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11623 Cherry Avenue No. B4, Fontana, CA 92337

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Fontana

1295 North Euclid Street, Fullerton, CA 92835

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Fullerton

82227 Us Highway 111, Indio, CA 92201

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Indio

1450 Olive Drive No. A, Bakersfield, CA 93308

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Bakersfield

1460 7th Street No. A, Oakland, CA 94607

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Oakland

1955 41st Avenue No. B8, Capitola, CA 95010

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Capitola

3276 Adeline Street, Berkeley, CA 94703

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Berkeley

100 North Raymond Avenue, Fullerton, CA 92831

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Fullerton

134 W Base Line Road, Rialto, CA 92376

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Rialto

836 N Santa Fe Avenue No. A, Vista, CA 92083

California

Vista


Frequently asked questions about california foreclosure loan

  • In all likelihood, no. California prohibits deficiency judgments on most purchase money mortgages. Many homeowners who have caught on to this fact have purchased less expensive homes inland, while their credit is still good, before deliberately letting their current home go into foreclosure. Have an attorney review your mortgage documents to get a definitive answer.
  • some mortgages incorporate existence insurance to pay it off 'in case." you have an components, good or undesirable. seems as though in spite of she owned is now ultimate family contributors components. NONE of you're obiigated to take over the valuables; if so, interior 3 yrs of no components taxes being paid, the county will assign their rights to the state however the lender will take administration way formerly then. FYI--interior 2-6 yrs, the abode fee will bypass back as much as its extreme factor and climb from there--so, your activity to cover a detrimental own loan isn't everlasting--in case you chosen to maintain it. consistent with risk which you need to to maintain it if methods would properly be discovered to shop the abode? bear in mind, mutually as you haven't any longer any legal accountability to make the money, the fed DID freeze funds final twelve months. can handbook added
  • In CA (each state will have different laws) you will receive any excess funds. However, all expenses are added in, not just the loan. There is the commission to the agents involved in the sale, any maintenance they paid for (they do not tend to do this though) as well as the legal expenses of foreclosing on the property.
  • With all the costs associated with foreclosure, if there is any money left over then you would get it, but that is highlly unlikely. It would also be highly unfortunate and financially idiotic. If you had enough equity in your home that they could foreclose, sell it, and still make a profit you seriously dropped the ball in trying to either refi or sell it yourself and avoiding the foreclosure to begin with.
  • If there is any money left over, the owner of the home would get it. However, it's almost unheard of, since the bank (correctly) will also charge the owner for the costs of foreclosure. That can run into the tens of thousands of dollars, since there are numerous attorneys involved, along with assorted fees required to complete the foreclosure process.
  • by the time the house goes into foreclosure, the bank legally owns it. you'd get nothing. if you have some equity and can sell it in a reasonable timeframe, consider selling the house yourself so. don't forget the bank will tack on interest at the default rate, late fees, legal fees, etc.
  • If it has already been forclosed. The bank owns the property, if the property is sold for more than what you owe, the bank (present owner) makes that money. This is why it is very important to act (or to sell your home) if you think you cannot make the payment. Forclosure will put a big ding on your credit report that will limit your buying poer in the future.
  • That would be a rare occasion indeed! :)
  • How does Foreclosure affect our financial liability and taxes if we had to walk away from our house in California? Our loan was interest only and our FIRST was in the amount of $351,000 and our SECOND was for $65,000. I just found out our foreclosed home solde for $371,000. We just received a 1099-A form stating that the outstanding balance was $351,000 and the Fair Market Value of $371,000. Can you break this down for me?
  • I'll assume that the home was your primary residence and that both of the mortgages were borrowed in order to purchase or improve your home. If this is not true then your question is too complicated to be answered here and you need to discuss it with a tax professional. If would be recommended to discuss your situation with a tax professional anyway. You would proceed as follows (1) Sales Price of the your home was $351,000 (2) find out what you paid for your home when you first bought it. (3) add the cost of any major improvements you have made (4) subtract the $65,000 of debt forgiven if the second mortgage has been written off by the lender. Do nothing if the second mortgage lender is still trying to collect. (5) Total of (2) plus (3) minus (4) equals your cost basis (6) Your gain/loss on the sale of your house is (1) minus (5) (7) Apply the rules to sales of your primary residence to see if you have to report the gain. Any loss would be non-deductible. (8) If the second mortgage has been forgiven then you need to fill out form 982 and mark that you are excluding $65,000 of debt forgiveness due to it being qualified primary residence indebtedness. (9) If the second mortgage is not yet forgiven, then you would not fill out form 982 and skip step (8). Because your debt forgiveness is less than $250,000 California would treat the foreclosure in the same manner. Richard K Master Tax Advisor Enrolled Agent This advice was based upon my understanding of the tax law in effect at the time it was written as it applies to the facts described by you. See my profile for more information.
  • Foreclosures mean that the person who previously owned the home filed for bankruptcy. If so, that means the bank lost out on some of the loan payments the owners were suppose to pay and are now unable to do so. The bank attempts to make some profit by selling the houses, but need to sell these properties quickly (ie: the low pricing of foreclosed homes) and end up not making much profit. This could be applied in the state of California.
  • I am currently behind about three months on my mortgage. I have already accepted the fact I can not afford my home any more. If I do not keep paying my house, how long will it be before I get the boot? Also I have a first and second, my second is a HELOC. What are the aftermath consequences to my credit and will they come after me for any fees or continue to harass me to pay the debt or will I just walk away free?
  • I work for the bank, you never said if this was your 1st orginal loan on the house if it is you can walk away with the bank not coming after you. But if you have refin. your credit will be shot and after the house goes to sheriff sale, you will be responsible for the balance. You should be getting a final demand letter no later than next month.
  • this would possibly not help something of the rustic as California isn't the only place that foreclosure are extreme and revenues are low. to not point out that the housing disaster is in simple terms the in simple terms precise ***** interior the chain that began breaking returned in 2000. it is going to take greater desirable than the federal reserve and a few thousand burnt properties to make this united states of america greater advantageous returned. over the previous 6 years, thousands and thousands of solid/great paying jobs have been misplaced/off shored. How can every physique think of that this would possibly not have a drastic, and dramatic, effect on our financial device? the human beings who misplaced their livelihoods, misplaced their properties, autos and credit and now it quite is snowballing around the financial device. that's not a housing disaster, it quite is a JOBS disaster. yet hi, shall we throw billions at some thousand components proprietors and picture which will fix it. as long as human beings such as you, and our legislators, refuse to be sure the actuality, not something will replace and issues gets worse--plenty, plenty worse. we are doomed Have a great day.
  • Contact your lender. Ask them if they will consider a short sale. That means selling your house for less than you owe on it. If so, put the house up for sale immediately at a reasonable price and get it sold. Instead of a forclosure you will have a settlement on your credit. It is still bad, but not as bad as a foreclosure. It shows you tried to do the right thing.
  • Hypothetical scenario: I get a home loan for, say, $180,000.00 in California. I leave the country for 4.5 years (.5 years over the written statute of limitations agreement). I come back... Now, do I: 1.) Become free of owing the bank money (lawsuit wise)? 2.) Own the property, since the bank had paid of the owner? 3.) Have any legal obligations post-4.5-years? I'm very inquisitive about laws and whatnot... I would never do this, but I like knowing how the system works. Thanks :D!
  • 1) The Statute of Limitations for a civil debt is "tolled" - i.e. suspended - for any time that you were out of the State. 2) If you are unavailable, the bank is able to serve you with foreclosure papers by publication - i.e. printing them in the 'legal notices' section of the newspaper. By the time you returned the bank would have already taken ownership to the property and, most likely, already sold it on. Richard
  • If you have made yourself impossible to contact the SoL has not run. All the lender would have had to do during the 4 years is file a suit.
  • Moved to California from New York, and I've been Acct Manager, Loan Coordinator, Real Estate Customer Service Rep, Real Estate Program Trainer, Credit Associate, Credit Underwriter, Jr. Underwriter, Associate Underwriter, Product Specialist (couple of awards for best employee). I want to be in foreclosures, I've been here for 2 months with-out job. How do I get a job in Foreclosres, and pay is Neg.
  • If you've really had all those jobs, and spent enough time on each one to actually learn it, you've gotta be in your 90's!!!! Step away from the walker, take your meds and go back to your room.... just kidding. Seriously though, if you've done all those things, we should be asking you how to go about getting into foreclosures.
  • unfortunately , i live in new york sorry brother why did you move though.
  • that sucks bro... good luck man..
  • My home went into foreclosure on 12/6/07. I live in Stockton, CA San Jouquin County. I have called the bank who has the loan and they weren't able to give me any information about the auction date. I am aware that a letter should be sent out to us 20 or so days before the auction. But, I would like to know when that might be? 1 day from now, 2 months, 5 months etc? Does anyone know who I can call to find out some helpful information regarding this? I would like to stay here as long as I can and continue to save money and pay off exsisting bills. Thank you all for your help.
  • I am currently looking at foreclosure on www.realtytrac.com I just got the 7 day trial for free and I am going to cancel it before I have to pay anything. It lists all foreclosure and auction property in the country and it gives the date of the auction. I would just get the 7 day trial and look it up there. It is quick and easy. I just checked out stockton, CA and it shows 1112 auction properties.
  • The bank has a law office that handles their foreclosures. Ask them for the name and number of that law firm. Then call the firm and talk to them about it. If you haven't been contacted by them yet, they probably don't have the specific date, but maybe they can steer you in the right direction. In Maryland, the occupants of a foreclosed upon property often don't leave until the person who buys the house at auction comes and pays them a visit. Then you might be able to arrange a rental with the new owners, since in this market they're probably not looking to flip it right away. But be aware, your rental price is probably going to be higher than your mortgage payment was.
  • The sales price of your home for tax purposes will be the balance due on your loan.
  • Recourse means they can sue you. Non-recourse means they can't. Since you had a non-recourse loan, you are treated as having sold the house back to the bank for the amount of the loan balance. There won't be a 1099-C. How long did you own the home?
  • ... this question brought out a disturbing display of meanness of spirit it's only the preamble to the Constitution, but fairly indicates the "intent" of the founders: We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America. " .... insure domestic Tranquility ... promote the general Welfare ..." I've seen the conservative knee-jerk before I'll pass on the Christian ethics conundrum (some of) the answers I see here disgust me sorry, I can't put a pretty face on it "government of the people, by the people, for the people, shall not perish from the earth. " what was Lincoln thinking? "for the people..." ???
  • if you already know that the cancellation of debt is not taxable for IRS, you will not enter it on your 1040 and therefore is not brought forward to the Calif 540(AGI)
  • http://www.loansafe.org has a GREAT forum with several lurkers that just loooooove to answer questions like yours. California seems to be a state where you can pretty much just "walk away" with little or no repercussions ... good luck.
  • No deficiency judgment can be obtained on a non judicial foreclosure in California if the loan was used to purchase the property NO MATTER who occupies the property.
  • A friend lost his house to foreclosure a few months ago. I saw him at a party Saturday night and he said a collection agency is calling him about the deficiency. I thought that, in a state where FC is non-judicial and where deficiency judgements aren't allowed (like California), once the FC is done, that's it. The FC was on his primary (and only) residence, and it was a purchase money loan. How far can this collection agency take things? Can they garnish his wages or take any other collection action beyond just bugging him for the difference?
  • Perhaps there was a first and a second (or HELOC)? The second would then be afforded their "one action" in a deficiency judgment, since they did not foreclose. http://www.sandiegopredatorylending.com/...
  • You are correct, California is a non-judicial FC state and their is no recourse (deficiency judgment) as long as it was a purchase-money loan. I have a feeling it may not have been purchase money. He needs to speak to an attorney. If he's in San Diego, I can recommend someone he can speak with.
  • Fannie Mae suspended foreclosures until March 6th. Freddie Mac's will probably follow suit, although I believe their moratorium already expired. Most have been waiting for Obama's details on the Housing Stability and Affordability Act which will be available on March 4th at which time many lenders will be required to modify loans for troubled homeowners rather than foreclose on them.
  • The first poster is correct in most everything. Except, the lenders will not be required to work with anyone, they will receive incentives, but do not have to do anything.
  • My sister is in the process of modifying her mortgage - she has been approved and has been making the modified payment. However, she was told her modification would not become permanent for 90 days, at which time she would be notified of a decision by the lender. To complicate matters her house is due to be sold at a Trustee's sale on March 11. The lender has been taking her payments, can they still go through with the foreclosure? Or will it be at least stalled pending the final notification? We live in California if that helps. I am very worried she will not have a home next week.
  • They do a one month pros pone for 3 months. If anything goes wrong they only have at most 30 days with her in the property. The records will still show the original date, even if they actually finalize her foreclosure the next month, second or third month.
  • Try RealtyTrac.com. It has 7 days free trial period. The only difference between the free trial and paid membership is you can not download the lien and loan history and comparable sales report. You can search without signing up free trial, but it only shows you how many foreclosure houses in your area without complete address and contact information. TrialEasy.com shows how to cancel the free trial of it, it can also remind you to cancel. See http://www.trialeasy.com/et/detail.do?id=54
  • I found a foreclosure website at www.deangraziosi.com. There typically is a 14 day free trial and you can always cancel when ever you want. The actual website is www.4closurealert.com...good luck
  • well, it costs a lot of time and money to gather all that info and host a website - of course they are going to charge money - would you spend 100's of hours gathering that info and just give it away? just talk to a realtor - many bank owned properties are on on the regular MLS listings and a realtor will be able to tell which ones they are
  • I had an 80/20 ARM in 2004 on my first home, then in 2005, I refinanced and combined both into 30year fixed. I did not take any adidtional money out or anything like that, even though I could have. I just bought another house and wonder what happens if I foreclose on the home I bought in 2004 and refinanced in 2005. What will foreclosing on a home mean, do they take my second house, car, furniture, savings, retirement?
