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Foreclosure in Murrieta : Real Estate Advice

  • All417
  • Local Info24
  • Home Buying135
  • Home Selling9
  • Market Conditions7

Activity 22
Mon Feb 20, 2012
Ron Thomas answered:
In most MLS, Church Property is in a separate category, like Farms and Ranches.

Please contact a BUYER's AGENT and have him search for you.

A BUYER's AGENT costs you nothing, but having one can cost you a lot.

Good luck and may God bless
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0 votes 4 answers Share Flag
Thu Jun 16, 2011
Ryan Smith answered:
Hello Salvador, if I understand your question correctly you're asking if people really want a loan modification or would they rather be foreclosed upon? Is this correct? I'm sure the majority of people would take a legitimate permanent loan mod compared to foreclosure.

Please correct me if I misunderstood your question.

Thanks!
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0 votes 1 answer Share Flag
Mon Oct 24, 2011
Sinead McAllister answered:
Hi Jmmac,
Absolutely not! It sounds you are a prime candidate for a short sale. It is a much better option than walking away! Contact me at your earliest convenience and I can go over it with you.

Thanks!
Sinead McAllister
858-205-5215
brokermcallister@gmail.com
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0 votes 15 answers Share Flag
Tue Dec 14, 2010
Ryan Smith answered:
Hi Cary,

I'll shoot it to you straight, not much. Murrieta is a highly sought after area and most SFRs are at least 150k and up. Now condos might work but with the HOA and mello roos its going to be close. More than likely over 800 a month. There are other areas that may work but you would need to be open to them. Good Luck!

Chris Blasic
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0 votes 2 answers Share Flag
Mon Nov 15, 2010
Christine McDaniel answered:
Unfortunately we do hear about this occasionally. You could try to contact the landlord through phone and mail asking for the deposit. Small Claims court might be another option. I don't think the odds are in your favor though. ... more
0 votes 3 answers Share Flag
Thu Aug 15, 2013
Stephen McKee answered:
http://homebuying.about.com/b/2010/08/23/california-first-mortgages-to-be-exempt-from-deficiency-judgments-after-a-short-sale.htm

Here's an article about lender recourse being outlawed. You should call me during the day tomorrow. I seems like you have A LOT of questions that will take some time to answer. ... more
0 votes 11 answers Share Flag
Sat Oct 2, 2010
Merritt Noel answered:
Well I had just written a long response to your question to have it not post. So are the cliff notes.

Most of the 'good homes' are purchased at auction. I would not say that any bank is holding out on listing properties. They want them off there balance sheets as quick as possible. The last thing a bank wants is to have to hold a declining asset on their books longer than it has to. Most banks are reluctant to spend any money to get a house up to selling condition, hence the reason any house that has some potential typically sells at auction.

What you need to do is find a realtor that specializes in pre-foreclosures and knows your area well. They should be able to help you find homes that are in the pre-foreclosure process. They should also be able to email you updates from the public trustee as to possible new homes that are being foreclosed on.

Sorry for the quick reply but I home it helps? Good luck in your home search.
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0 votes 7 answers Share Flag
Wed Sep 29, 2010
Jane Grant answered:
The loan balance is "History", of the previous loan. I have seen loan balances twice what the property is worth and what it is selling for currently. Banks, and or sellers cannot possibly sell their homes to pay off the previous loan balance so it is not a factor in today's market when deciding what to offer on a bank owned home or short sale.

The most important thing you should be concerning yourself is "Current", market value. There is so much competition in the Murrieta and Temecula area that writing a competitive offer whether you are a cash, or financed buyer is the most important thing.

There are trends in the industry that go along with offer writing and things you can do to make your offer more appealing in this competative market. Again, things that are much more important than "estimated loan balance".

Have a great day!
*****
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0 votes 1 answer Share Flag
Mon Dec 21, 2009
Cindy Vedder answered:
Hi,

The Protecting Tenants at Foreclosure Act of 2009 signed into law by President Obama in May of 2009 has different meaning depending upon whether or not you are considered a "bona fide" tenant. More would have to be known about your situation to be able to fully assist you with an answer. I would google Title VII -Protecting Tenants at Foreclosure Act of 2009 to get more specific information.
Generally, if you are a bona fide tenant, a 90 day Notice to Quit may be served upon you to recover possession of the property. If you are not considered "bona fide" then a 60 day notice may be served and if you are a former owner of the property then a 3 Day Notice to quit may be served.

Best of luck. Hope that helps.

