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Foreclosure in Stockton : Real Estate Advice

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Activity 77
Tue Mar 23, 2010
Debbie Burness-Cantrell answered:
The current lenders on your property may allow you to sell the home as a "short sale". A short sale is when the existing lenders agree to lower the payoff amounts on their secured loans at closing to allow the current titled owner (seller) to sell the property without any out of pockets expenses. The existing lenders will request current financial information from you to determine your financial status - after review of this information they will either approve or disapprove of the short sale. If you sell the property prior to the trustee's sale you will be required to disclose any and all defects you are aware of as the seller. If one of the lenders acquires the property from you by means of foreclosure and markets the property after they acquire it via foreclosure they will not be required to disclose any defects as they will be exempt from the disclosure laws. If you have an interest in more information on completing a short sale I am happy to share with you my knowledge from the past 26 years of selling real estate in this area. Our discussions will be strictly confidential. You can reach me at 209-608-1811 or Debbie Burness, Keller Williams Realty Central Valley. ... more
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Tue Mar 23, 2010
Bob Movin-On answered:
That is the amount owed to the first mortgagee the second is not even included. The trustee sale includes the mortgage and any fees to process the foreclosure that's why it is $237,499.00 and that is just a ball park the bank will take it anyway. ... more
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Sat Aug 14, 2010
Don Tepper answered:
It's my understanding (from having listed to various teleseminars including people who are actually doing it) that it does work in California. That is, it works there the same way it works anywhere else.

Good luck.
... more
0 votes 6 answers Share Flag
Tue Mar 20, 2012
Gerard Dunn answered:
The foreclosure process HAS started. The bankruptcy stalled the foreclosure until the court trustee approved it.

I am guessing the bank has been working the system since the bankruptcy was discharged - and now have approval to proceed with the sale. ... more
0 votes 5 answers Share Flag
Sat Mar 13, 2010
Richard Schulman answered:
Just saw this part of your question. Why will BofA foreclose on your home if you are current with them? Are you needing to sell? The banks are difficult enough to deal with as it is, sounds like you will have a tough time with this plan. Have you looked into the option of a short sale? ... more
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Thu Aug 15, 2013
Randy Elliott answered:
Hello Ggirl,

This is a legal question, not a real estate question. Realtors are not qualified to give legal advice. I highly recommend you speak with a qualified real estate attorney.

Now, I can tell you that a friend of mine was in a similar situation. Here's what he found out...Yes, the 2nd can foreclose, but if they do they will have to take over the note on the 1st mortgage. Do you really think the 2nd will want to have to start making the payment on the 1st? Especially since you're upside down on the amount? I don't think that would be in their best interest.

Again, always seek legal advice from attorneys...not a Realtor. Not even me. :-)

Good luck,
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0 votes 11 answers Share Flag
Sun Feb 21, 2010
Harold Sharpe answered:
Hi Wayne,
I would direct this to
There have been many promises.
There have been a couple of programs.
Those programs all favor the banks and not the citizens.
I have not seen money go into hand, to any citizens, only to banks.
I would not hold your breath on waiting for a politician helping anyone other than those who put them in office.
I know this does not sound good however would you rather the truth or would you rather wait on a wing and a prayer and know that help is not coming.

I work with people in distress situations and I believe in being upfront and letting them know their real options and the odds of that. It helps them to know and start resolving their own issues as there is no knight in shining armor riding in on a horse coming to Stockton any time soon.

Just an opinion that I saw on youtube you can watch and see what may be happening.
I do not endorse this it is just something I bring to your attention to get an idea of how it may be working.

Harold Sharpe
So Cal Homes Realty
(951) 821-8211
CA DRE License 01312992
Graduate REALTOR® Institute,
Real Estate Masters,
Certified Distressed Property Expert,
That's just my opinion.
... more
0 votes 1 answer Share Flag
Wed Mar 24, 2010
Debbie Burness-Cantrell answered:
If you are delinquent in payments on the second they have legal rights to start the foreclosure process and can eventually foreclose on your property. My office is in Stockton on March Lane and I would be happy to talk with you by phone or in person to educate you on the foreclosure process. This is a free service I provide. You have several options to prevent foreclosure. Being educated on these options will be a benefit to you so you can make a choice on which action is the best fit for your situation. Debbie Burness, Keller Williams Realty, 209-608-1811. ... more
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Wed Feb 10, 2010
Randy Elliott answered:
Hello Ginainca,

I'm not an atty, so don't take this as "legal advice", but if you've already filed BK and all of your debts were discharged including the 2nd mortgage you had, then what is left to be negotiated or settled? There is no longer anything left for the 2nd to stake claim on. If there's no longer the debt, then there's nothing left to settle. ... more
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Thu Feb 11, 2010
John & Sarena Villaescusa answered:
Yes The second can foreclose on you but i would speak with your attorney who handled your BK to see what options you have regarding this issue.