  • The 80/20 was likely non-recourse. Whether it was still non-recourse after your refinance is questionable. But, in order for the lender to obtain a deficiency judgement in California, the lender must use the judicial foreclosure process. Judicial foreclosures are rare, because it's more expensive than the traditional non-judicial foreclosure. Usually a lender won't bother with judicial foreclosure unless the loss is in the high six figure range. If the lender files judicial foreclosure, and wins a deficiency judgement, then, yes, the lender may use whatever means necessary to collect the judgement, including lien on property and/or bank accounts.
  • Hi, My primary residence in california was foreclosed last year. It had 2 loans. The purchased price was $326,000 The primary lender sent me a 1099 A: box 1= 12/27/2007 box 2= 260,000 box 3 = 261,000 I was expecting a 1099 C from the 2nd lender, but they told me they will not issue the 1099 C for 2007 since they did process the foreclosure until beginning 1/2008. They said the1099 C will be for 2008. My question is: Do I report the 1099 A for 2007 tax year and then report the 1099 C on the 2008 tax year? Do I need to report the 1099-A since there was no gain and I cannot write off the loss? If yes, do I treat this 1099 A as a sale of my property (scheduled D)? Also, I paid 5 months of mortgage in 2007, can I still claim the interest? I did receive a 1098 from both lenders. Thanks. I appreciate your advice.
  • You paid the interest, yes you can deduct it. You *must* report the "sale" of the property on schedule D. The loss is not deductible, but if you don't list it, the IRS will put a basis of zero down and give you a HUGE gain. The $260K 1099-A will not cause cancellation of debt because they did get paid off. You sold them the house for $260K. The other loan is the problem. You "sold" their share of the house back to them for their loan. So if their debt is $40K, you sold it for $300K and have $40K of future cancellation of debt income. In 2008, you will either put the cancelled debt on line 21 of the 1040 (and pay income tax) or use form 982 to try and exclude it. The form 982 has been updated to reflect the cushy foreclosure deal if this is your main home for at least 2 years.
  • You need to check your mortgage docs. If it's a non-recourse loan this means the lender cannot sue you for your other assets. Generally speaking if you were foreclosed on this means a heavily damaged credit score, but I know of many people throwing the keys back and walking away (without losing their other assets). SEEK THE ADVICE OF A TAX & LEGAL PROFESSIONAL! www.cre-investors.com
  • of path the foreclosures will mess up your spouse's credit, yet whilst your call isn't on the be conscious it won't effect your credit. using fact the valuables is an investment type sources you've the capacity to deduct the loss, in assessment on your very own place of residing. Acemill is thoroughly incorrect approximately getting a getting a 1099 and having to pay taxes on the any forgiven debt. That component to the tax code replaced into carried out away with with the aid of Congress in December 1997. the only concern which you are going to be able to come upon is that if it is going into foreclosures is that if once you obtain the valuables you claimed it replaced into going to "proprietor occupied" quite of being an investment sources. investment properties required a lots larger down charge. If that have been the case your spouse might desire to be prosecuted for fraud. i comprehend a guy it rather is federal penal complex for making fake statements approximately being "proprietor occupied" whilst it replaced into no longer his properties have been foreclosed on. yet once you pronounced that it replaced into going to be a "non-proprietor occupied" sources you are going to be ok different than on your spouse's credit checklist.
  • don't just let them take the house you should have better options i may be able to advise send me an email of the best way i can get in touch with you steve@alfinancialservices.com
  • Your question can be answered best if you check out this website. It definitely answered my questions on real estate and foreclosure. https://therena.com/?utm_source=blog&utm_medium=blog%252Bfeedaback&utm_content=godevsite-track-1&utm_campaign=TheRENA%252CEvents%252CThe%252BReal%252BEstate%252BNational%252BAssociation%252C
  • All secondary lienholders must file with the foreclosing lienholder (first mortgage) for compensation. If they can't reach a deal, the case goes to a judge who decides who gets what. At that point, all decisions are final. The property then goes up for auction at the county courthouse to the highest bidder. If the bank chooses, they can have an agent at the courthouse who will bid on the property in the bank's behalf. If the bank is the highest bidder, they seize the property and put it on the market as a foreclosure sale. When the sale clears escrow, the secondary lienholders get what was agreed upon or ordered by the judge.
  • Revenues from the sale go to the primary lender, then the secondary lender, and anything left over goes to the owner. The lender performing the foreclosure can also recoup the costs involved in the foreclosure.
  • 1st, then 2nd lien holders get their share. You have to go to the company and file for the excess funds.
  • California limits non-judicial foreclosures to "one action". If the 1st Deed of Trust forecloses, it's one action will be foreclosure & they would not be allowed to additionally sue for a deficiency judment. The 2nd Deed of Trust however could exercise it's one action in a deficiency judgment, regardless if it is still a purchase money loan, because they did not foreclose. http://www.sandiegopredatorylending.com/...
  • To find out about possible foreclosures in the Long Beach area you might google foreclosure auctions followed by Long Beach or Los Angeles. You should call each auction that you might find listed to see where they hold their auctions as well as how often and how you can get on their mailing or email list of auctions they schedule. Some auctions require that you have a buyer's agent to represent them. Then there are some that don't have this requirement. The area to purchase these houses depend on your intent for the property. Do you intend to reside in them or do you plan to use them as rentals. For investment properties you might consider the Wrigley area as well as the North Long Beach areas. In the money department most require some type of minimum to get a bid card. Some allow a certain amount of time to apply for and get your loan. Failure on your part to finalize mortgage loan you forfeit any possible down payment. Then there are others that require in addition to the minimum of getting your bid card will want you to have a pre-approval from a local bank. If a bank is utilizing an auction to sell off assets then they are available immediately as soon as you complete the sale with the necessary funds to close the escrow. In bidding on a house each auction have their own rules, therefore make sure when you see an auction that you want to attend and bid on you get the entire requirements so you would be successful with any bidding and expectations after your bid has been accepted. The one thing you want to do is get a list of properties available for auction. Then you would want to do your home work, by going by each property, getting the proper compts, if there are any repairs. Talk to the neighbors find out as much as you can about the property. Keep a list of each property you would want to bid on to include the maximum you would bid on each property based on any repairs or things you might find. Please don't get caught up in the hype of bidding. Remember your goals and limitations, remember your maximum you would want to bid. I hope this has been of some benefit to you, good luck. "FIGHT ON"
  • Lots of inexpensive homes in Wrigley and Bixby Knolls. For an auction, you need all cash or an approved loan ready to go. They won't wait for mortgage approval process. See a qualified real estate agent to help you find a home.
  • In California, as quickly because the sale is closed, you possess the apartment. If any individual is in it, you ought to evict them. Eviction is finished with a court docket order. You will want an legal professional to try this for you. It is NOT a do it your self task. Depending on how busy the court docket approach is it ordinarily takes 30 to ninety days to do an eviction. I recommend you inform the persons within the apartment that you are going to provide them $500 coins for the keys to an empty apartment. If they do you're going to pop out forward.
  • Yeah I agree with what's been said so far
  • Great relevant answers, thankyou
  • I don't know what to say
  • You could become a loan officer without going to school... maybe... big maybe. However, it would happen a lot quicker if you did go to school. There is so much competition for jobs among people who did go to school you need to give yourself an edge. Also, take it from someone who is in lending... it's not all that glamorous. What kind of lending are you thinking of going in to? Commercial/Consumer/Real Estate?
  • No you dont need to go to school to get a degree or anything. I can help you become a loan officer if you want and i can get you started right away. So email me when you get a chance.
  • Not hard to learn loans or become a loan officer. Get under a chop shop learn the buisness quick and fast. Once you have got a handle of it than leave the bad cut and find someone that will pay you for your services meaning you are a assest to there company. Start at 50% even if they are giving you the leads. Remember that when cold calling dont take anything personal although it will get to you the first couple of times. If you are looking into foreclosure which means niche market than open up the pennysaver and call those brokers and ask them if they need help. If you have clients in Sacramento Region please send them my way. Check out these sites: brokeroutpost.com scotsmanguide.com
  • check with a broker in your area-you may just have to simply work under them and complete a week long course
  • I Lost my house in foreclosure. I just stared saving to buy another house in the future. I need to know if the bank has the right to come and get my savings because i didn't pay the loan. What If I buy a car? can The bank can come and take ANY of the assets that I might have in the future? If the answer is yes, How long I should be "afraid' of the the bank?? What the law in California said about it??
  • California is a non recourse state, meaning that in most cases the bank can not come after you for the deficit.
  • Nope. Once you are foreclosed you are clear of the debt. It will be a 7 year black mark on your credit though and you will have to start building credit all over again
  • nop forecloser is one time sattlement, after that bank will not truble you, the can just share your name with defaulter list of the banking companies, nothing more they can do
  • My parents took out a loan on their 5 acre property a number of years ago and have missed the last 6 months of payments. They thought they had worked out a deal with the lender but he just sent them a 10 day foreclosure notice via certified mail. They have a home on the property how can he foreclose on property where there is a home present? He has no legal right to the home. Any answers would help my poor parents are freaking out.
  • You are incorrect. The home is attached to the deed. It will go with the land. It is your parents that have no legal right to the home (well, will here shortly).
  • I had almost the same situation let me tell you about it, a friend of mine that was going through a foreclosure somehow found out about NAHA and he recommended me to call them and let them know my story since they dont ask you for money upfront or anything like that I decided to gave it a try, I had a sale in 48 hours and they postponed the sale while they helped me with the modification just try calling the National Association of Homeowner Advocates, a friend recommended to me and they helped me for free no upfront fees and very helpful.. they had very knowledgable staff when I called in I tried for almost 2 years with BofA to get a loan modification and they got my delinquent payments caught up and reduced my payment down almost 40% Thanks to them I'm still able to keep my house and my children dont have to move to another school (877) 867 9052
  • There is none. The foreclosure process can last a while, but the bank will get the house back. You don't pay, you don't stay.
  • We live in California.. and we are married. The home was purchased in my husbands name only. I did not sign the loan docs... I did not sign the the deed of trust. After a few months, we recorded a deed of trust that added me. This was not given to the lender or the title company, we just recorded it. This house is going into foreclosure. Do I have ANY legal responsibility? Should I record a new deed of trust reversing whatwas filed previously?
  • deed yourself back out of it fast! just in case. the same easy way you added yourself you could be added back out. especially if you are not on the loan documents.
  • Neither your question nor your proposed solution make sense. I don't know what you did, but I am fairly sure that you mistaken and are not correctly describing what happened. Signing a deed of trust a few months after the loan and not giving it to the lender or title company doesn't make sense. Whatever you signed and recorded, I doubt it was a deed of trust. A deed of trust is something you give to a lender. It has no other purpose. A deed of trust should not have been used to try to give you part ownership of the property. Maybe you used the wrong form or maybe you did something else entirely. I can't tell. It's time to spend a few hundred dollars to ask a real estate lawyer to look at this and tell you what to do. Gather copies of the paper work in advance to minimize the leg work the lawyer has to do so you minimize your costs.
  • It depends on your loan, if you ever refinanced then yes, they are entitled to the entire amount of money they gave you. If you never refinanced your original loan then they simply send you a 1099 for the excess amount, you simply have to claim it as income for both the IRS and CA taxes.
  • As long as you never refinanced, and it is 100%, not a "80/20" loan, your full loan is non-recourse. You will only have to pay state income tax on your profit in a foreclosure. As wizjp states, if the bank agreed to a short sale, in any state, for any loan, they can not longer pursue you for recourse, when they agree to the short sale they waive their rights to their money.
  • CA is a non-recourse state, though there are a lot of loopholes around it. Expect the worse and hire an attorney.
  • There by definition is no deficency balance for recourse in a short sale.
  • I live in California, and I am going through foreclosure. My wife in not on a loan or title, however, we do have one credit card and checking account together. I did purchased my house after marriage and she signed an agreement stating that she has no interest in my property. Will my foreclosure affect my wife’s credit?
  • No, she would have to be on the mortgage for her credit to be affected. She could be on the title and it still not affect her credit. If you or her missed a credit card payment, that would affect both yours and her credit reports.
  • Not at all.
  • What you are asking makes absolutely no sense. When you do a land contract it is basically an owner financed deal where the owner of the property acts like the bank. There is no *loan place* when you do a land contract, unless you involve an escrow company that will receive the payments for you and forward them to the mortgage company so you can be sure the mortgage is being paid and the owner is not just pocketing the money and letting the place go into foreclosure.
  • It is generally true that foreclosure of a property is non-recourse: the creditor cannot look to other assets of the debtor to finish repaying the loan, but can only seize the liened property. In California, there is a procedure called judicial foreclosure which WILL let a creditor attach other assets, but it is almost never used: it costs more, takes longer, and defaulting debtors usually don't have significant other assets to seize.
  • My wife and I were dicharged a chapter 7 BK over 1 year ago. We continued making payments on our home; but never reaffirmed the mortgage. We are now behind in our payments and the home is worth considerably less than the loan. How long will we be able to stay in the house before the bank takes the house and will we have ample notification from the bank? We have no plans to keep the house at this point.
  • not sure about this but i heard something on tv yesterday about it being 6 month to a year before they can actually foreclose and move you out.
  • Mexicans did no longer bankrupt the state it replaced into corrupt politicians who robbed it blind. Mexicans helped build maximum of California and added to the financial equipment. Mexicans pump in hundreds of thousands of greenbacks on an familiar basis into the California financial equipment and even have presented various of exertions at decrease fee so as that California must be outfitted extra contemporary. Whites get carry of extra welfare than Mexicans and different Hispanics and African individuals. The poorest states contained in united states of america of america are pink Conservative states. look it up. "If Republican financial rules are so super for united states of america of america, how come 9 out of the ten poorest states are pink states?" in accordance to the latest Census documents, 9 of the ten states with the backside in keeping with-guy or woman income ranges have been pink: Mississippi, Arkansas, Idaho, West Virginia, Kentucky, Utah, Alabama, South Carolina and Oklahoma. The Census documents additionally tutor that 9 of the ten states with the backside median relatives members income have been pink: Mississippi, Arkansas, West Virginia, Kentucky, Alabama, Tennessee, Louisiana, South Carolina and Oklahoma. And 9 of the ten states with the backside median relatives income have been pink: Mississippi, Arkansas, West Virginia, Kentucky, Alabama, Tennessee, Oklahoma, Louisiana and South Carolina. the only Blue state on each and each checklist: New Mexico. source poltifact.
