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 Riverside : Real Estate Advice

  • All540
  • Local Info24
  • Home Buying193
  • Home Selling23
  • Market Conditions15

Activity 40
Mon Apr 25, 2016
Lon Mapes answered:
That is a question for a real estate attorney. My personal professional opinion would that it would not cause a major issue. But again, I'm not an attorney so would need to defer to the experts on real estate law. ... more
0 votes 6 answers Share Flag
Sun Aug 19, 2012
Larry & Rosemary Utesch answered:
Hi, Darcy or Tim,

You DEFINITELY need legal advice. Look online or in the phonebook - most lawyers offer an initial (usually 1 hr) consultation free.

This really isn't a real estate question, but rather a legal question.

There is normally months (4 or more) from the time a 'Notice of Default' (NOD) is filed on the property until the trustee sale, and then someone will most often come to the home and negotiate with the occupants to move out. Sometimes this can involve cash payments to leave the home clean and without damage. Discuss this during your free consultation.

If you cannot afford to keep the home, do all you can to protect your credit to enable you to purchase a home you can afford.

Good Luck

Larry and Rosemary Utesch
Keller Williams Realty
951-313-2823
951-682-6789
... more
0 votes 7 answers Share Flag
Wed May 29, 2013
Alfred Saiz answered:
Please confirm this with a Real Estate attorney, but according to CA guidelines, legally, 6 months of non payment
0 votes 8 answers Share Flag
Wed Jul 10, 2013
Kevin and Julie McLaughlin answered:
The short answer is 3 months from posting the NOD they can set a Trustee's Sale date, but it seems that you have either been in some form of repayment plan or trying to get a loan mod which delayed the filing.

Let me know if I can help -

Kevin McLaughlin, Broker Owner
Berkshire West Realty
www.BerkshireWestRealty.com
... more
0 votes 6 answers Share Flag
Fri Apr 13, 2012
Kristen Peterson-Pask answered:
In any offer on housing you have to have a lender preapproval.
0 votes 10 answers Share Flag
Fri Apr 13, 2012
Bob Wasson answered:
Normally, the day of or day after a home is sold at the trustee sale, someone will post or serve a notice that it has been sold that indicates who purchased it and gives you their contact information. If you would like to have me research a specific property for you please email me direct at bobwasson@realtor.com or call my cell 951-544-3984. Thanks, Bob Wasson - Broker License #00549259 ... more
0 votes 4 answers Share Flag
Sun Aug 12, 2012
Karen Whitman answered:
When the home forecloses the lease is void, but they may let you rent, but the home will have to be marketed to the public and you can make an offer. An agent who represents Fannie Mae will be getting in touch with you.

If you need more information about purchasing the home, please feel free to contact me at 951-312-8473 Karen Whitman RE/MAX All Stars DRE #00791923
... more
0 votes 6 answers Share Flag
Tue Oct 16, 2012
Brian Flock answered:
It is very common for the lenders "REO" real estate agent to offer some sort of cash for keys. Be sure to check for notices and make immediate contact with the real estate agent (or other representative) that represents the bank. Otherwise, they'll end up doing it the "hard way." ... more
0 votes 13 answers Share Flag
Thu Feb 10, 2011
Jane Grant answered:
Mrs. Medina: I am very happy that you found advice that helped you here on Trulia.

The best compliment is that you passed the page along to others in your situation and you, ";Payed It Forward", by doing so.

It's very kind of you to come back and thank us.
I wish you all the best in the future, and God Bless you as well!
Sincerely, Jane Grant
... more
0 votes 5 answers Share Flag
Sun Feb 6, 2011
scott farmer answered:
I believe the laws are similar between Arizona and California when it comes to tenant rights. Yes, you do have rights and hopefully your contract you signed didn't have some hidden provisions. Here is a link to the California tenant rights publication for your review. This sounds like a really tough time for your family and hopefully you all will be well soon and get things sorted out.

The link: http://www.dca.ca.gov/publications/landlordbook/terminations.shtml. Cut and paste this link to your browser and it should take you right to the page on lease terminations.

