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Foreclosure in Torrance : Real Estate Advice

  • All235
  • Local Info9
  • Home Buying73
  • Home Selling6
  • Market Conditions3

Activity 17
Fri Oct 26, 2012
Sheyenne Schultz answered:
Stay put for now. The beneficiary...which was your servicer who u paid your mortgage payments to
will be contacting you soon. Or, if they gave this as an REO/Bank Owned listing a realtor, then the realtor who now has the new listing...will be knocking on your door to contact you to :
1)see if the home is occupied and 2)IF the home IS occupied, then they may try to offer you a CASH FOR KEYS settlement to amicably vacate the home...usually, they will want u out asap: but you can point out that CA law states you have 60 days now to vacate, not 30 days anymore.
If you can work out something amicably with them for CASH FOR KEYS...and hopefully this will coincide with your date to move into your new home.
Call me if you need more info 310-429-4170 Shy:)
They cannot just come and LOCK you out, or kick u to the curb...they would have to go thru the eviction process if you do not cooperate peacefully and do the CASH for KEYS settlement.
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0 votes 3 answers Share Flag
Mon Jan 6, 2014
DJ Bonner answered:
Hello Gvc,

Revert to beneficiary just means that the property went back to the bank. This occurs when nobody bids at the sale or the property did not sell for full value/value set by bank. It is just a matter of time before you receive a notice to leave. There are ways for you to receive money from the bank to help you with your moving expenses and finding a new home. Please feel free to email me and we can setup a meeting to talk about your options’.
Best regards,

DJ Bonner
Keller Williams Realty South Bay
djbonner@kw.com
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0 votes 4 answers Share Flag
Fri Feb 17, 2012
Emily Knell answered:
The asset manager for the bank will be contacting you, they will go over to the house as a preservation measure or send you a letter. They may allow you to rent back from them depending on when they think they want to bring the home back on the market as an REO. You should try to negotiate a good rent price with them as YOU are doing THEM a favor as basically acting as a property manager!

OR They will offer you 'cash for keys', which should be at least 1mo worth of rent, you should try to ask for 1-2mos worth of rent so you can have time to look for another place & then move.

Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
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0 votes 5 answers Share Flag
Wed Jan 8, 2014
John Souerbry answered:
Tell him you want to show it to your attorney before signing, then follow through and show it to your attorney before signing.
0 votes 11 answers Share Flag
Wed Nov 17, 2010
Sheyenne Schultz answered:
Hi...That depends. I have a CPA that specializes in short sale, foreclosure and deficit amounts being pursued by banks. She is an expert on this. You may have to show insolvency. Meaning your debts add up to more than your assets. If you are insolvent, they can't come after you. You can't get blood from a turnip.
Call me 310-429-4170 or email me shy@shysells.com thanks! Shy
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0 votes 10 answers Share Flag
Fri Oct 8, 2010
Scott Aubin answered:
My understanding is it depends on whether or not the loan was a purchase loan. If the loan was a purchase loan, there should be no deficiency judgement, but if the loan is a cash out refinance or a HELOC loan you may have deficiency judgement.

Scott Aubin
The Aubin Team
Realty Executives
714-878-5040
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0 votes 10 answers Share Flag
Fri Oct 8, 2010
Michael Magaw answered:
You signed loan papers stating that you agreed to make your payments. No bank is going to tell you that you can stop making payments. If you do stop making payments, the bank will report it to the credit bureaus. If you only have a few months to pay before you clear this up, you may not want to ruin your credit over a few payments.

So, to answer your question directly, the bank can't force the payment out of you. So you can stop. But you will pay a price for it.

Have you already listed your home? If so, what did your agent advise you to do? If not, I would be happy to help you get your home sold so you can get this behind you.