  • California has 2 types of foreclosure so it depends on what is spelled out in your mortgage. If you mortgage allows for Judicial foreclosure, when the bank has to actually go to court and get an order from the judge to sell your property, then yes the bank is allowed to get an additional judgement to attach a lein to your personal assets. If your mortgage has a "Power of Sale" clause, then the bank was allowed as a condition of your mortgage to sell the property by following a few simple steps and doesn't need to go before a judge. In this case they forfit the right to then get any additional money owed to them if the sale of the property comes up short. This is called a non-judical foreclosure.
  • Usually 3-4 missed payments before you receive a notice of default. Once you receive a date you must have everything out and the house will be sold on the date given. If you want to keep your home thebestthing for you to do is talk with your lender.They really don't like foreclosures because it adds to their inventory and it is more expensive for them. Plus they only collect what is owed plus forclosure costs and they generally can not recoup their losses when they turn around and sell the property. Their are alot of scams out there so go with a reputable company. Make sure you don't sign over any documents no matter what they tell you.
  • That is horrible. I feel so sorry for you. Get on the phone and keep calling until you get the right person to help you with this problem. Maybe you can re-finance at a lower rate. My friend had a high interest rate with Countrywide loans and owed $40,000 in credit card debt at the high credit card rates for interest. She re-financed the loan for a lower rate and borrowed enough to cover the credit cards. Now the 15 year loan is a manageable 25 year loan, and at least she can sleep at night. It was funny how Countrywide took the money and paid each credit card instead of giving the money to her to pay. I guess they went down that road a couple of times when they gave all of the money to the homeowner.
  • call your lender first. Explain your financial situation. Ask if they would consider freezing your rate at the previous rate. congress has just rolled out a plan to help people in your situation. see the following article: http://www.app.com/apps/pbcs.dll/article...
  • Is there a general rule of thumb that trustees use to decide what their opening bids will be set at for foreclosure properties when they are auctioned off? I'm considering bidding on a property but the opening bid hasn't been listed and I'm trying to calculate an approximate amount they may go by so I can figure how much money I'll need up front. The property's current value is listed between $290,000-350,000. The owner owes $396,000 on his loan. There are some electrical problems with the home that will need to be fixed. Does the trustee go by what the owner has defaulted on his loan as a starting point or do they doc a certain percentage from the current market value? I've seen some opening bids start as low as 40% below market value. Or do they just pull a number out of their hat and hope to make a decent sale? In a down market do they lower their opening bid more than usual? Thanks in advance.
  • auctions just stir up demand and the homes typically sell higher than normal and you have to pay auction fees. I would avoid. BTW I just bought a condo that sold in 05 for $205 for $66k so 40% below market value is not enough.
  • Assuming that you lost money on the deal, or that the house was your primary residence and you hadn't taken the homeowners exemption for at least two years, you're probably OK on the sale of the house. (You should still talk to a tax person about it, as I can think of at least a couple of possible scenarios where that wouldn't be so.) Where you're likely to end up with tax problems is if any portion of your mortgage was forgiven by the bank. If the bank just took what they could get for the house and canceled the rest of the loan, you could be stuck for income tax on whatever amount that the bank canceled. This is called "adding insult to injury". Talk to a tax expert. Often you can get "Volunteer Income Tax Assistance" free of charge if you cannot afford to hire a CPA.
  • No, that's your loss and their loss. There are no taxes due when you have not received income from any source. When houses sell for less than what you owe, and you receive nothing from the proceeds, then there are no income taxes to pay. What happens to homeowners? Most of them move on with their lives, renting apartments or houses until their credit recovers so they can purchase a new house. Just don't make the same mistakes again -- have an emergency fund to pay the bills for a few months if you run into trouble, put down money on the house to preserve as much equity as possible.
  • Yes you would be liable for the debt cancellation income. You will be receiving a 1099 from the bank. You will be responsible for the taxes but then I am sure that you would have lotsa expenses related to the property and foreclosure fees, legal fees etc.
  • I own two homes. My first home was my primary residence for 11 years. I had to pull out $100K to pay my ex-husband off for a divorce. He was given half the equity 2 1/2 years after he left and the value of the home had gone up $70K. The value of the home now has dropped below what I owe on the home but I had planned on keeping it and purchased a second home ( now my primary residence and the first home is a weekend mountain home) My income will be dropping significantly and because of the home's location and the high amount of foreclosures and unemployment in the area, I am unable to rent it for anything close to the payment or sell it for anywhere close to what I owe on it. I am considering letting the house go into foreclosure for financial reasons but also because of some racial tension with a neighbor. He keeps the harassing just legal enough that the sheriff hasn't been able to stop it. I have to pass his property on a dirt road to get to my home and don't feel safe anymore. If the home is no longer my primary residence and it goes to foreclosure, will the difference it sells for and what I owe count as income for me? If so, and this is my only taxable income, will I be able to write off the interest on my current home and claim deductions as if was earned income? Thank you for taking the time to read this and comment. I appreciate it.
  • After a refinance, the loan is a recourse loan. So yes, they can come after you for the difference. if they don't, at best, you would get a 1099-C for the difference and it would be taxable income to you.
  • You could ask your bank if they are willing to do a short sale. A short sale is a sale of real estate in which the proceeds from the sale do not cover the balance owed on a loan or loans on a property. Lenders accept a discounted payoff on the loan and allow the sale to close escrow. The lender will agree to discount the loan due to an economic hardship on the part of the mortgagor, and the homeowner will sell the mortgaged property for less than the outstanding balance of the loan, turn over the proceeds to the lender, most often in full satisfaction of the debt. A short sale is accomplished through negotiation with a bank's loss mitigation or workout department on the part of the real estate professional, but the lender has the right to approve or disapprove any proposed sale. Main factors contributing to the lender's decision are the borrower's financial situation and the current state of the real estate market.
  • Many banks/lenders have many programs available to you that you might be able to take advantage of. The thing about taking advantage of these programs is you must call your current lender and find out what these programs and options are. You might be offered a forbearance agreement, where you may keep your home and the back payment are added to the rear of your mortgage. Some have programs where the mortgage will be modified and might be able to reduce the mortgage to the current value of the property. The key is that you must call your lender/bank to explain your present financial situation. In order for the bank/lender to work something out or modify your mortgage you must be able to prove that you are able to make the new payments or whatever is worked out between you and your mortgage lender. I hope this has been of some benefit to you, good luck. "FIGHT ON"
  • There are a lot of FREE government resources that you can use, including help lines and professional counseling. Check this site: http://www.loanforeclosureinfo.com/index.htm and look at the Government Resources page. Best of luck to you!
  • You could file for bankruptcy, but this will only delay the inevitable if you don't start making payments.
  • Have you ever considered robbing a bank ?
  • if you cannot make payments then no. it will be a relief once it is over.
  • sales person stated that we should put it in my wifes name soley. Due to me bringing are credit rating down are due to the fact that I didnt have a job, I signed off when we bought the home that it wasnt mines. Now due to the economy were thinking about letting our home go due to the price cuts in home. Our home has dropped by a 150,000 dollars we could buy our neighbors home for 150,000 cheaper .My question is would I be able to buy a home and not worry about my wifes house since Im offically not in any paperwork, but am married to her? thanks for your help?
  • Well, basically the loan was your wife's responsibility and the resulting foreclosure is hers to deal with alone. However, should the mortgage company decide to go after her with a judicial foreclosure (extremely rare in California) then her assets, including community property could be taken. This would mean it is possible for your bank account, cars, etc to be used to settle the debt IF the mortgage company takes it that far. Odds are really against it though. Most likely, they will just take their lumps with the foreclosure, show it on your wife's credit only, and you are going to be "off the hook". However, I am not a lawyer, so I would advise you to talk to one before you do anything. I can not legally give you legal advice and want to make that clear. Only an attorney can give you legal advice. Good luck
  • I got a first and a jumbo to get my house. My mortgage has sky rocketed and the property has dropped $200k in the past year. I will be foreclosing on the house. Do I need to pay back any of the loan? The 80 & 20 are from the same bank. Please post only if you know the correct answer, not what you feel.
  • YOU JUST DON'T WALK AWAY. Read this article: http://www.washingtonpost.com/wp-dyn/con...
  • Billy, outside of us telling you that it will haunt you there is no way for any of us to really give you a clear answer. Did you talk to the mortgage company? They might be willing to work something out. If you have but the bank has decided to foreclose on the property your only realistic option to making sure that the damage is minimal would be to seek legal advice as not all states have the same laws. Also, I would request all documentation from your finance company and go over it a few times as the answer to your questions are more than likely in there. Viktor, He clearly mentioned it’s gone down 200K in value. 80/20 loan does not mean he has 20% equity in the property. A piggyback loan is done so that the home owner can save money by not having PMI or as a means of 100% financing.
  • You don't have the option of foreclosing on anything. The bank will do the foreclosing. They will offer the house for sale, often at an auction at the Courthouse door. (The bank will put in a shill to lowball the purchase price.) You will be responsible for the difference in the amount of the purchase price and the amount of your outstanding loans. This could be many thousands of dollars. Word to the wise: NEVER, NEVER, NEVER, BUY A HOUSE ON THESE TERMS!!! You couldn't afford the house in the first place since you couldn't make a reasonable down payment and get reasonable longterm rates. This is going to be a very expensive lesson on living within your means. Good Luck!!!
  • Translating the above poster, California is a nonrecourse state and the lender can no longer come once you for a deficiency judgment. In different words, no they are in a position to no longer take your earnings. the sole component they are in a position to recuperate is the valuables itself. the sole exception to that would desire to be if some variety of fraud have been in contact.
  • Did you talk to the mortgage company to try to work something out? I feel bad for you being in this situation. Good luck to you.
  • You don't have to pay anything, if you have money to pay and 20% equity, why do you need to foreclosure on the house.
  • In California, anti-deficiency statutes protect people who took out a mortgage to buy a personal residence. This is called "purchase money". If you later refinanced your loan after you first bought the house, the anti-deficiency statutes usually do not apply. If the statute applies and the property is foreclosed, the bank will use the "non-judicial foreclosure procedures". You receive a "Notice of Default" and then, if you don't pay your mortgage current, you receive a "Notice of Trustee's Sale" and then the property is auctioned off. If the statute applies, there is nothing else for you to do except move out. If statute does not apply, the bank may file a "judicial foreclosure action". This is a lawsuit in court. They will ask for possession of the property and for the difference between what they can sell it for and what you owe. If you believe the anti-deficiency statute should apply, you need to answer the lawsuit and say that in your answer. This answer is for general information purposes only. Foreclosure has serious consequences for you financially and legally. You may even have to pay income tax as a result of the foreclosure. You would be very smart to pay for a real estate lawyer's time so that you can be fully informed regarding the facts and the laws as they apply to you.
  • My parents were renting out a property in California, they become one of the statistics with a bad loan where they couldn t keep paying the high mortage on that home. They still continued collecting rent money. The tenants were given a 30 day notice but they havent left after 18 days now. Was it unlawful to continue collecting rent and not sending the bank any and to go ahead and evict the tenants? The tenants were being adviced that we were loosing the home and we would be trying to sell or it was going into foreclosure. Can I still file for an unlawful detainer or will this come back and bite us in the ***? The tenants just found a notice of trustees sale on the door with a sale date. I have a feeling the tenants will try to stay as long as they can without paying rent. What can I do?
  • If they are losing the property why would you bother and do an unlawful detainer considering that it will cost about $500? Sounds like throwing good after bad. I'd just try to continue to get any rent I could out of the tenant and not make the payment. In California the trustee sale is 120 days after the "notice of default" is filed. I'd drop their rent a little and try and keep them in the property as long as possible and pocket the rent. No it is not unlawful to collect rent on the property. It still belongs to your parents. If I were the tenants I would not pay another months rent because there is a high probability that they won't get their security deposit back after the bank gets the property back. Just try and live up the deposit. The tenants are not squatters and your parents collecting rent has no effect whatsoever on the bank'e evection. Fact is, the tenants have a right to live in the premises rent free for up to 60 after the trustee sale according to California State law. At this point don't tell your lender anything. They are going to foreclose either way.....Dusty is giving you the absolute wrong advice. If you can make a few extra bucks from the property then why not. The bank has no right to the property until after the 'trustee sale". Were they on a month to month basis? Were they behind on their rent? Why did you give them a 30 day notice?
  • You can try to enforce the eviction notice with an unlawful detainer, but you cannot demand rent, or collect rent from these "squatters". Accepting money will put the "Eviction Notice" aside. The Bank that holds the Mortgage should be consulted about removing these people, as they cannot sell while house is occupied. The house now belongs to the bank, so its' their problem, about how to remove tenants.
  • We have an FHA loan serviced by Chase home mortgage, financed by Ginnie Mae and we owe about $100K more than other houses in the neighborhood are going for. We would like to move out of the area at some point and we are considering not making any more payments to the lender. We are not interested in refinancing. We have considered short sale but the process is so long and dragged out and potentially useless in selling the house. What happens if we do this? What direct costs are associated with going through the foreclosure process? What effect would it have on my credit vs a short sale? How long would I be able to stay in the house before they kick me out? Thanks!
  • If you owe $100K more than the value, you can't refinance anyway. Not without $100K to make up the difference. Foreclosure and short sale BOTH negatively affect your credit. Foreclosure more so. Think of it this way: no matter which you do, you won't be buying again any time soon. You will be kicked out the day the home doesn't belong to you anymore.
  • Your credit will be destroyed to the point that you will not be buying anything on credit for the next 5 years. A short sale is still bad, but MUCH better. Don't forget that depending on where you live and the types of mortgages that you took out, you will STILL legally be on the hook for the negative equity and that can even be taxable income to you. Do you have enough spare cash in the bank to pay the tax bill on an extra $100k of income???