Good luck,

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
... more
0 votes 13 answers Share Flag
Mon Oct 4, 2010
Kevin Olson, Jessica Laude answered:
If foreclosures were a driving force in the market area of the subject property being appraised, yes. The reason for this is that those areas with markets driven by foreclosures in 09-10 saw larger amounts of depreciation. Using only fair market sales does not reflect an accurate depiction of what was going on in the market at that point in time. ... more
0 votes 8 answers Share Flag
Wed Sep 15, 2010
Grace Hanamoto answered:
Tiffany:

As with all questions regarding the law and interpretation of contracts (your mortgage agreement, for example, is a contract), your very best and most accurate answers will come from a qualified real estate attorney. However, in my unlegal opinion, here's what most of us have been told:

1. Can the lender come after the home seller for the deficiency in a short sale?

Yes. Both the first and any subsequent lien holders may try to collect for any unpaid funds in a short sale through a deficiency judgment. In some cases, like B of A, for example, the seller is asked to sign a promissory note to get the short sale approved. The promissory note is another method to "bind" the seller to pay for the amount due after the short sale. The HAFA program (Home Affordable Foreclosure Alternatives) was intended to help "stem" the deficiency judgments by allowing homeowners to short sell their homes while also forcing the banks to accept the proceeds from the sale as payment in full on the loan without the right to seek judgment from the seller after the sale. Unfortunately, many homeowners do not qualify for HAFA, so bank can and, I've been told by experts, will seek to get some money from sellers after the sellers have reestablished credit and financial histories. Only time will tell.

2. Which is better a short sale or a foreclosure?

That really depends on your situation. Here in California, for example, only a purchase money loan (the first loan that you used to buy your home) is considered a "non recourse" loan--one in which the lender may not seek further payment from you in the event your home forecloses and the resale value is less than the loan. If you've refinanced your home loan or pulled money from the loan, these lenders have the same rights as they would in a short sale to seek payment from the home seller for any shortage on the loan. So, if you've refinanced, there is no shelter against later collection actions in a foreclosure.

Further, foreclosure, I've been told, is far more devastating to your credit than would be a short sale. In most cases, a foreclosure causes a loss of more than 200 points from the FICO score. Short sales appear to have a less devastating effect on a FICO score.

So your choice regarding the best options for your distressed property rest with the circumstances of your loan and the balance due. Again, talk with a qualified real estate attorney regarding the collection and legal ramifications, and if you want more information about federal programs available to distressed owners, go to www.makinghomeaffordable.com.

Good luck!!

Sincerely,
Grace Morioka, SRES
Area Pro Realty
San Jose, CA
... more
0 votes 12 answers Share Flag
Sat Feb 18, 2017
Miguel Gutierrez answered:
Yes you can you can get your house back through a n FHA councelor, they are going to check all the documentation and get your house back through the reverse program that protect the homeowners. ... more
0 votes 10 answers Share Flag
Wed Sep 1, 2010
George Szkup answered:
Hasmukh,
This sounds very unusual. If your information are correct than you should see an attorney. If you cannor afford an attorney look for local office of Legal Aid or contct local bar association and ask for appointment with a real estate attorney who provides services at a discount. You may also want to contact your office of your State Attorney General.
Good luck
George in Tucson
... more
0 votes 4 answers Share Flag
Fri Sep 10, 2010
Anna M Brocco answered:
Not knowing many details, your best course of action is to consult with an attorney who specializes in real estate, protect yourself.
0 votes 3 answers Share Flag
Wed Sep 1, 2010
Patrick Thies answered:
It's possible that you are responsible for the past due HOA fees. You should contact an attorney to be sure and see what your options are.
0 votes 4 answers Share Flag
Wed Mar 31, 2010
Dallas Texas answered:
You can do a short sale with any property JUST AS LONG as the lender approves it.

Confer with lender determine all particulars you would need complete the package based on their requirements

Lynn911 Dallas Realtor
... more
0 votes 13 answers Share Flag
Thu Aug 15, 2013
Don Tepper answered:
What you're describing is not uncommon.

