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Foreclosure in Salinas : Real Estate Advice

  • All161
  • Local Info5
  • Home Buying75
  • Home Selling9
  • Market Conditions4

Activity 13
Tue Jul 3, 2012
Steven Ornellas answered:

Your lease obligation between you and your Landlord is still valid, the fact they may not be paying their mortgage does not release from your contractual obligation. Also, you might want to think twice about being in a rush to move; the fact is rental rates are on a steady climb as more former homeowners seek housing and compete for available rental housing.

In addition, you should make yourself familiar with the foreclosure rights you have - in some cases Tenants with leases can remain in the property for the full term of the lease.

"CA's "Protecting Tenants at Foreclosure Act" - need to know info!"

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Sun May 22, 2011
Scott Godzyk answered:
The bank that foreclsoes can always go after a judgement in on teh other home sif there is a balance owed after foreclsoure, you should ask your attorney how you can protect your other homes from judgements, liens or attachments. good luck working things out ... more
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Tue Apr 19, 2011
Jessie asked:
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Tue Apr 13, 2010
Rosy asked:
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Wed Mar 3, 2010
Patrick Thies answered:
What price are you trying to get?

List price?

Below list price?

Above list price?

What are you looking at?

A regular listing?

A short sale listing?

A bank owned listing?

If all you have is X amount to spend then you should look at houses in that price range.

There are a lot of factors in buying a house. Maybe you should talk to an agent to help guide you through the process.
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Thu Nov 19, 2009
Kerry Harvell answered:
Sure, you can just pay your tax bill.

What would be your incentive to do so? The bank will clear all tax liens against the property in escrow.

The better option is to keep current on your hazard insurance until the bank takes ownership at the court house steps. ... more
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Sat Jun 27, 2009
blaison samuel answered:
No! Once it's foreclosed then you are not the owner so bank will clear all the back taxes before selling as REO or at close of escrow.
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Wed Oct 21, 2009
Kerry Harvell answered:
Sunny, I'm sorry I didn't notice your question back in November. This may be too late for you, but others can benefit from this information.

When someone asks me to do a short sale for their property, I write an addendum into the contract stating the lender will forgive any deficit on the debt owned. The lender will have to sign off on this in order to facilitate the short sale. The "Debt Relief Program" was suppose to expire at the end of last year, but it's been extended until the end of 2010. I would seek the council of a CPA to find out for sure about tax relief. ... more
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Sat Oct 4, 2008
Michelle Carr-Crowe answered:
Check out Hope for Homeowners, a Federal govt program designed to help people like you. See the link below.

Here is a brief synopsis:

Homeowners, contact your existing lender and/or a new lender to discuss how you may qualify for the H4H program.

The list of participating lenders is not available yet. We will publish it in the coming days.

The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes.

The program is effective from October 1, 2008 to September 30, 2011.

As many as 400,000 homeowners could avoid foreclosure through this program over the next three years. If you are having trouble making your mortgage payments, HOPE for Homeowners may be able to help you, by refinancing your loan into a new 30-year fixed rate loan with lower payments.

How the Program Works

There are four ways that a distressed homeowner could pursue participation in the HOPE for Homeowners program

1 Homeowners may contact their existing lender and/or a new lender to discuss how to qualify and their eligibility for this program.

2 Servicers working with troubled homeowners may determine that the best solution for avoiding foreclosure is to refinance the homeowner into a HOPE for Homeowners loan.

3 Originating lenders who are looking for ways to refinance potential customers out from under their high-cost loans and/or who are willing to work with servicers to assist distressed homeowners.

4 Counselors who are working with troubled homeowners and their lenders to reach a mutually agreeable solution for avoiding foreclosure.
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Sat Oct 4, 2008
Robbeaux answered:
for a charge of nearly $3000.00 I would say runaway.

There are many organizations that can help with loan modifcation for free. The 3000.00 would be better off going towards your loan. ... more
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Tue Sep 30, 2008
Luis Cano answered:
Hi Alnz29, That is right as long as you are the Owner of Record, you will get the tax bill.
always consult with a Real Estate Lawyer and your CPA.

Best Regards,

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Sun Sep 28, 2008
J R answered:
In case anyone is wondering why our economy is where it is right now. I don't know what to say.
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Sun Feb 17, 2008
Pam Winterbauer answered:

You could loose 150-200 points off your credit score and it will be on your credit report for 5 - 7 years. I would confirm this with a local mortgage brokier. Good luck. ... more
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