  • Can you afford to continue making the payments that you are legally and morally obligated to make? If so and you walk away from your house, you are contributing to the housing problem. You gave your word and made a promise to repay the money that the bank loaned you. Does your word not mean anything? Your credit will be ruined and you will pay taxes on the amount you defaulted on.
  • The answer depends on the situation and where you are. In California, the deficiency on a purchase money loan for a principle residence is forgiven in a foreclosure. However, if you took cash out of the house, or if the house is an investment property, then they can typically come after you for the deficiency. The rule of thumbs for lawyers is that if you don't have anything, there's nothing to come after. Therefore, if you're going into foreclosure because you don't have any assetts, then they probably don't have a desire to spend lots of money to get nothing.
  • all of this is either automatic per your mortgage documents or the fed may step in and help you out. CAll your lender. I suggest you also see if a relative will lend you the money you are in arrears. or SELL part of your house.
  • anti-deficiency law meaning once the bank foreclosed the property; they are not allowed to come after me for the balance that didn’t satisfy the loan balance after the sale of the auction. So I originally purchased the house in 2002 with my wife. Then she wanted to leave so I bought here out to transfer the title and mortgage to me. An additional 30k in home equity became part of the new mortgage and was paid to her. The sellers were listed as herself and me and the buyer was listed as me but with a different form of my name. Does this financing count as a money purchase loan that is protected against deficiency judgments in foreclosure or is it just a refinance that would have no protection in foreclosure?
  • Once you refinanced and took the 30k you exempted yourself from anti-deficiency. You are going to be liable for the entire amount of money you spent.
  • As a rule, the new owner will advise you that you have 90 days to vacate the property Is there a right of redemption in California? California has a complicatedstatutory right of redemption after the foreclosure sale has occurred, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs one (1) year after foreclosure sale unless the original lender made a full price bid then that period is shortened to three (3) months. A borrower does have ninety (90) days after the recordation of anotice of default to cure any default and this is commonly referenced as the redemption period although it is not a true statutory redemption. Junior lien holders cannot redeem. There is nostatutory right of redemption if a deficiency judgment is waived or prohibited at the time of which effectively negates any possibility of a redemption occurring in the scenario noted above.
  • No options. Someone else owns the house now.
  • My home mortgage (in California) belongs to Wells Fargo. I was falling behind on my monthly payments and attempted to modify my loan. Shortly thereafter, I received a letter that my home was already foreclosed and auctioned off! I had 5 days to find a public lawyer (over the weekend) and fortunately, I already had one. My lawyer discovered that my home was sold dirt cheap and also discovered that the buyer was none other than Wells Fargo! I received an eviction notice but presented a letter from my lawyer and still remain here today. My lawyer said that he is waiting for Wells Fargo to respond to his suit, but they are silent. Anybody else in this situation? I will fight this 'til my dying breath!
  • Stay in the house until you hear from your lawyer. He is acting within legal boundaries of the eviction notice. You just "rained on their parade" by having a private lawyer in advance of receiving the eviction notice. Wells Fargo has acted fraudulently and illegally and a judge will decide in accordance with the law, most definitely in your favor. Don't jump ship like that realtor advised, hang in there and stay in contact with your lawyer at all times. Contact media for public exposure of Wells Fargo's sneaky work ethics. Please keep us abreast!
  • You lost - welcome to the world where the banks run everything. They sold it to themselves dirt cheap so they can write off the bad debt - turn around - and re-sell. You can't fight it - this war should have started a long time ago before they had so much control and blind government help. As a Realtor, I can tell you that if you just sit there, a sheriff will eventually knock on the door and put your things on the street. Is it fair? Of course not. What can you do about it? Nothing at this point, with that house. I am not being insensitive, just truthful. It makes me angry to read stories like yours, where people tried to do the right thing. Wells Fargo had no interest in modifying your loan. Please arrange to move while you can.
  • wells fargo is limited to when they can initiate the foreclosure proceedings on you based on the state you live in and sometimes the community you live in. Normally foreclosures are processed through a sheriffs department. You should contact them regarding your state/community lending laws.
  • I was too in the same situation, three years ago. Just got out it.
  • My wife and I can't afford our house payments and the bank won't modify or refinance our mortgage because of value loss. We are planning on walking away. What kind of things do we need to do in terms of communication with our lender? We have already talked to our accountant and I am assuming we just stop making payments and the process begins itself without much communication with our lender. We live in California. Any thoughts?
  • By the way...in California, purchase money loans for homes are considered "non-recourse", therefore the lender can only take the house and not file any sort of deficiency judgement on me. Most other states are "recourse" and can file judgement. According to the Mortgage Taxe Debt Relief Act I will also not be responsible for taxation on a federal level for "debt cancellation income" related to the foreclosure and lender loss.
  • If you have a single mortgage on the property and you want to avoid a deficiency judgment / sale monitor the court process by using the papers that were served to you by the bank(shows how much time you have left to live there until property is sold) that have the court docket number, to monitor were the process is at just go to the court house where the case is being handled and you can access it by giving the clerk the index number to look it up. Before the bank is awarded the judgment of sale as the bank if they will accept a deed in lieu of foreclosure as you would like to avoid a deficiency judgment because the property could be sold for less money at auction than what you owe on the mortgage which would cause you to have a deficiency judgment. Don't leave the property unless you are evicted by the bank/ new owners, when you stop paying the mortgage the bank must file proper foreclose steps so during that time you can stay. And yes once you stop paying the mortgage the process starts.
  • Someone took title to our home in 2006 which saved in from foreclosure. The loan was still in our name for one year. They were supposed to pay directly, but got behind. The market had taken its downturn. They had remodled and tried to sell. No luck. So eventually got their refi--Now, in 2009 we are being billed $5700 by CA Franchise Tax Board, based on the amount of payments to our loan? We only had social security and amounts taken from our IRA if necessary. Any solutions? Thank you.
  • This is a common problem. The California FTB is very aggressive regarding none filers whom they have information that the none file had income. In what appears to be your circumstances they got a form 1098 with your name and Social Security number showing that mortgage payments were made. They conclude that you had income enough to have paid those payments. Since you did not file a return they have no other information to go on. If your only income was Social Security benefits and an IRA distribution you likely had no tax liability and may not have had a filing requirement. So the bottom line is that you need to show them what your income was and explain that you did not make the mortgage payments. The best way to do that depends on your circumstances. You may wish to have a tax professional assist you in doing so. Most importantly you do need to respond to their inquiry. Not doing so can push a zero debt to thousands and take months to untangle.
  • You might want to hire a tax professional (say an Enrolled Agent) to review the letter, your information and write a reponse to the FTB. (Since the IRS and the states trade information, the FTB winning an income issue can cause you to owe the IRS as well.) You say the FTB is claiming the loan payments were income? That means the money paid to you should have been shown as installment sale income on your taxes (with the interest you paid as an investment expense)...it sounds like you figured it was even steven and didn't report anything.
  • did you receive a 1098 for mortgage interest in 2006? the notice from FTB should tell you what the $5700 is based on and once you determine what that is then try to prove this isn't so if you work with FTB they are willing, and they also have a Tax Advocate you can contact directly
  • You are being billed for the tax on the "forgiven" or "canceled" portion of the loan. If you owe money to a bank and the bank does not require all of the money be to repaid, then you are required to pay tax on the money that you owed and were not required to repay.
  • Try homevestors.com
  • He'd better have marshmallows and a very long stick. It's cooking over there right now. I'm sure there are several hundred family's looking for homes right now, so if the theory of supply and demand stands true, your house has just gone up tremendously in value. Either way good luck to you.
  • Yes, CA wants their income tax and will be agressive about getting it. You may or may not have to pay the IRS too, it depends on your loan history.
  • Some states do make you claim the short sale amount as income. The Federal government does not, The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17. You need to talk to your accountant.
  • The answer is you will not owe any taxes if you short sale your home. The question is can you do a one and who is your bank. In almost all cases it's better to do a short sale and not let the house foreclose If you want to make sure just go to IRS.gov and look up foreclosures, the debt relief act is set to expire in 2012.
  • You may owe income tax if the loan balance is more than you paid for the house plus the cost of improvements. If the loan is the one you used to purchase the home, this will not be a problem.
  • Yes BUT it depends on your tax basis if you actually have to pay. If you purchased the home for $400K and sold for $200K, you will receive a 1099 for the difference. But because the original tax basis is MORE than what you sold the home for, you are not responsible for any tax. If you purchased the home for $400K and sold for $500K, you will have a profit of $100K and be responsible for taxes on this amount.
  • My friend who lives in california has a disabled person/handicap in their home who lives in their home. they found a law in california that since a disabled person lives in that home, that the house no matter what circumstances cannot be put on foreclosure and that the bank can not turn down a request for a modification loan for that house in which the disabled person lives. I live in the state of Washington and I have a disabled person living in my house. What i was wondering was, does the state of Washington have that same law because i requested for a modification loan for my house and i have been turned down quite a few times. If washington has this law, where can i find it?
  • This is fourth grade civics. Have you reached fourth grade yet? Once again. PAY ATTENTION THIS TIME. The president does not make any laws about anything. Congress makes all the US laws. NOW do you get it?
  • What does any of that have to do with Obama? He is not involved in state laws.
  • Most foreclosure auctions require that you bring cashier's checks to bid. I am not sure why you think an owner could carry a loan if they are losing their home to foreclosure auction.
  • You should be pre approved for a mortgage prior to going to the auction. They usually give you 2 weeks to secure your lender while holding your bidding deposit of $2500-$5000. If you can not get qualified they keep the deposit. Beware of any undisclosed secondary liens on the property as most auctions do not provide title insurance. Low prices can come with unexpected cost,you are buying AS/IS. If this is your first time at auction you will be surprised how fast the prices run up. Don't get caught in the process and stop at your preset maximum bid. Good luck
  • Not sure what you are talking about. Auction do not have owner contracts, they are all cash sales.
  • Yes, they do not have to delay the foreclosure because you requested a modification. Otherwise you could keep requesting and never have to pay back the money and keep the house too. You can ask your work out rep to delay your foreclosure for 30 days, they will usually do that, depending on how long you have been trying to screw them.
  • Yes call them up to try to postpone that sale, if they will not postpone your sale. Call their bankruptcy department and ask them if they modify loans that is in Bankruptcy. If they say they do modify bankruptcy loan, then you should file bankruptcy if you want to keep your home and then try and loan modification with their bankruptcy department. Make sure that you try every option before filing bankruptcy. Only file bankruptcy if it is your only choice.
  • yes they can
  • You ask a very good question. In my experience in California, at trustee sales, any amount received over the amount of the lien that was foreclosed plus costs is given to the former owner owner of the property who lost the property in the foreclosure. In your example the second and third lienholders lose their interest in the property, unless they have also foreclosed on the property. In practice second an third lien holders record a request for notice of default. If the first is in default, the documents are usually written giving the second and third lienholders the right to foreclose as well even if the homeowner is current with the payments on their loans. Also, virtually all mortage documents have provisions that call the loan due if the secured interest is sold. If there are any proceeds left over after the trustee's sale they would be used to pay all or part of any other liens on the property. However, the trustee of the first loan may give any left over proceeds of the sale to the former owner of the property and the former owner may walk away with cash and not pay the second and third lienholders. That is one of the many reasons that the second and third lien holders must be on their toes and that is also one of the reasons why second and third liens carry much higher interest rates than the first. It does happen.
  • Any and all taxes due are paid first, then Mortgage lien holders in order of priority, First, Second, Third, etc., including all unpaid interest, principal, fees including but not limited to, late charges, collection & legal fees, etc., then any other recorded lien(s), judgment(s), etc., if any, and their respective fees, and so on, until either all lien holders are paid or proceeds from trustee sale are exhausted. In the event there are funds after all liens have been paid, the former homeowner may receive a refund, and I stress, IF any funds remain. Hope this helps :)
  • During the housing boom, it was the place outside the city (SF and Sac) where there were BIG houses for comparably not that much money. Many of these houses were sold with either 0% downs or even reverse equity loans. Many of these buyers would not have been approved for loans in a "normal" real estate market. Stockton isn't exactly and industry hub so people ended up with LONG commutes. - the housing bubble burst and there were TONS of foreclosures.... it's considered a very depressed area. And it's gotten the title of being the worse place in the US to live. It's not = my brother lives nearby. He moved from a "cool" place about 5 years ago for a job. The Central Valley is not fun, diverse, or hip and that is the area he came from. It's just a family community with a bunch of chain restauarant and box stores. It could be compared to Spokane, WA. Nothing there makes it "california". My brother really disliked it when he first moved. But he has traveled a lot and he even admits the area is getting a bad rap. Have you ever been to Davenport, IA = that should probably be the worse place in the US. - my bro has also grown to not dislike the area.
  • Depending on the contract you signed, it is possible. For example, in California where I work, the normal contract document used for a real estate loan is the "Deed of Trust". If you read this document properly, there are a number of things that could happen in which your loan could be called due and payable. Things like not paying property taxes, properly insuring the home, preservation and maintenance of the subject property, and violations of any local laws, ordinances, or even homeowner association rules. However, typically the lender will not call the loan due over these issues. Normally they will pay whatever fee is due (i.e. taxes, insurance, maintenance fees & etc) and bill you accordingly. If you fail to repay the lender for the money that was paid out, then they begin foreclosure proceedings. Pull out your loan documents and read them carefully. Especially documents with the titles like: "Deed of Trust", the "note", or "mortgage", or "Financing Statement".
  • The only other case would be if you were required to keep it insured and didn't! As long as you are fulfilling your obligation to the Mortgage Holder, you are fine.