The problem is that foreclosures are handled by an entirely separate department in the bank than are short sales, loan modifications, etc.

So you may have been correctly informed that your loan modification was approved. Problem is: Another department in the bank was proceeding along with the foreclosure. It's like a race to the finish line, and in this case the foreclosure people got to the finish line before the loan modification people.

Contact the loan modification people at the bank. Tell them what's going on. There's a possibility that they can do something internally. (And that appears, from your question, to be what is going on.)

And if you've been working with a real estate lawyer, obviously contact him/her immediately.

You won't be able to stop it at the courthouse steps simply by stepping up and saying, "I have an approved loan modification."

Good luck.
... more
0 votes 12 answers Share Flag
Thu Feb 4, 2010
Sonia Eldar answered:
Sorry to hear about your situation, unfortunately, it is not unusual.
The first thing you need to do it call your Lender and find out about the moving date. Normally, the Sales Date is the day the bank takes ownership and you must move out by then... however, some banks are offering two options:
1/ Deed in Lieu of Foreclosure - meaning you sign over the deed "voluntarily" and negotiate a moving date
2/ Cash-for-keys - The bank will provide you with a Sum to cover moving expenses in exchange for your moving out and leaving the property in good shape.

Call them and find out if either of these options are available to you. Each bank is different and rules may be different in your area ... but call them and find out.
Good luck,
... more
0 votes 14 answers Share Flag
Fri Mar 12, 2010
Cecilia Rodriguez answered:
Hi Claudia, Great question. Unfortunately just 4 % of homeowners that are facing foreclosure got the permanent loan modification. Most of the homeowners facing foreclosure are being late on their mortgage payments, some of them have been late around 3 months and some even a year without making any payments. The more far behind you are, the less chance you have of a permanent loan modification. Its really sad that most of the home owners ended losing their homes on a foreclosure waiting for a loan modification. Foreclosure is the most devastating thing
that a family can face. Please if you cannot afford your mortgage payments or if you dont qualify for a loan modification you dont have to lose your home in a foreclosure when your have the option of the short sale solution at no cost to you. And Yes, Its going to depend on how far you are behind on your mortgage payments to know how this is going to affect your Credit .
If you can afford your mortgage payments why do you try to retain a property that is undewater, and remember that if you are qualified for a loan modification your payments most of the time will be temporary. They are going to give you a new payment based on what your owe. Most of the Lenders are not doing principal reductions ( Some lenders are giving about 20 % on principal reductions 1 % of the lender ).
Short sales Give you the opportunity of a fresh start. Its going to bruise your credit for about 2 years. Depends how behind your are on your mortgage payments. Or if you are on time or if you do the short sale before the NOD is filled . At this point is when your credit is going to suffer the less damage . Even when you are far behind your, credit is going to suffer less damage then a foreclosure and you will still be able to buy in 2 years.

The U.S plan offers Borrowers Foreclosure Aternatives under ( HAFA ) To help homeowners who are unable to retain their home under the Home Affordable Modification Program. ( HAMP) Under this program homehowners are at risk and could be free of mortgage debt without going through foreclosure and given $ 1,500 for relocations . Mortgage servicing will get $ 1,000 for each short sale completed. Second mortgage will receive $ 3,000 of the sales proceed in exchange for releasing their liens. The treasure plan which applies to 75 % of the mortgages in U S. Including those backed by Freddy Mac or Fannie Mae.
You can visit my blog on trulia Cecilia Rodriguez Blog. you will find a lot of information about short sales. Visit my website. www. ceciliarrealestate.com.
Please for any questions dont hesitate to call me, I am here to help you . Remember that there is no cost for a Short sale solution.

Cecilia Rodriguez. Pre foreclosure Short sale Specialst.
( 951) 858-5797 Lic # 01505884
ceciliarod@prudentialcaliforniarealty.com
Prudential California Realty.
... more
0 votes 7 answers Share Flag
1 2
Search Advice
Search

Followers

365