John & Sarena Villaescusa
Keller Williams Realty
Cell: 562-818-2671
... more
0 votes 4 answers Share Flag
Thu Dec 10, 2009
Joanna Jensen answered:
What do you mean by "Under Forclosure"?
the Forclosure process can take a long time. First the Notice of Default is sent, then a notice of sale is sent, then you have about 3 weeks approximately untill the sale date. However the sale date can be changed or suspended before then.

The tough thing is you have a contract with the homeowner to pay rent, so you are supposed to pay rent or you can be evicted. However if you are paying rent but the owner is not paying the mortgage they are not doing what they are supposed to be doing with the money!! And that bothers me to no end. I believe the renter should be allowed to pay a reduced rent however I am not an attorney.

If you dont pay your rent your are in "Breach of Contract" and can be evicted. Your landlord can evict you within 90 days CA law. The lender may be able to make you pay the rent to them if there is a clause that the lender can have the rents paid to them.

This is a crazy time!! I dont like it when people take advantage. If you are living somewhere you should pay. If you are being paid rent for your home you should at least pay what you are receiving even if you are not getting all thet you owe, the lender may modifiy your loan.

JoAnna Jensen
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Wed Jan 20, 2010
Victoria Steele answered:
Have you tried to re-negotiate your payments or sell your property? You may be able to delay the foreslosure if you are effectively working to sell or short-sale your lot. The foreclosure process can take a little time which gives you time to get it under contract. You would still have to get the mortgage company to agree to a short-sale and since this is not your primary residence you may be on the hook for the difference. Everything can be negotiated!

Don't be passive. Talk to lawyers right away. They usually offer a free consultation from which you can gain more information for moving forward. Bakruptcy may also help you to give you time for a sale or re-organization.
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Sat Nov 14, 2009
Paul answered:
Look up "Cash for Keys". Real estate are not lawyers and cannot give legal advice. But I understand you can ask for more money if you can demonstrate high moving costs. I have family in Stockton! :) ... more
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Sat Sep 19, 2009
Minna Reid answered:
Thats probably exactly why she wants to do this. She bought and bailed and now is worried about the aftermath. If her old lender gets a deficiency judgement they could very well attach a lien to her new house. They can't attach a lien of she doesn't own the property. To me it is pretty clearly fraudulent to sign over your title to avoid a lien, after stepping out on the first lender like this, but I am not a lawyer.

It sounds like you dont feel comfortable with this, and understandably so. Not sure if there are any possible legal ramifications in getting involved, but if you just dont feel right about it, don't do it.
... more
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Fri Sep 18, 2009
The Hagley Group answered:
With a notice of default, your landlord is still the owner and has the right to collect rent. In fact, they may coillect rent up until the trustees sale, when they no longer own the home. ... more
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Wed Sep 23, 2009
Jesse Sierra answered:
The best way to find out is to talk to Chase's loss mitigation department.
If you are indistress, do not avoid your lender.

Best Regards,

Jes Sierra, B.Sc.
Realtor® ... more
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Tue Mar 8, 2016
blaison samuel answered:

You have to call your bank directly (the 800 number will be in your mortgage statement) and ask their customer rep for loss mitigation department number and fax number to send the loan modification request.

And also ask them which number to call for follow up after sending the loan modification request ..Good luck!

Blaison Samuel
Certified Short Sale Specialist
... more
0 votes 17 answers Share Flag
Sat Jul 4, 2009
Jane Francis Cross & Homes By Cross Team answered:
A foreclosure is when you stop making your monthly payments on your home and the lender calls the note...which is simply put, pay it or we take over your house and you have to leave. Seek legal guidance from a real estate attorney who specializes in bankruptcy/foreclosures. And see what your options are. ... more
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Sun Jun 28, 2009
Voices Member answered:
Call the Police?......................................................................... I think more details are needed like (How did he steal it) and why you were using the Broker (What was he suppose to be doing and how did he end up with $64,000 of your money) You were paying him to do What exactly? (Loan modification..Sell your home?)

Still think the police would be my first call . Depending on what happened would determine your other options.
... more
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