  • There are a lot of de-facto scams running infomercials on TV right now, simply because the real estate market is at a lot point. If you have no money to start, I would not recommend getting into this, and banks will likely not lend you any money to "flip" the house and resell it, simply because they're in a tight situation right now as well. Just last year, tons of people across the country with excellent credit scores couldn't even get mortgage financing. Credit isn't as tight now, but you still need to have a steady income and an excellent credit history before banks will lend you money to buy a foreclosed house. Also, in California and some other states, there are special laws related to dealing with and buying a property from a homeowner occupant who is in default on a loan. If the contracts and the sale are not done according to the law, the seller has the right to rescind the sale and could, long after the sale, sue to have the sale reversed. There are extreme penalties for violating the law. Remember, "Ignorance of the law is no excuse." You need to know the state law where you plan to do the foreclosure investing. Google around a little, there are some helpful sites out there. I'll include on in the source.
  • To buy real estate you need either need a lot of money or a little money, good credit and a good source of income (job). Foreclosures are properties that lenders repossessed because the owners failed to make their payments. The advantage to a foreclosure is that they can be bought well under their market value and as an investor you could either opt to rent it out or resell it to a willing buyer for a profit (or both). Since you don't have any money, the first step would be to talk to a mortgage broker about your loan options to see how much money you are qualified to borrow so you can determine how much house you can buy. Step 2 would be to contact a Realtor who knows a lot about foreclosures in your market. As the buyer, you do (usually) do not pay the Realtor a commission, the seller does.
  • I have taken plenty of coursed and spent plenty on different varieties of truly property schooling. Consider the next. a million. You can be taught close to it all in your possess for plenty much less if you're centered. The subject isn't elaborate. two. You will ought to evaluation and research after a three day path given how little you recognize now. Hence be ready to check and or else make investments time after the weekend occasion. three. No path is valued at what they cost should you fail to make use of the understanding. If you do follow the understanding and whole a million deal you most likely may have a benefit that's better than the price for the path. four. There are special corporations protecting the identical subject. Hence you possibly watching on the first-class or some of the methods that's now not held in prime regard. Who is providing the software? I will write up a record of matters to do to get began in RE making an investment and positioned it on my weblog. I have produced a record earlier than any other folks so I will simply dig up the record. You rather can do it in your possess. You can absolutely be taught in a seminar. It will come all the way down to what works for you. You then ought to make a determination to use what you could have discovered. Otherwise the weekend is an costly vacation. Would you spend close to $three,000 for three days clear of house?
  • Houses always sell at the Trustee Sale. The foreclosing lender is usually the buyer. Their opening bid is the amount owed on the loan and the foreclosure costs. Usually there are not any other bidders because the amount owed is more than the property is worth. The amount of time that you have before moving depends totally on the lender. It could be 30 days or could be 6 months or longer.
  • Any and all taxes due are paid first, then own loan lien holders so as of precedence, First, 2nd, third, and so on., which comprise all unpaid interest, vital, costs which comprise yet no longer limited to, previous due costs, series & criminal costs, and so on., then the different recorded lien(s), judgment(s), and so on., if any, and their respective costs, and so on, until the two all lien holders are paid or proceeds from trustee sale are exhausted. interior the progression there are income spite of everything liens have been paid, the former house proprietor could receive a reimbursement, and that i tension, IF any funds stay. wish this permits :)
  • You will owe 100% of loan 2 and have to pay state income tax on all of the money you are not paying from both loans.
  • The lender can file 1099 for the deficiency after the distribution of proceeds from the sale. Also you owe any taxes and liens which have prior interest than the loans in foreclosure. These include: municipal liens/taxes, real estate taxes, etc
  • Upon the sale of the property after foreclosure, you can be sued for the shortfall of the sale and you are also liable to pay taxes you owed to the tax authority.
  • Some low level bureaucrat told me I can't homestead my house in California. ( I called to see if I could use this to protect my property from any attacks from the corporate America banking system). I'm not in foreclosure, nor am I behind in payments, but I've heard that some banks are "calling loans" for some pretty thin reasons. If you are aware of why I can't exercise the same rights as you lucky guys in the "Free 49" , please let me know.
  • Either you spoke to the wrong bureaucrat or the house in question isn't your primary swelling are the reasons why you couldn't get the homestead exemption. Don't be fooled, it is not a sure fire way to stay off foreclosure.
  • The only reason that banks call a mortgage is for non-payment. If that's your definition of a thin reason, so be it. In states that offer homestead exemptions at best you'll get a few $$$ off of your real estate taxes. Some -- FL and TX for example -- isolate a homestead from claims OTHER THAN back taxes or an unpaid mortgage. You'll always lose your home for non-payment of taxes or a mortgage.
  • My parents are small business owners in Southern California. They lost their house through a foreclosure due to their mortgage payments ballooning up about 3 years ago. However, they are in their 60's and want to retire soon. When they sell their business can they buy a house with the remaining equity assuming there is enough left? Just wondering because the plan has always been for me to sign for them. But I was thinking they should be able to get a house if they have enough to get one without getting a loan.
  • yes they can. This might be hard but do not sign anything for them. They could ruin your life.
  • If they do not need credit, then having a foreclosure on their record is irrelevant.
  • if they have enough money to pay cash for a house, it doesn't matter what their credit history is. but will that leave them enough for their other expenses?
  • no they can't
  • My parents were renting out a property in California, they become one of the statistics with a bad loan where they couldn t keep paying the high mortage on that home. They still continued collecting rent money. The tenants were given a 30 day notice but they havent left after 18 days now. Was it unlawful to continue collecting rent and not sending the bank any and to go ahead and evict the tenants? The tenants were being adviced that we were loosing the home and we would be trying to sell or it was going into foreclosure. Can I still file for an unlawful detainer or will this come back and bite us in the ***? The tenants just found a notice of trustees sale on the door with a sale date. I have a feeling the tenants will try to stay as long as they can without paying rent. What can I do?
  • youve got a tangled mess here....you need to do things in order 1,2,3,4, not 1,3,4,2,6... you need to talk to a laywer and find out where your actually at, and how to proceed....................
  • I am not sure why you are bothering to evict them, the bank will do that. As long as your parents own the home, and they do until the sale date, they have the right to collect rent on their property. There is no law that states rent money has to be used to pay the mortgage, although I think it would be a good law. If they owe you any money you can continue with the hearing process, your parents are entitled to every dime in rent money. They will of course have to return the deposit in full, as they will not be repairing anything.
  • Your best bet is checking out this site. Its great with giving the answers to predicaments such as your. Good luck! https://therena.com/?utm_source=blog&utm_medium=blog%252Bfeedaback&utm_content=godevsite-track-1&utm_campaign=TheRENA%252CEvents%252CThe%252BReal%252BEstate%252BNational%252BAssociation%252C
  • I am searching for foreclosure houses and wanted to know what the amount meant such as the one on this link http://realestate.yahoo.com/California/C...It is the estimated loan balance (default amount) of $15,966. Now is that how much the house is selling for or is that how much is owed and if so, how would I find out how much the house is selling for?
  • that is how much remains on the bank note - in some cases the bank only wants to recover the balance its owed (in your case about $15K) - but you will also be responsible for back taxes etc..... other times - the bank will want "fair market value" for the house - you have to find out which bank it is and ask them
  • In California, I highly doubt you are going to find a house for that amount unless it is in the slums of a large city. I suggest contacting a real estate agent and having them pull the listing on it. It will give the asking price the bank is asking for.
  • prolly have to put in a bid
  • If you live in a community property state, a mortgage obtained after marriage becomes by law a joint debt regardless of whether or not one spouse listed the other on the application. That being said, Missouri is not a community property state, so you may be ok unless there are more obscure local laws at work here. The following are community property states in the US: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
  • It shouldn't affect your credit if he's the only one on the loan. You're on the deed because you're the spouse. But to be safe you should probably pull your credit and make sure there's nothing on it from the mortage lender.
  • i don't know how it works in the USA but in the UK it is only the person who's name is on the deeds or anything that there is to lose for example Cars,Boats, Caravansetc and we cannot have any forther Credit for 6 or 10 years
  • only if you file jointly. But remember any credit he files on and you are jointly responsible for will not be discharged and the reporting may and I have seen it over lap onto your credit file as included in BK
  • Any money received over and above the amount owed on your loan, including late fees and foreclosure fees from the trustee sale should be returned to you within 30 days of the sale. Remember depending on the amount owed the foreclosure, the fees will be around $3000-$4000.
  • You are entitled to receive the equity. But the Lender is only selling the property for the loan balance so there probably will not be anything left after the sale.
  • Okay so here it goes. A few years ago we re financed in our home. Well we have the non fixed rate and our payments are now going up 400 every 6 months. A year ago we were paying 1900, now we are paying 2300 and next month it shoots up to 2700. Needless to say we cannot afford the mortgage. The goverment is basically saying sell your house the problem is currently we have a 4 bedroom and me my wife my 4 kids and mom and grandma live here. There is no place for us all to go we will be on the street if we cant get any assistance. Is there anyone or anything that can help me and my family. We cant buy another house because our credit is shot cause we have focussed all our money on the mortgage and not paying credit cards.
  • Hmmmm funny its nice to get comments like you should have refinanced before the rate went up. Been trying to for over a year no one will led in California right now or I would have. This is a last chance effort to not lose the house I grew up in and have lived in for over 20 years. No one will lend to refinance or I would have.
  • YOur mortgage lender is not very likely to work with you. You refinanced, took money out and spent it on something. You are not covered under Pres. Bushes plan because it is not your original loan. Honestly, it sounds like foreclosure time and you had better start looking for a rental. You need a big rental, and you have lousy credit, so it will be hard. There are shelters in Sacramento, call the Salvation Army if you really do end up with no where to live because of the choices you made.
  • I am so tired of these questions and I am going to sound completely heartless. You should have been proactive and refinanced before your rate went up. You knew it was going to happen, but you did nothing. Now your credit is shot so you can't refinance. Contact the lender, often they will negotiate because they don't want to foreclose. If they aren't cooperative the only option will be to move out sell the house and rent. Perhaps you should've purchased a house you could afford in the beginning, rather than looking for other people to rescue you from credit problems.
  • you, my friend, are in dire straights, but all is not lost!! Start by contacting your lender, as flamingo has suggested. If they flat out refuse to work with you, then contact the state housing department, your state representative, and all agencies you can think of that might be able to help. Additionally, i would suggest you contact the sacramento bee newspaper and do not be afraid to tell everyone just what lender is refusing to work with you-- the resulting bad publicity may help your cause....and continue to at least TRY to make your payments, and if your payment is refused, keep a record of that--it will show you are at least trying to fulfill your obligations.. Can you get another job? Can your kids get jobs? (like babysitting, or a paper route?) your mother? My point here is not to give up! If you can show you have exhausted ALL avenues and are still put onto the street, take everyone to Arnold's house and call the tv stations. This housing mess is getting out of control, you are one of many victims. I wish i was rich enough to help you get through this, and i say this knowing my words seem hollow, (maybe it's just the compassion i have as a social LIBERAL that makes me feel for you and your family). Keep the faith. Good luck
  • Contact the lender and try and reach the mitigation department. They will work with you to possible lower the rate or move the default to the end of the loan. They really don't want to foreclose on you as they will take an even bigger loss than they have now if they did.
  • So LONG story short ~Landlord was doing Loan Remod ~Landlord is making trial payments ~Bank said they sent Remod ppwk ~Landlord says never rec'd ~NEW landlord bought house yesterday 1/5/09 ~On Monday (1/11/09) OLD landlord is having a restraining order against bank and NEW landlord because of invalid sale. FOR only $300k!!! ~Paid NEW landlord 1/09 rent (he wanted $2500, I told him $2000) ~Told new landlord would now buy for $400k in 5 months (he said no) ~I had just resigned two year lease in November with OLD landlord ($1500 mnth) FACT: NEW owner has made it CLEAR he just wants to flip the house in the next 3 months, he has NO interest in living there! ?Do I have till my lease expires? ?how long with the restraining order last, will it prevent home from going on market? ?If I do get to stay till lease up will it still be at my OLD rental rate $1500?
  • If the new owner is someone other than the bank that held the mortgage on the property, then the new owner must honor your lease. He cannot make changes in the lease terms. realtor.sailor
  • While the bank has to honor leases after a foreclosure with tenants, if the house sells the new owner can give the tenant ninety days to vacate. The rest of what you say makes no sense. If the house was sold, the landlord you signed your lease with has no power over the house whatsoever. A restraining order is not the appropriate document and even if it were, waiting a week isn't going to help his cause. You couldn't have paid the new landlord on January 9th as that's two days from now. If you had a lease, why would you offer to pay $500 more than you should and why wasn't your rent paid on January 1st anyway? Don't pay anyone until you know who owns the house. Unless assumption that you mistakenly put "09" instead of "10" is wrong. In that case, January of 2009 was months before the signing of these of new laws. Even then though, as a tenant you probably would have been tossed out to the cold immediately. Added~ Yeah, I got what law you're referring to, as I said though, the rest of it makes no sense. If ownership of the house was actually transferred through a sale on January 5th, the former owner has not interest, rights, anything to the property whatsoever. He cannot stop the new owner from selling the house, period. It's not his house anymore and restraining orders are for crazy ex-boyfriends. The former owner sounds like an idiot. If the new owner doesn't plan on living there, he can still sell the home. Your lease would transfer to the new owner. If the current owner wants you out, I wouldn't hold my breath that he wouldn't move into the home just to do it or be vigilant in looking for ways to legally evict you. Your lease states $1500 for rent, which why I don't understand why you'd negotiate with the landlord to pay $2000.
