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Foreclosure in San Ramon : Real Estate Advice

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Activity 32
Mon Apr 25, 2016
Scott Summers answered:
A foreclosure can affect a homeowner in the following ways:
1 It affects their ability to get a job and/ or keep their current job. A Short Sale does not have this affect
2 Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. A Short Sale does not have this affect
3 The homeowner loses the ability to purchase a home with a Fannie Mae loan for 5 years. A Short Sale is 2 years
4 On any future loan application the homeowner will have to answer yes to the foreclosure question, and will affect their credit rate. Short Sale is not mentioned on the standard loan application.
5 A foreclosure can lower a credit score 250 to 300 points greater than a short sale
... more
0 votes 12 answers Share Flag
Tue Jan 3, 2012
Steve Dawson answered:
First, ask any friends you have who might know of someone they can refer to you. Referrals are the best. If they don't know anyone, then look for agents on this site who seem to know what they are talking about and interview three agents. Ask to see references of past sellers they have helped in short sales and see if they would be competent enough to handle your property. Go with your gut, it will lead you in the right direction. ... more
0 votes 30 answers Share Flag
Wed Sep 21, 2011
Eli Givoni-Short Sale Dept LLC answered:
You should do a short sale and keep foreclosure off your credit. Why wait for either BOA or the HOA? Feel free to call anytime and I can explain the process to you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
... more
0 votes 13 answers Share Flag
Mon Jul 4, 2011
Eli Givoni-Short Sale Dept LLC answered:
3-6 months.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
... more
0 votes 5 answers Share Flag
Mon Aug 30, 2010
Heba Rayan answered:
Weather you are paying cash or with a loan, yes you can negotiate.
0 votes 4 answers Share Flag
Sat May 8, 2010
Johnny Huang, MBA answered:
Highly recommend you get a buyer's agent to help.
0 votes 14 answers Share Flag
Tue Mar 23, 2010
Jacqueline Walker answered:
Your question needs to be discussed with a BK attorney. A similar situation was recently the subject of discussion with the local BK attorney I work with and he indicated that home owners must be very careful about the timing of their BK filing if their home is in foreclosure or short sale. Let me know if you want a second opinion, I can connect you with him if you think it might help. ... more
0 votes 6 answers Share Flag
Tue Dec 8, 2009
Jan McNulty answered:
I have heard this before. Many Banks are wanting to be assured that the seller will receive no funds at closing. I would probably have my broker represent your listing contract to BOA and see if that will convince them that you are not kicking anything back to the seller. I really believe that the "arms length transaction" shouldn't be for the agents involved. I had the same issue come up when a Buyer was a Realtor, from another company, who wanted to buy a short sale listing I had. I explained that he was representing himself in the purchase, but by not allowing for the coop fee to be paid, we might lose the buyer. The Bank did concede the point and we are scheduling the closing for January. ... more
0 votes 4 answers Share Flag
Thu May 6, 2010
Scott Summers answered:
Bankruptcy hurts credit more!. And it won't stop the foreclosure anyway, just postpone it. (at least in CA.) Short Sale is the way to go if you care about your credit.
0 votes 4 answers Share Flag
Fri Nov 18, 2011
Fred Griffin answered:
Hi, Ducky

Only a Real Estate Attorney can give legal advice.

Many people are going to advise you to quit paying, since it appears that you are going to sell the house via short sale, or lose it to foreclosure for non-payment. Many people will say, "Why keep throwing money into a pit?".

But again, only a Real Estate Attorney is qualified to answer your question.

----------------------
Best wishes,
Fred
---------------------
... more
0 votes 13 answers Share Flag
Mon Jul 13, 2009
Linda S. Cefalu answered:
Dear Ducky,

The following information is why should avoid foreclosure at all costs:

1. You will always have to disclose your foreclosure on future mortgage applications and sometimes employment applications. Many employers now run credit checks prior to hiring and during current employment. Depending on the position you hold, it could jeopardize your employment status.
2. Credit scores will be lowered by 300+points.
3. Security clearances and government positions including but not limited to military and law enforcement can be jeopardized.
4. You may be denied access to certain computer sites.