Cindy Vedder
951.231.8439
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0 votes 2 answers Share Flag
Mon Dec 21, 2009
Dianne Hicks answered:
If you have been renting longer than a year, you should be able to stay 60 days from the day they contact you. The other thing the owner may do is offer you cash for keys. They may say 30 days and they will give you a cash amount to move. You can accept or deny it as long as you have been there longer than a year. If you deny, you will have 60 days. Please verify with an attorney.

You previous question said that the owner filed bankrupcy. That stops the trustee sale date until it is released from the bankrupcy in the courts.

Kindest Regards,
Dianne Hicks
Tarbell, Realtors
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0 votes 7 answers Share Flag
Sun Dec 20, 2009
The Hagley Group answered:
In a trustee sale, if you have a lease, the new owner should honor that lease...or pay you cash to leave. If the home is aucitoned, hang in there and wait foir someone to contact you.

Yourbest bet is to consult an attorny to fully understand your rights.
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0 votes 4 answers Share Flag
Wed Sep 30, 2009
Jesse Sierra answered:
Hi Lelniak,
Is the auction at the county steps or is it a foreclosed property home auction?
Go visit the property that is going to be auctioned and see if it needs any major repairs.

Talk to a Realtor® or real estate agent and get a comparable sales. You don't want to pay too much over the comparables.
Take a $5,000 to $10,000 cashiers check for deposit and proof of funds (You must pay all cash at the auction or have proof of financing).

Hope you get the property,

Jes Sierra, B.Sc.
Realtor®
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0 votes 2 answers Share Flag
Mon Apr 22, 2013
Steven Abraham First Team answered:
My main concern would be my security deposit!
How long have you lived there?
How many months do you have before the end of your current lease?
Have they received a Notice of Default?
Check the title!
Hypothetically, if you continue to pay rent and let's say the bank takes over, the bank will most likely have to abide by the contract you have in place!
The exception to this would be if the new owner plans to occupy the property!
In that case, you should have 90 days to vacate!
I would consult a real estate attorney who is up to date with the current landlord tenant laws!
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0 votes 4 answers Share Flag
Sun Oct 19, 2008
Shel-lee Davis answered:
Foreclosure is mainly about who gets to the courthouse steps first. If the 1st Trust Deed forecloses, then they basically wipe out the 2nd TD (since that foreclosure effectively wipes out all junior liens on the property). If the 2nd TD forecloses then they take title "subject to" the 1st, which means they still have to pay off that debt to get & therefore convey clear title. In California, it has been my experience that, no matter who forecloses the HOA always gets paid (the why of this would have to be directed to an attorney, which I am not).

Hope that helps. Now my question to you is, where are you in this whole picture? Do you know the person who is getting ready to lose this home? Have they looked at options such as loan modifications, short sales, etc? Are you interested in buying the property before the lenders foreclose?

Please feel free to contact me directly, through my profile or by phone, if you would like more specific information regarding this property. Specializing in pre-foreclosure and short-sales has given me much experience in this area and I would be happy to walk you through the process and your options at this time. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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0 votes 1 answer Share Flag
Sun Oct 3, 2010
Dallas Texas answered:
Average foreclosure across the country can take approx. 6 months. Sorry to hear about your situation.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
0 votes 10 answers Share Flag
Tue Jul 3, 2012
Sean Giorgianni answered:
Hey Bruce! I can help if you like. I'd be more than happy to give you references so you can check out my credentials. Let me know if you're interested.

Thanks for the opportunity!


You can reach me directly at 951-571-9229 or sean.giorgianni@gmail.com
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0 votes 10 answers Share Flag
Thu May 15, 2008
Colleen Pappas answered:
Thu May 15, 2008
Mike Stenson answered:
They have every right to try to recover their money. If you have assets, they will be looking to recover what they can. I would find the best real estate & bankruptcy attorney I could ASAP if I were you!!!! ... more
0 votes 3 answers Share Flag
Tue Apr 29, 2008
Gene Yakubovich answered:
here are different Tax liens - IRS, Sate and property taxes, obviously there are differnt laws. i.e. the property can be auctioned off for not paying the property taxes in California after 5 years, and there is a redemption period. IRS could sale you their rights in the property only. (and you have to deal with everybode else who is in line to get paid. You have to be very cerefull and need to know what you are getting in to before you buy. Talk to the people who deal in tax lien purchases.

Gene
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0 votes 1 answer Share Flag
Thu Feb 19, 2015
Kevin and Julie McLaughlin answered:
Click my profile and contact me. I'd be happy to visit with you about the value of your property.
0 votes 1 answer Share Flag
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