  • right this is the regulation. in case you have a lease, you are able to stay there till your lease expires. in case you're a month-to-month tenant, you get ninety days' observe to vacate. "those policies replaced dramatically on might 20, 2009, while President Obama signed the "keeping Tenants at foreclosure Act of 2009." This law on condition that leases could proceed to exist a foreclosure -- meaning the tenant might desire to stay a minimum of till the tip of the lease, and that month-to-month tenants could be entitled to ninety days' observe earlier having to flow out (this observe era is longer than any state's non-foreclosure observe era, a actual boon to tenants)." "An exception grew to become into carved out for the shopper who intends to stay on the valuables -- this shopper might terminate a lease with ninety days' observe. Importantly, the regulation promises that any state law it is greater beneficiant to tenants isn't preempted by using the federal regulation. those protections be conscious to section 8 tenants, too."
  • You avoid the capital gains taxes by selling the one that has been your primary residence for 2 out of the last 5 years. Up to 250k on each of you, husband and wife. To get a loan on the house with the small loan balance you just apply for the loan. With that much equity it would be relatively fast, simple and easy. You should probably try to do just a rate and term on that 235k prop. If the one in CA is not a primary residence and you will be taxed at 15% cap gains.......consider whether you should sell outright or take the money out of it tax free with a refi that the tenants will cover the payment on. Where is it located? Depending on where it is, I may know of an interested party..... if you can discount it pretty good it may sell within a few months. There are alot of foreclosures so the market is pretty saturated right now. I wonder if you call Marty up there if he would give any advice? Cuz he sure never does here on Answers! Good Luck OBA™
  • You were sure in a rush to buy @ 11.5% and an 80 ARM, jeezus. Sell the second one, use the cash for your business. Better yet, pay off all of your debts with it because you have your hands full with anchor #1.
  • sounds like you need ot take the money out of your first not 2nd home
  • thanks for the answers, much appreciated.
  • I was buying a house in California. It was a short sale transaction. We open an escrow and I got my loan approved. My agent told me that the bank had also agreed to the purchase price, which meant to me that the short sale thing was taken care of. Just when I thought we were about to close the deal, my agent called and told me that the bank had just foreclosed the property and wanted to auction off the property at a lower price. My agent said the deal is totally off. Could the bank do that in the middle of an escrow? Is there anything I can do? Please advice. Steve
  • Yep. Happens every day. Being an agent in CA is tough. All that work for nothing. Put in your bid.
  • Many banks have what they call a "money for keys" application. The touch the guy interior the homestead and that they grant them money (often approximately $one thousand) to pass away the homestead only before the tip of the redemption era and to pass away it in good condition. it is plenty extra low fee for the financial corporation to try this than to attend out the redemption era and difficulty if there will be injury to the homestead. If that's what it is approximately, that's no longer a scam in any respect. often a community actual sources agent is contacted via the lender to maintain an eye fixed on the premises so as that the financial corporation is notified as quickly because of the fact the valuables is vacant. Then then can shield the premises and confirm it is winterized so there is as little injury as achieveable to the homestead. they gained't supply you the money "up-front" because of the fact the money they are offering is going to be contingent upon the condition you pass away the homestead in. in case you're in any respect uneasy approximately it, supply him a call and ask him to deliver you the information that he will ask you to sign and which you extremely prefer to take them to an lawyer first. no remember if it extremely is a scam, you will under no circumstances see him or hear from him lower back. If he does grant you with the papers, pass see an lawyer or somebody relatively intelligent which you have faith and enable them to look on the papers and propose you.
  • Do you mean they started foreclosure because the owner filed bankruptcy? If so, then yes, the bank has to start all over again because the owner filing bankruptcy resets the entire process due to bankruptcy protection.
  • Yes, they can. You can go to the auction and buy it, for less. You should be happy about this.
  • i am executor of a living trust which entitles me owner an estate worth around 635 thousand$. A 120 thousand$ reverse mortgage is on the estate and the company is already in the process of a foreclosure. I still need an appraisal and updated home owners insurance. I still have 2 weeks to pay off the loan. I also was wondering if I could use the loan to pay for the appraisal and insurance. I heard that it takes 3 months for a foreclosure to happen to in court but I am trying to avoid extra costs on lawyer fees and such. please let me know if you have any advice.
  • I'd start with my local bank where they know me.
  • I could help you with the loan give me a call at 631- 355- 6916. Ask for Johnnie Davis.
  • What state are you in? If you're in Calif., Ariz.,or Colorado....Contact me.
  • My husband is the sole owner of our house. He is the only person listed on the loan documents, etc. If stop making payments on our current and allow it to go into foreclosure will I be able to purchase a home using my name alone? I am not concerned about the loan approval, but am concerned whether or not I must disclose the details of my spouse (including the foreclosure, his salary, etc.). We live in California.
  • most likely but if you foreclosed on his home what makes you believe that the spots on the horse will change as well.
  • Signing the deed would not make any distinction. The mortgage and the deed of possession are 2 countless issues. base line: you signed the unique mortgage as a result you're to blame for it until its paid off. The financial company replace into no longer required to take you off the indoors maximum loan simply by fact of a ruling in a divorce listening to between you and your ex. At appropriate, you ought to sue your ex for violating the divorce contract. yet whilst he would not have any funds, what sturdy will that do?
  • I am thinking of letting my house go back to the bank, here is my story. The original purchase price was 149,000, I later tookout a second mortgage of 35,000 to consolodate debt that I had. I purchased this home in 2003 and the home is only worth 125,000 now. I have become very ill and cannot work so keeping this home is out. If I let it go what will be the tax consequences and will the bank come after me for the remainder, the property is in California. Also all other options for me to consider would be great. as for the banks modifying the loan, we all know this is a joke and does not get done. This is not a sad or emotional thing, its just a house, just looking for some ideas.
  • Well if you only had one Mortgage on your property you could have called your lender and tell them instead of them foreclosing on the house you want them to do a Deed in Lieu of Foreclosure. That means you just title the property back over to them. The first lien is going to be given the title to the property. However their is a second mortgage and you cannot sign over title to them so they would still be able to collect. So your only other option is to put your house on the market and try to SHORT SALE the property, which means the 2nd Lien would only get $1000.00 and the first mortgage would get less than what they are owed as well. I know this market sucks, my husband and I bought our home at the almost near peak of the market, We paid $204K for our house 2 years ago, we currently owe $185K and our house is only worth $166 K. So we are upside down in our mortgage. But we know that someday things will turn around again, we hope so we just keep doing what we are doing, working paying our mortgage and doing simple little upgrades someday. If the bank does foreclose on your the 2nd mortgage's lien would be wiped out but the DEBT will always remain and they can still collect on it, Or they can file a deficiancy judgment against you and then it would be considered a gain on your taxes and you would have to pay taxes on the gains you made from NOT paying your debts off.
  • you are not telling the whole story so how can you expect any help....well,looking back,your wife is working...she should kick you out ,,,she should keep the house and get a real man who knows how to handle his finances....
  • In most states you have the right to reinstate your loan prior to the trustee sale. In California and Oregon, for instance, you can exercise the right of reinstatement up to FIVE DAYS prior to the auction. In order to reinstate your loan, you must bring your note current. All fees, expenses and late charges must also be paid. You must pay the lender with what is referred to as “good funds.” The lender will accept a certified check, but does not have to accept plastic. Once the loan is reinstated you can continue to make payments as if there had never been a default. If at some future point you miss another payment, the lender must start the foreclosure process from the beginning. http://www.truthinforeclosure.com/state-...http://www.entrusthome.com/12-stop-forec...http://www.forecloseddreams.com/californ...
  • If you have provided the mortgage company with a copy of the death certificate, they should not be able to sell it. But you may need to hire an attorney. You need to contact the mortgage company and talk to them. They may not even know of the death. Be nice, calm and explain what has happened. But just because there is a death does not mean you have t stop making payments. Sometimes they will hold of on collecting in an estate situation, but not always. Also, there may be death insurance on the loan that will pay it in full in case of his death, but you would need to find out for sure.
  • You nleed to talk to a lawyer real soon in regards to this matter.
  • Orange County California is extremely over priced. The average home goes for $650K.....When I talked to realtors last year they consistantly stated that the housing market would never go dooowwwnn but it may level off and appreciate at a measly 5-7% a year. Creative loans and fed increases with consumers already maxing out their finances to pay for the "flips" has to have a negative impact on a skyrocketing housing market in the OC. Come on....I mean realistically from an economic perspective there are cycles up and down. Are there any economists, realators or other experts out there that feel the same????
  • The US economy is driven by consumption and the Fed does not want to see any inflation, so we'll see another rate increase in the next quarter. This will further cool the real estate market, and by cool, I expect a 5 to 10% decrease in the OC and San Diego markets. Just take a look at the number of units for sale. The people who got in late with a 100% financed loan and with an adjustable rate will find themselves inverted very soon. Foreclosures are inevitable, specially if you can't continue to feed the hungry beast in a rising rate market. But I don't see this drop for more than 10% at the lowest point of the valley and the cycle will probably be about 18 months before starting an upward, and modest, trend.
  • I'm not an economist or a realtor, but I have lived in San Diego for the past 20+ years and I would agree with what they told you. I know here where I live it is taking longer for houses to sell (2/3 months instead of 2/3 days), but the prices are still increasing!! As long as there is a demand for housing here and a short supply then I don't see a huge downturn or a bubble bursting. Southern Cal has to be considered a separate deal...what happens nationwide usually does not hit SoCal as hard. The people that bought with creative financing are going to be screwed as rates go up...
  • Just got back from a real estate investor's meeting and we had an expert economist show up and explain what was going on in the Orange County market. Basically, the demand is still there but not like last year where houses would climb at 30k in a matter of a week. The houses that sit in the market, like one that I have listed, is due to unrealistic expectations from the current owners. We expect appreciation to stick around 5-8% in Orange County. Regards
  • You were scammed! You don't have to pay one single penny to get help witha modification.. Report this to the California Attorney General's Office.. They can guide you..
  • Hi. I am Love Presley and i saw your question about needing a loan,In the internet they are a lot of scams out there.I decided to answer your question to prevent you being scammed. I got a loan of $200,000 from an agency online and i was lucky not be scammed. Contact them at clarkeloanfirm82@yahoo.com interest rate of .2% is simply great.they use a yahoo mail account on our request because its makes contacting them easier
  • it is yet another component ...In 2005 John McCain proposed a bill to alter Freddie Mac and Fanie Mae because of the monetary probability they uncovered the yankee public to and the democrats stopped that bill. Obama mentioned he wrote a stimulus bill to help the financial equipment. certainly the domicile wrote the bill in a bipartisan accord and Obama became not even there to vote on the superb bill. extra money from fannie mae, Obama became 2d in basic terms to the president of Fannie Mae in getting money from them. Fannie Maes vp is Obama's chief consultant
  • Good news!!! Micheal Lancer is back again, the Man that God use to bless people financially who are desperate need of a loan, he is here to change your life once again. I advice you to hurry up now, and received your easy cash with just 3% your story will change from proverty to riches. 100% guarranty. Send us your Personal details personal details: Full Name:.......... Contact Address:......... Phone Number: ........ Country Code:......... Amount Needed: ........... purpose of loan: ................... When to pay back:..................... Hope to see your response via this mail address, micheallancerloanfirm@yahoo.com , micheallancerloanfirm@hotmail.com .
  • sounds like you got scammed.
  • In 2011 I foreclosed on my house. My employer now is asking me for a document that can state that I am no longer responsible for the debt of the foreclosure. I believed we had done the Deed In Lieu of Foreclosure but my credit report is showing Foreclosure. I only have a document that GMAC sent me offering me options such as short sale, and deed in lieu. We signed it sent it back, then the house was put for sale to begin a short sale process. In the end the house went to court and was foreclosed. I recieved a 1099A and $3000 from keller williams and turned in the keys to the home. This happened in California. Q: What document can I look for to show that I am not responsible anymore for the loan? Q: Who can I call to help me? I already called USAA Bank they sold it to GMAC, I called GMAC, they referred me to Aqua Lending. I called Aqua they referred me back to USAA. :(..... Any info helps! Thanks.
  • Editing my answer, I missed some of the info when I first read it... I am confused..did you sell or did it foreclose? In a foreclosure you wouldnt receive any money from Keller Williams, and the proceeds in a short sale should have paid off the mortgage. So, I would go to the recorders office at the county and get a copy of the last deed of record, and any release filed for the mortgage. If there was a sale, there was a title company, and their info should be on the last deed of record. You can certainly call them and ask them exactly what you posted. Also go to the county treasurer or collector and get a copy of the taxes showing the new owner.
  • So oftentimes used. I had to sorta create a ingesting game to be waiting to get by that record of rote Republican Excuseisms. Drink for each time those are pronounced: First. propose. expenses. Jobs. Race. To. You adult males are ****** up now, precise? My #a million answer to this bullshit is: Obama has no longer yet in contact us in an entire-scale conflict based upon invented pretenses. He DID order the valuable killing of the chief of the gang that certainly attacked us. wager that is going to the incredible of the Obama record, confident?
  • I'm divorced, my ex kept the house, as on my divorce paper, he signed that he's responsible for the house. But now, the bank foreclosed on the house, are the gonna chase me for the money that he technically owed the bank. I understand that my name still being on the loan I am still held accountable for the unpaid portion of the mortgage. What are my options? Will the bank be able to chase after me for the money, seize any assets I have i.e. cars, bank accounts etc... I know I probably need to talk to an attorney but I really dont have the money to do so at the moment. Any recommendations on free legal advice would be appreciated as well. Thanks a lot Martina
  • Your situation is a common one, unfortunately. You and your ex-spouse have a settlement agreement regarding the property, but that contract does not trump the contract you and your then-spouse signed to repay the loan. How the property is titled is irrelevant. I know this is hindsight, but your settlement agreement should have had a provision that required your ex-spouse to refinance the property in a certain period of time, and if he failed to do so must sell the property. The creditor has the right to seek payment from either or both you and your spouse. You did not mention the state the house is in. The state of residence of your ex-spouse will have an enormous impact on the creditor's ability to pursue you and your ex-spouse for the deficiency balance. In "non-recourse" states, the mortgage company may not collect any deficiency balance from the debtor(s) by law. In recourse states, mortgage companies can collect the deficiency balance legally. Some states like California have tricky recourse/no-recourse rules where some mortgages are recourse and others are not. I urge you to consult with an attorney in your state who is experienced in property law, and bring all of the documents you may have relating to the purchase of the property and the loan to this meeting. The attorney will be able to advise you of your rights and liabilities according to your circumstances and your state law. You mentioned you do not have the money to pay an attorney to get advice. I would argue that this is a significant enough issue that you cannot afford NOT to spend an hour with an attorney to understand your rights. This is an important issue, and you really do not want to accept as gospel any advice from someone who does not understand your complete circumstances. In other words, Yahoo Answers is not the right place for you to get a precise answer to your particular question. I hope this information helps you Find. Learn. Save. Best, Bill www.bills.com/blog
