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Foreclosure in Sacramento : Real Estate Advice

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Activity 142
Wed May 9, 2012
Patrick O'Hare answered:
If there is a foreclosure on the first loan, it will be reported
under the name of the borrower. Talk with an attorney, but
a junior lien foreclosure should not release you of liability,
just ownership. You may have yourself in a no-win
situation. Definately should seek legal counsel to see where
you stand.
... more
0 votes 7 answers Share Flag
Tue Aug 18, 2015
Ute Ferdig answered:
In CA, if you stop paying your HOA dues, the HOA can record a lien. Yes, they can foreclose and it has nothing to do with whether you are current on your mortgage. Since a foreclosure by a junior HOA lien holder does not affect the senior lien holders security interests, the HOA would get the property with all senior liens still in place. If you have only negative equity, taking the property back does not make a whole lot of sense for the HOA as they can't sell the property without satisfying the senior lien holders' interests first which means there is nothing left for the HOA to satisfy their interest. Thus, foreclosing on a property with negative equity would not be in the HOA's best interest. No, the HOA lien is not superior to the first in CA if it was recorded later as CA is not (yet) a super lien state. ... more
0 votes 16 answers Share Flag
Thu Jun 7, 2012
Erin Stumpf (Attardi) answered:
Elizabeth is correct. You really should consult an attorney. It sounds as though you may be considering allowing your home to foreclose? There are different tax and legal ramifications for foreclosures vs. other options like a short sale, loan modification, bankruptcy, etc. An attorney can assist you to determine how different laws will apply to your specific situation and advise you on which is the best option for you. ... more
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Sat Apr 14, 2012
Madeleine Semaan answered:
Oh no,not the best.that's all what I can say.
0 votes 5 answers Share Flag
Thu May 10, 2012
Walter 'Skip' Kersten answered: has the best information. It is a paid site but you can sign up for a free 3 day trial, then cancel.
Good luck,
0 votes 10 answers Share Flag
Tue Feb 7, 2012
Bob Willett answered:
I would say yes. In order to sell the property that lein will have to be satisified. The lack of equity may convince the lein holder to release their interest, but it will be up to them.

That being said, check with your local RE attorney Things may be different in Iowa.
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0 votes 1 answer Share Flag
Tue Jan 17, 2012
John Hayes answered:
Tue Nov 8, 2011
You can buy an REO with 100% financing - a VA or USDA loan. Conventional will allow you to put as little as 3% down (excellent credit needed), and FHA financing just 3.5% down.

The seller (bank) may want a bigger down payment, but I think they are just looking for the combination of whoever will buy it for the most & has the best chance of closing on time. I've helped people buy REO's with all varieties of financing mentioned above, so it is possible to purchase with 0% down. ... more
0 votes 8 answers Share Flag
Tue Aug 20, 2013
Don Maclary answered:
My suggestion would be to get your belongings out before the auction!
0 votes 12 answers Share Flag
Mon Oct 10, 2011
Brittany Cardin asked:
0 votes 0 Answers Share Flag
Tue Sep 20, 2011
Larry Passalacqua answered:
Most county's in the U.S. list sale data on the county assessor's website. Just google (yourcounty) assessor. Lots of good information but because leases aren't generally recorded, they won't have this type of info. Hope it helps. ... more
0 votes 3 answers Share Flag
Sun Sep 11, 2011
Jamie Sachs answered:
You should not have to call the "negotiator", if you mean the lender that approved the short sale. Your only contact would be with the new owners. They will most likely contact you to let you know if they are going to continue with renting to you. If that is the case they will probably need a walk through.

Make sure your deposit with the previous owner has been transferred through or returned to you.

Jamie Sachs
Lyon Real Estate
... more
0 votes 5 answers Share Flag
Thu Sep 8, 2011
Shanna Rogers answered:
Hi rgonzalez5150,

If you're asking why you can't keep renting the property that was foreclosed, check with the bank who now owns the property, They most likely won't want to rent but will want to sell the property to get it off their books, if possible. The rental agreement you had is no longer valid as it was with the prior owner. Since they no longer own the property, you have to check with the new owner (bank?). Unfortunately, if the new owner does not want to rent and wants to sell, you are either going to have to move or purchase the property.

Shanna Rogers
SR Realty
... more
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Thu Sep 8, 2011
Stephanie Taylor answered:
Sat Sep 10, 2011
John Arendsen answered:
Once again here's the link for the State of California "Tenants Rights" This should answer all your questions. ... more
0 votes 4 answers Share Flag
Sat Sep 10, 2011
John Arendsen answered:
Is this question related to one of your other questions? Need a little more to go on.
0 votes 5 answers Share Flag
Thu Sep 8, 2011
John Arendsen answered:
rgnonallez5150, you've posted several questions on the same subject but I'm still a little confused as to what it is you are really asking. Could you possibly put all your questions into one concise question that we might be able to better understand and then help you with. ... more
0 votes 3 answers Share Flag
Thu Sep 8, 2011
Milt Winfrey answered:
Hello Ron,
There are laws which protect the renter depending whether he has a lease or a month to month agreement. If you have a lease and the property is foreclosed upon you have until the lease is up before having to move. If it is on a month to month agreement you must be given 90 days to vacate the property. Although during this time the property may be up for sale by the owner and you must make it available for showing. If the property is owned by Fannie Mae or Freddie Mac the government mortgage holders you should usually be contacted within 30 days after the foreclosure and could possibly be offered some help to move. (Protesting Tenants at Foreclosure Act) was put in place by the Federal Govt. in 2009. The exception to this act is if the buyer of the property is going to live in the property then they have a right to evict but still must give 90 days notice. ... more
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Thu Aug 11, 2011
Jack Gillis answered:
That is a legal question and not a real estate agent opinion. I would contact an attorney in your jurisdiction that specializes in real estate if you want a reliable answer. Part of the answer is in the CC&R, while part may be found in state laws and cases.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
... more
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