Michael Magaw
310.259.6850
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0 votes 5 answers Share Flag
Fri Sep 17, 2010
Michael Magaw answered:
Art,

I am a short sale specialist here in Torrance. Honestly, it is difficult to offer advice this way. There are several questions that I would need to ask first. I would be happy to sit down with you and give you a free consultation to review all of your remaining options. Short Sale, Deed-in-Lieu, or Foreclosure. There are pros and cons to each.

The new HAFA Short Sale program does offer $3000 to the Seller to help with the relocation. I would be happy to review this with you.

There may or may not be advantages to continuing to pay your mortgage. But if you do stop, it will definitely effect your credit score.

Michael Magaw
NHLBrokers
310.259.6850
M@NHLBrokers.com
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0 votes 2 answers Share Flag
Thu Aug 6, 2009
Carl Snyder answered:
The foreclosing lender is the beneficiary.
In Nevada, the eviction process is initiated with a 3 day notice to quit after the Trustee Sale is finalized. If there is no response, the new owner will file a five day eviction notice with the court.
If there is no response by 5 pm on the 5th day, the Constable will evict the tenant.
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0 votes 1 answer Share Flag
Thu May 6, 2010
Minna Reid answered:
You mean the bank? If you abandoned the property and it is now theirs - sure. However if you are still living there, they would need to evict you first.
0 votes 9 answers Share Flag
Sat May 16, 2009
Dyanna answered:
We can not tell you what that means for the long run. Unfortunately, we can really help you much because the bank will not speak to anyone about this file due to the bankruptcy, its illegal. If there is a discharge the sale could be in 10 days from the discharge. I am not saying this is the case, but I have had a property sell within 2 days from discharge.

Good Luck,
Dyanna
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0 votes 3 answers Share Flag
Mon Nov 24, 2008
Shel-lee Davis answered:
Sheyla:

As with most foreclosure auctions in this area, the auction will take place on the courthouse steps (if it takes place at all) at 12720 Norwalk Blvd, Norwalk, CA. Currently it is scheduled for December 2 @ 10:00 a.m. Remember, at the Trustee's Auction, you must have all cash to support your bid.

Beware of misleading information on RealtyTrac. The home will not sell for $55,300. That is the published bid for the 2nd TD only. There is a 1st TD also against this property. Make sure you have all the facts before you ago bid on this property.

You might still have time to beat the others to the courthouse steps. Contact me if you want to explore this further. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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0 votes 2 answers Share Flag
Fri Aug 22, 2008
Adrian Huntington answered:
If you have some equity left, start refinancing with another private lender. I am assuming you don't have the money to pay current? Send me an email and I will send you the foreclosure timeline. It takes some time before they can force your home to sale. Urgency is important. I can also provide you with some private lenders, who may be able to help you out.

Welcome Home Real Estate & Finance
Adrian Huntington
DRE#01804851
925-818-6694 Cell
adrianh@americanfinancialfunding.com
39 California Ave Suite 204
Pleasanton, CA 94566
Making homeownership a reality.
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0 votes 6 answers Share Flag
Wed Jun 24, 2009
Deborah London answered:
Hi Shawn. It is not as simple as handing some money over to the bank, having a quit claim deed signed., and suddenly you own the property. There are several other steps to the purchase process and a quit claim deed is not involved in this type of transaction. Yes, there are loans programs for people with credit issues. Contact me & I'll refer you to a direct lender. ... more
0 votes 5 answers Share Flag
Fri Apr 11, 2008
Laarni G. Omingo answered:
Hi Jason,

The question I am seeing on the screen is not quite complete. Please e-mail me and I can check out this property for you and give you an idea on what this property will go for. Thanks.

Laarni
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0 votes 5 answers Share Flag
Mon Aug 20, 2012
David M. Korr answered:
Contact the Banks/Lenders directly and ask how to be on thier list for REO. There is an individual responsible for them. You will need to be able to maintain the properties (mowing, electric, water, sewer, trash removal etc...) and the bank should reimburse you. Usually on a monthly basis. ... more
0 votes 16 answers Share Flag
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