  • You don't have a "divorce attorney"? See legal aid for recommendations. If you bought the house together, and your name is still on deed of trust? They'll come after you for the house payments. You should have quit deeded the house as soon as you got the divorce to avoid this problem.
  • Is this property in a non recourse state? If they decide to chase him, they are going to chase you as well. Banks don't care about what your divorce decree states. In their eyes, you are both still on the loan and liable.
  • I can't take any more of this Joker either, Batman where are you? Paying off student loans, oh give me a Democrat Enema. And paying off your Mortgage, oh whoop tee doo. Just IMAGINE, there are those California Nuts and Fruitcakes who will line up to kiss Chairman Obama's asse, at the Alter of Atheist Hypocrisy.
  • Actually, it is trying to tell the banks to allow for mortgages above 125% of appraisal value. I know if I was in the mortgage industry with the backlash from the Democrats over giving high risk loans I would not loan to anyone who doesn't reduce their mortgage value to at least 90% of appraisal. Then again, for the past 5 years Dodd and Frank have been trying to say the same thing. From what I understand, the latest Student loan program is you have to have paid 20 years on your student loans and what ever is left over will be forgiven. The key to this program is you have to make the required payments for the 20 years.
  • i think your talking about bush.
  • I have a client who used 100% financing to buy a home. The terms were 80% for 1st mortgage TD and a 20% for 2nd mortgage TD. Now the clients are in foreclosure and will loose the home at trustee sale in a few weeks,. Because the 2nd TD is a line of equity loan it "could" be eligible for a deficiency judgment. However, because it was used as purchase money at the time the home was purchased, would it be considered a non recourse loan as the funds were used to purchase the home? ( California)
  • It is full recourse in CA, but the first one is not.
  • What does TD mean? What kind of client? I think you'd need to ask a real estate lawyer in CA for the right answer.
  • so im behind in payments of my house. Im getting mail that says i must pay a certain amount or else my house will be sold at an auction. The mail im getting is asking for money and just last week i paid $12k and now they are giving me BS and telling me they never received my money and want a different amount. The paper also comes in spanish,japanese writing. is this legit? should i take this to my bank? I tried talking to my bank (Bank of America) and they really arent helping me get out of this mess. HELP
  • I would call BoA and talk to someone who can validate the authenticity of the letter you are receiving. If they are indeed sending you the letter, and you can't afford to continue to pay the mortgage see if they will modify your loan to a more affordable payment. If you are under or unemployed chances are they will not modify your loan (you have to be able to prove you can afford the new modified payment). In this case I would ask if they will accept a short sale. This would mean you list your house for sale for less than the amount you currently owe BoA. They will generally write off the deficient amount and just leave you with a derrogatory mark on your credit. This derrogatory mark is generally less severe than a foreclosure would be.
  • You shouldn't be sending money to any other entity but BofA or whomever services your mortgage. Who knows where you sent that money! It is common that if you are behind on your payments that you will get letters stating they will start foreclosure proceedings if you do not make a payment of xxx amount. When you got this letter, you should have called your bank!
  • the individuals who despatched you that crap are CROOKS. do not even hardship replying to that bogus letter. They talked with reference to the position BOA listed your sources as a foreclosure and they despatched you the letter hoping you may be stupid sufficient to deliver them a ton of money. you may lose your position and not in any respect listen from them again. do not do it. in the adventure that your position is with BOA, then those are the in reality human beings you should manage.
  • If you need a lawyer, then go find one.
  • The quickest and only way to STOP foreclosure is to pay what you owe. If you file bankruptcy, you are just delaying the process, you are not stopping the foreclosure.
  • Sell it or get current on your mortgage. Have you tried another lender instead of modifying the existing loan? It may be better to just walk away from the house in the long run; it will haunt your credit rating for years to come, tho'. Frankly, there are no easy answers. there are a lot of con artists out there who will try to take advantage of your already miserable situation. Be careful.
  • I have heard you only need to say "Produce the note" and that will insure a delay of weeks.
  • sell your home quickly , this will stop the process .
  • stop being an idiot with your money, and learn how to manage it better. Don't buy what you can't afford.
  • One condo is i my personal name, the other in an LLC. Can the bank come after the 2nd condo or is it "safe" being in an LLC? This is in California. THe loan for 2nd condo, is in my personal name, title only in the LLC. I had a 80/20 mortgage, can the bank come after me for the 2nd and sue me personally? (I have nothing,but don't want the judgement.
  • If the bank is going through a non-judicial foreclosure (trustee's deed upon sale) rather than going through a judicial foreclosure (through the court), then the bank usually cannot go after you for any deficiency. It might be considered "income" to you if there is a deficiency and it is written off. Second condo should be fine, even though mortgage is in personal name - since title is in the LLC. Just remember this phrase - "piercing the corporate veil" - if they can show the LLC is a sham, they might be able to pierce it and make you personally liable (however, this is usually when you and/or your company is sued for something other than defaulting on a mortgage). Hope this helps...
  • Pro: You can sleep at night not worrying about the home. Con: Your credit will be shot for the next 7 years. You will not have to pay anything out of your pocket. California is a non-recourse state, meaning that you will NOT have to pay the remainder of the loan. Why Lake Elsinore? That place is full of yucky people! Be glad you are getting out!!!
  • I found a Foreclosure Notice on the front door of the house I rent. It said there was a Trustee's Sale scheduled for February 4, which is pretty soon. I have to pay rent February 1st. I talked to the landlord and she admitted she hadn't been paying the mortgage, but she said she was in the process of getting a loan approved and that would take care of everything. She also said that it's not the bank who is trying to repossess the house, but a loan company she borrowed from a few years ago... What should my next step be? Should I pay my rent February 1st? Should I wait 'til after the Trustee's Sale to see what happens? Should I move out a.s.a.p.?
  • Once the house receives a notice like that, its going into forclosure. Either hold off on the rent for 3 to 5 days or find another place. I would probably find another place.
  • Im on the same boat, I live in Las vegas though. I wont pay my rent this month and I will stay on the property until the deed of sale happens , than you are still entitled by the law to have plenty of time to move out. I would call a local realtor or a property managment company they should give you more answer according to the state statues regarding rents on foreclosure.
  • You continue paying rent to your landlord until the house is sold to a new owner. If you don't, you can be served an eviction notice for failure to pay. You may want to consider signing a lease with the current owner. Under Federal law, the new owner must honor that lease.
  • I'm in SoCal wait to move out. if the new loan is approved then you go on as usual if the house is foreclosed on it will take several months for them to put it up for Auction. and all those months will be free rent. you don't have to move out until the Notice to terminate occupation is posted. When they post a notice on your house ... call the lending co and ask them how long you have. after that I would start looking for a new place to live.
  • hello i will suggest you to continue paying to the landlord otherwise there may be a choice of the eviction try to make a sign with your existing owner on the lease as per the federal law the new owner must obey it
  • It depends on the jurisdiction. There are various rules, depending on what state you are in and the circumstances of your mortgage. In some states (e.g., California and Montana), a lender must first foreclose on the real property security, and may only seek a deficiency judgment (the prerequisite for going after assets other than the mortgaged real estate) if it uses judicial foreclosure and allows the debtor an opportunity to redeem. Even then, if the mortgage loan was used to purchase owner-occupied residential property, the lender cannot go after any of the debtor's other assets. In short, purchase-money financing on single-family residential property is entirely non-recourse, and the lender cannot go after the debtor's other assets. In other states (e.g., Georgia), the lender has essentially no restrictions on the assets it can go after, and doesn't even have to foreclose on the real estate -- it can go after all of the debtor's assets at any time. Most states are somewhere in the middle. The lender can go after all of the debtor's assets, but there are restrictions. The most common restrictions are: (1) the "fair value" rule, restricting the lender's deficiency judgment to the difference between the debt and the fair market value of the property, regardless of the price paid at the foreclosure sale (most states have some version of this), and (2) the post-sale right of redemption if the lender seeks a deficiency judgment, thereby discouraging the lender from seeking a deficiency by making the property essentially unmarketable for a period of time. There are also exemptions in many states that limit the assets the creditor can seize. This varies from state to state, but most states restrict the lender from seizing pension funds and 401k interests.
  • What do you mean a few days to leave. have someone came to the property to inquire of a date for you to move out as of yet? If not then the lender or whomever purchased the property is still working some legal paperwork out. You will be contacted by the lender's agent or the new owner about a move out date. If the lender got title to the property because the property failed to sell at the foreclosure auction they might even offer you a few bucks or so to move out. In answer to your question anything left at the property would become the property of the new owner or bank/lender and would be disposed of. They would have a clean up crew come in and remove any garbage and other items left behind. There is no penalty for leaving things on the premises. You have a bigger problem as if the bank/lender fail to get enough money when the property is sold to cover the balance of your mortgage loan. The lender will then send you a 1099 indicating that the difference was a gain to you. With this 1099 figure you would be required to pay income tax on this figure to be filed with your next tax filing time. I hope this has been of some benefit to you, good luck. "FIGHT ON"
  • Not that I have ever heard of. Just do not trash the place, please.
  • In an effort to avoid foreclosure we decided to short sell our home. The investor who bought the bank loan, placed it in a land trust. He then was selling the home to a buyer (for profit) and thought the transaction was going faster than expected so we needed to move out to accommodate the buyer...we found a rental to move into. Fifty days have since passed, the original transaction has not recorded, and the "proposed" new buyer has been living in the property free from any payments! Had we known it would take this long, we would've remained in the property instead of paying $1500 a month to rent. We feel that we are at risk with her being there and the property still being in our name. With that said, can we collect rent from her?
  • It title to the property is still in your name then you are entitled to occupy or rent unless specifically prohibited. If the investor has recorded title then he gets the rent and occupancy, unless otherwise specified in your agreement.
  • Your original mortgage papers said that you would not collect rent without sending it to the mortgage company; in the event that you were unable to make the monthly mortgage payments. Collecting the rents is called "skimming". So you are correct, you should not have moved out. And you should not have allowed the buyers to move in. The bank will be happy if you try to collect some money and send it to them. They will sometimes reward you for your cooperation. Contact them..
  • You signed a settlement to pay lease for the the superb option to stay there. no count what is going with the valuables possession, you made a dedication. by employing the comparable token, i'm undecided which you will nicely be evicted of you may coach receipt that your lease has been paid for any era, inspite of the undeniable fact that this could variety by employing state. In different words, in case your lease paid to the tip of the month, i don't think of the financial enterprise can toss you out. in the event that they could, you're nevertheless owed for money paid and could sue the financial enterprise and previous proprietor to recuperate. additionally, that's to not their benefit to have the instruments empty as this creates a void which undesirable components will rapidly fill and harm the cost of the valuables.
  • ask a realtor about these questions
  • 6 months ago I purchased a second home in California and started renting my first home. The people renting the home broke their contract and left, and I have been unable to find more renters. I cannot afford to pay both mortgages for both homes, and the one I was renting (the first home) I am thinking about letting go into foreclosure or short sale. This home has been refinanced once (this was just to get a better interest rate and no money was borrowed) and the loan is an 80/20. Both homes have the same mortgage bank too. What can I expect to happen? Will I loose both homes, have to owe the smaller loan from the first home still, have a huge tax bill from the IRS for the difference of the home, or what? Please help.
  • No extra money was taken out of the first home is what I am saying. I did not refinance and take out money from the then exisiting equity in the home. The refinancing was to lock in a interest rate before the rates went too high. And I know its not play money, BS like that is not helpfull. Hope insulting little remarks like that make you feel good and all knowing.
  • Since you refinanced you will owe the money no matter what you do. If they take #1 and you do not pay up the differance they can go after #2 and any other assets you have. If they can't get it in assets the garish wages until you have repaid the money you were given. I do not get where you think no money was borrowed. What do you think this is? Play money? You borrowed and you spent real cash money.
  • Ah yes, this is the problem with buying real estate you can't afford without the help of someone else, i.e., the renters, who split on you. I would hope you have a real estate attorney. If not, get one NOW. Consult them. A bunch of posters here will act like they know what they are talking about. They don't. Not only that, there are so many in's and out's with your situation that you need an attorney. Consult professional experienced legal counsel.
  • If you are considering short sale then you should definitely check out this website. It can prove to be in your best interest if you do. http://www.shortsalecomplete.com/?utm_source=blog&utm_medium=blog&utm_campaign=shortsalecomplete
  • I have purchased a home in Riverside cnty, California. We close on Oct 31, 2008. It is a foreclosure. The purchase price was $455,000. We will have our property taxes impounded monthly. I have 2 concerns: 1- Our title company and lender are saying the property tax is based on the LAST assessment of the home. This was a year ago when prices were high. The assessed value was $685,000. I thought the taxes were based on the PURCHASE price. If I get a reassessment, when does that go into effect? 2 - The title/escrow company is holding 6 months worth of taxes ($4650) claiming that even though we impound, because taxes are due Nov 30, we must have that much in our escrow. In essence, the taxes due in July will come from that $4650. The monthly impound we are starting on Nov 1 will pay for Nov 2009 tases. Does all of this sound legit?
  • 1 - The county assessor will be notified of your purchase and re-assess immediately. The current year taxes are set though, and must be paid. next year they will be lower. You should see a little refund for the overpaid taxes through the end of the year. 2 - Yes. You done good. Good price it sounds like, and a great rate.