These are just to name a few of the pitfalls of foreclosure. It should be avoided at all costs. If you are facing a possible foreclosure, there quite a number of things you can do. If you would like more information, I would be glad to email it to you.

Linda
... more
0 votes 5 answers Share Flag
Tue Jul 14, 2009
Johnny Huang, MBA answered:
When considering a short sale, consult with a lawyer to see if the bank will forgive or go after you for the remaining amount. Also, check with a tax advisor on what kind of tax liability you would have on the difference.

If the bank is willing to modify the loan, make sure it's a comfortable amount for you on a monthly basis. Sometimes the modification won't work for the borrowers.

Unfortunately, without knowing the terms of the loan contract (and only a lawyer can interpret that document), agents can only refer you to the right professionals.

IMO, your note is somewhat low and long (40 year vs 30 year). If you can't afford the mortgage, then talking to a lawyer would be the first thing to do. Shannon Jones in Danville is a great one to call. Just google her.
... more
0 votes 8 answers Share Flag
Mon Jul 13, 2009
blaison samuel answered:
I'm sorry to hear your situation. Have you tried for loan modification? You can talk to your lender for loan modification so that they can lower your payment which you can afford. But if you havent that much income and cannot qualify for loan modification then you have to do short sale. You can qualify for a short sale. If you are planning to sell then you need an experienced short sale agent who can assist you in selling your house. Let me know if I can help you further in short sale, I have experience in short sale and a Certified Short Sale Specialist.

Blaison Samuel
510-366-9405
... more
0 votes 6 answers Share Flag
Fri Apr 9, 2010
The Hagley Group answered:
It could...but I suspect new programs will be introduced to help keep buyers in their homes. The plans put into play over the last several months have had little positive affect for homeowners trying to make a good faith effort to stay in their homes and pay their mortgage. ... more
0 votes 15 answers Share Flag
Mon Sep 1, 2008
Adrian Huntington answered:
The banks keep any profit if any. After losing billions of dollars, the banks take any profit. Most REO listing agents get a lower commission then the Buyers Agent when the home sells also. The listing agents have to sell volume to make money.

Adrian Huntington
Welcome Home Real Estate & Finance
adrianh@americanfinancialfunding.com
925-818-6694
... more
0 votes 5 answers Share Flag
Mon Sep 1, 2008
Steven Ornellas answered:
Zoia, any licensed Realtor can help you with this. I would be available to help you right now. Please contact me and lets get started!

Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.â„¢
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com
... more
0 votes 9 answers Share Flag
Mon Aug 4, 2008
Rouriel Noubini answered:
Yes, it is downey, down-ney, down-ney.
0 votes 7 answers Share Flag
Thu May 22, 2008
Tina Shea answered:
Yes, I can. I am just a phone call away. Anita you can call me at 925-336-6377. As I am showing property in San Ramon all the time. I have little time for on-line blogging.我å¯ä»¥ç”¨ä¸­æ–‡å¹«ä½ æ‰¾åœ°ç”¢çœæ™‚省事又省錢 ... more
0 votes 1 answer Share Flag
Fri May 2, 2008
AJ Cohen answered:
There are 10 single family REO foreclosure properties in Danville and San Ramon at this time ranging from $254 a sq ft for a 3148 sq ft home in Danville all the way up to $387 a sq ft for a home as large as 6450 sq ft. I would be happy to get more specific with you if you would like to contact me directly at ajcohen@apr.com.
Thanks,
AJ Cohen
... more
0 votes 5 answers Share Flag
Wed Apr 16, 2008
Johnny Huang, MBA answered:
You can hire a buying agent to help you with price comparison, inventory updates, and contract negotiations. I recommend that you start by engaging conversation about REO's and foreclosure process. Your question is very broad and if you need specific questions answered, please feel free to email me. ... more
0 votes 4 answers Share Flag
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