There are several case by case scenarios. If you like, send me a direct message and i can do some further investigation for you. email me at C21Astro@gmail.com

Mark Anthony Ruiz
562-246-5200
714-815-4634
http://www.MarkAnthony.tv
... more
0 votes 3 answers Share Flag
Sun Dec 4, 2011
CJ Brasiel answered:
Tana -

There are rare situations where a bank will rent back to the owners foreclosed upon when extenuating circumstances exist (health, children, etc). There are rumors that banks are considering this more and more but it runs head into liability issues and most banks/lenders and their attorneys are not prepared to be landlords.

Generally, the foreclosed owner is presented with "cash for keys" by a REO agent, sheriff, or the like. The owner may have hours or days to vacate. Typically hours, since the bank does not want the owner to have time to "trash" the place.

If the bank/lender has not yet foreclosed, and the house is being short sold, the owner can remain on the property until title changes to the new owner. This may be the situation here.

Contact a local real estate professional to help you find out more details about this specific home.

CJ
... more
0 votes 5 answers Share Flag
Thu Dec 1, 2011
Shane Milne answered:
I only have short sale info, but I emailed someone there to ask for you.

Short Sale Department 1-866-521-3828
Short Sale Fax 866-517-7976
https://www.myauroraloan.com/ui/fprc/forms.aspx (links to forms from the Foreclosure Prevention Resource Center) ... more
0 votes 4 answers Share Flag
Mon Dec 26, 2011
Jolanta Jonutyte answered:
Hello
I am specializing in those types of properties.
Contact me
Call me: 323-316-3300
or email me: realtorjolanta@gmail.com

Regards,
Jolanta Jonutyte
Century 21
0 votes 10 answers Share Flag
Tue Jun 5, 2012
Marc Schwartz answered:
Yes, a bank can foreclose on a home while a short sale is in process. I sell a lot of REO's that have been in some type of short sale process, one thing that needed to be done is make sure the trustee sale is extended. The bank does give notice to the homeowner the first time but a sale is usually extended a couple of times but sometimes with some agents they will forget to follow up and then the property is sold.

The most important lesson we've all learn is to follow up with the everyone to make sure that the foreclosure & shortsale department are up to date on all aspects of the sale.

I can go on with other situations and you'll receive many others responses from agents but no one really wins when a home get foreclosured.

Good luck.

Marc D. Schwartz e-Pro, CDPE
Prudential California Realty
21049 Devonshire St.
Chatsworth, Ca 91311
Realtor® DRE#01074603
#1 Office Producer YTD

Direct: 818-885-5615

Selling: http://www.PropertyValues411.com
Buying: http://www.PropertySearch411.com
ShortSales: http://www.SellMyShortSaleFast.com

Web Reference: http://www.MarcSchwartz.com
... more
0 votes 7 answers Share Flag
Sun Nov 13, 2011
Bonnie asked:
0 votes 0 Answers Share Flag
... 4 5 6 7 8 ...
Search Advice
Search

Followers

265