  • I live in the same county (in Menifee) and I've never heard of that. I must admit that we've bought new houses each time though-still, old taxes not paid should be the problem of the old owner or should be paid by the bank or clearly marked in your bill of sale etc. I'm supposing that the sale was free and clear? Seems a little "padded" to me-I would want a breakdown and the home should have been reassessed at sale too-I'd be asking a lot of questions.
  • unquestionably do no longer pay, buddy. If somebody would not pay the taxes the municipality might ultimately place a tax lien on the valuables. Why might you care approximately that? it is not your domicile anymore.
  • Yes, this is how they do it. I personally do not allow this, I pay the taxes myself, but the bank can require it of you if your credit is not perfect.
  • In California most lenders use the non-judicial foreclosure procedure. This means that once a lender has decided to foreclose on you they issue a "Notice of Default/Foreclosure" this document is recorded at the county recorders office where the property is located At this point you now have 90 days to bring the mortgage current, refinance the mortgage or do what ever you want to do to keep your property. Once the 90 day period is over the lender then decides to record a "Notice of Sale" at the county recorders office. This notice will have a sale date and place of sale. Once this document has been recorded you now have 20 days in which to refinance or cure your foreclosure. Most lenders will not entertain the idea of refinancing their own loan once this document has been issued. Some might, but most will not. Now the lender is interested in you paying the mortgage off or bringing it current. At the sale if the property is sold to someone, they have to get the property recoded in their name so there is lots of legal work to be done before they officially own the property. This new owner will contact you when all the legal documents are signed and between the two of you select a time for you to move. You might be required to pay rent for the time you stay there but this is between you and the new buyer. If the property does not sale then the lender has to get a few legal matters taken care of so they have to wait until the legal matters are completed. If this happens once all the legal matters are taken care of the lender normally hires a real estate agency to take care of their real estate sales. An agent from the agency will contact you about the date and time of your departure. You may decide to move at anytime you desire, but you eventually will be asked by someone to move after the sale. The sheriff will only come after an eviction notice has been filed by someone. They don't just come out and put you out. They have no legal right because until all the deeds have been recorded in someone else's name the property is still legally yours and you can not be put out of your own home. I hope this has been of some use to you, good luck. "FIGHT ON"
  • I'd move 1 day before but sleep there the night of Aug 6. You are responsible for any damage to the property during the time you own it. On the afternoon of Aug 7 you won't be the owner any more. The bank will own it. Up until that time you absolutely must guard against any breakin or vandalism or arson. You can't imagine how often this happens. As if the vandals all know where they can strike next. The banks are tired of people moving out and taking the stove and countertops with them so they are ready to get tough. You are being nice. You won't steal the stove. But if the vandals enter, the bank will not believe that it wasn't you. Protect your interests.
  • Where do you live? Have you made any attempts to sell it yourself? It is the eleventh hour but your lender may consider if you have a viable buyer. It is very expensive for them to foreclose.
  • when the sherriff arrives to kick you out, not a day before. Good luck!
  • if you sign up for a membership (the name is Silver Saddle Ranch) and its like a mortgage and have not paying it for over 7 months what will happen? if you called them how many times already and talk to them that you wanted to cancel but they never response back? your waiting for there response and you called them again and they going to say to you they still waiting for confirmation? what should you do after telling them that you can't pay it anymore? -- if you were going to cancel it what to do and how? -- is the bank will report you to credit agencies? -- also you tried to open a new account to a bank and they said that they can't open a new account for you what would you do? I need feedback please......
  • If the loan goes into default for over 120 days - the banks call their lawyers and start the foreclosure paperwork. But this is "like" a mortgage... not sure what you are even asking.
  • A membership to something and a mortgage is totally 2 different things. You need to be more clear.
  • yeah, sorry I don't understand you either. but if you owe money to anything they can take you to court or file for garnishment
  • I have recently found a home that are going into short-sale. How do I go about to purchase this property? The listing agent is non-responsive and basically unfamiliar with the process. I have contacted the lender and it says that notice of default hasve been sent back in December, and it will be forecaslosed in March. At this point, the lender told me to talk to the listing agent and that they can't do anything until March. Any recommendation?
  • A short-sale is a last ditched effort by the seller to get rid of their house before it goes into foreclosure and ruins their credit. With a short-sale you will need to make an offer on the property just like you normally would. The listing agent then needs to take the offer and get it approved through the lender. They will have to agree to take less than what is owed on the loan. Just a fair warning.... not all lenders are willing to do a short sale. They have every option just to hold out and go through with the foreclosure process in March. I am curious what city is the property in? I am a real estate agent and do a lot of properties in Orange County and Riverside County. Let me know if I can help. Ginac72@yahoo.com
  • Many successful RE investors who focus on short sales handled the negotiations with the lender directly. The recognize the rights of the agent but at the same time do not let the agent present the offer to the lender. Most of the time you want the loss mitigation department as they deal with stopping the possible losses associated with loans that go bad. The short sale has to complete before the foreclosure sale. Not all lenders are even interested in a short sale.
  • Short sales are really no big deal, basically last ditch effort to sell the house before it goes back to the bank. Contact an agent to represent you--usually 80% of the asking price is rule of thumb. Be prepared to wait for a response from the bank if the offer has been accepted. Make sure your lending is set up so you can have a quick close. Get an agent-not the Listing agent, one to represent you.
  • I don't really blame them. 80% of California is made up of middle class citizens, and a lot of them can barely afford to live here. It's pretty sad that even when you make a lot more then the average American, you can still barely afford to live in California.
  • well they say nation wide 600,000.00 people could lose their homes after the next reset... ??? anyway so far on So. Cal around 1,200 homes were lost.. now in a place like So Cal only 1 in around 400 homes is lost to foreclosure... the big hits were further north in the state ... so using current numbers and national stats then the answer is 3 people lost their home due to fire rather than a foreclosure even if you double the number to one in 200 were still only looking at 6 homes...that falls far short of 10%
  • yes it was a real god send, wasn't it.
  • In October 2010 my dad purchased a gas station that was foreclosed upon. He had been taking care of the monthly payments to the bank but the interest level was too high and the bank refused to refinance, despite that the interest rate was the same from when the previous owners were running the gas station. Eventually, the payments were just too high for him to keep up with and he wasn't able to pay them in full. The bank then refused the last payment he tried to make (I believe this was in May or June) and pretty much said he had to give the money or they'd take the property. My dad has since gone to a private lending company for a loan big enough to pay all the money due to the bank but it's taking some time and the bank does not want to wait. It's gotten to the point where if the money doesn't come through soon he'll lose everything. I'm wondering if there's anything he can do in the meantime to stop the bank from taking the property, at least until the lending company gives him the loan? I had heard and read something about certain situations where banks were unable to prove ownership and individuals were able to keep their property but I don't know how that really works or if the ownership is already proven simply because it was a foreclosure to begin with? Is there anything he can do? This is extremely important so thanks to everyone in advance.
  • These things can be difficult and complicated. My experience with any kind of commercial transaction is that it is very involved and even more so with a gas station because of environmental issues. Due diligence is so important in cases like this and no lender is going to risk their money without being satisfied that they will be paid. I hope that your Dad has good professional help in this whole process and sometimes it is better to walk away from some things to simply cut your losses. Ask him if he has accounting, legal and commercial real estate help in all that he is doing. If he was having difficulty making payments before all of this difficulty then what has changed to make him think that he can turn it around?
  • If your father cannot afford the payments with the bank for the gas station, he certainly cannot afford the payments on the money he is borrowing to get current plus the payments he will still have to the bank once he does get current. This is a bandaid on a gaping wound and won't help anything. Hate to be so blunt, but this is not going to work.
  • they are NOT taking back a foreclosure, they are starting a new one on your dad... it would be in the best interest of the bank to take your dad's money, unless by some chance they have someone else that wants the business,, which in most cases never happens.. just have your dad keep on them about paying..
  • It has nothing to due with being a foreclosure. The problem is DAD has not paid the mortgage as promised. Nothing he can do but rush the new lender.
  • I am looking for a website or some other avenue for retrieving statistical information regarding the number of home loans set to adjust in California in 2008, Number of loan origination is California in 2007, Number of purchases in CA in 2007, etc... If anyone knows of an easy way to find this info please let me know. THANKS!!!!!
  • I am pretty sure that realtytrac has all of that information. They have a great stats section and that is who you see when they report the foreclosures on the news.
  • Unless you are facing foreclosure they will not do anything. Almost everyone is upside down. You should not have a concern for 10 more years.
  • TALK to lender to see if you can modify your loan. That means lowering interest rate or forbearance, NOT reduction of principal. You owe them the principal absent some government plan. Try HUD Hope for Homes, or HUD certified credit counseling agency in your area.
  • Need options on how to raffle a house and proceeds to be divided between: a) the bank so we can pay off the loan to be able to avoid foreclosure (our house is actually on a short sale now which the bank agreed to); b) charity(a designated amount ie. $20,000.00 donated to Cancer Research); and c) my family(we need some money to be able to pay off all other bills so we don't owe anyone anymore). Can this be done? I hope someone can help us soon. We really do not want to just lose our home to foreclosure. H E L P!!!!
  • You may as well forget about your raffle idea. Raffles are illegal in California, unless they are conducted by a charitable organization, and all the proceeds go to charity. A raffle is gambling. That's why it is illegal. If your bank has already agreed to a short sale, then what are you worried about?
  • You are going to have to get an attorney. There are too many legal issues here for you to get a general answer.
  • Leroy See a Real Estate Attorney for this answer. At this time they are not going after the 2nds taken on a home purchase in California.
  • Yes and no.... This is where the laws in California are not clear. The law protects you on a first mortgage...you have two...thus the problem. Courts in CA are going back and forth with it....as some argue that if you took out two loans your second is not protected.
  • I graduated in the summer of 08, and have been employed as a RN for the past 7 months. My yearly income for 2009 will be between 75-85k/yr. My 4 years of nursing school will be counted as time on the job, right? Anyway, my credit is 709. I have 17k (200/monthly) in student loans and about 3k credit cards (will pay these off in about 2-3 months). I don't have much of a down payment now (only about 4k available), but hope to save about 8-10k by end of year for that purpose. I pay 900 in rent, ride the bus (so no car payments). By the way, I live in Los Angeles. I have seen some cheap homes in the valley for about 300-350k, although they might need some work. I really want to get a home, but want to be wise about it. Do you guys think I should wait longer? By the way I am single, no kids and 24 years old. I am also planning on going back to school part-time to earn my masters in the fall of 2009. The plan would be to get a 3bed home and rent the 2 bedrooms. Thank you.
  • yes wait, California is about to get hit with another round of foreclosures and the bottom hasn't come yet -- you might need to wait until 2011 *edit* just found this link -- http://www.ft.com/cms/s/0/1ed1d3e2-f4f3-...
  • DO NOT sell it, change ownership or names, or anything like that. Your mom needs to stop using any credit cards, no matter what, immediately. She should consult a REPUTABLE bankruptcy attorney. Bankruptcy is a complicated matter, and it needs to be done with a specialty attorney. The court allows for an exemption (in California) that would allow her to keep the car if she is not also claiming a real property (real estate) exemption. The foreclosure and credit card debt are no big deal, except the credit card companies will fight her on charges within 90 days of filing - sometimes longer. Again, have her consult a bankruptcy (specialty) attorney that DOES NOT ADVERTISE on TV, radio or anywhere else.
  • Do not transfer the auto, unless you need the cash from a legitimate sale to live on. Go for a short sale 1st as it should eliminate the real estate problem with out creating an attachment to the free and clear auto. A key part is her debt to income, is her mortgage and normal living costs more than her income? The credit card debt may be able to be settled but it could also create attachment via litigation to the auto. The disability income should be largely protected no matter what. The tax on the debts forgiven could be a huge problem and the best way to clean the slate may be to speak with an attorney about bankruptcy.
  • In your case this site can be very helpful LOANHUNTER.NET- RE Chapter 7 bankruptcy, eventual forclosure or short sale, fully disabled, can we keep the car? my mom has substantial credit debt and is planning on ch 7 bankruptcy, also a short sale or foreclosure on our house because of interest only loan. she is fully disabled with one car, 06 nissan fully paid through 3yr prev refinance, can she keep it? can she sell it or change name title, or is that fraud?
  • She'll be able to keep it, depending on a few factors - her lawyer could explain them to her. You say she's fully disabled - is she able to drive? If she can't legally drive, then they might not allow her to have a car. They might also have issues if she's not working and doesn't have small children to drive to school/dr's apptmnts/etc. They also might be concerned if the payments on the car are so large that it would be a burden to her financially if she were to keep it, even if it were the only bill she'd have to pay (thought I'd mention it, even though you mentioned it's paid). Honestly, you'll have to have her speak with her lawyer about it.
  • She may or may not be able to keep it. Normally most people don't have any equity in the car so the judge allows them to keep it and keep making payments. However, in your moms case, there is a lot of equity and the judge may require it to be sold to pay off the debts. Transferring title is illegal. Selling it and letting the money received disappear is also illegal.
  • I frequently spend my half an hour to read this blog's posts daily along with a mug of coffee.
  • Just to ease my mind, or give me cause to worry, we put an offer on a house on June 7. Its a short sale and we met the asking price. Last Friday, our realtor told us that the bank requested additional paperwork from the sellers (we weren't told what) and that they would probably know something early this week. Today, he tells us that the bank is moving forward with the paperwork, needs something else from the seller, and that we should know something by the end of the week. So, are these good signs? Bad?
  • In California when a property goes into escrow that is a short sale as far as the deals made between the seller and lender is that the lender will give them some extra time to get the short sale closed in escrow if it's close to the foreclosure date. The fact that the lender is requiring information and paperwork from the seller is perfectly normal. It could be proof of the homes actual comparative value to other homes in the area to make sure they aren't selling the home under value. The lender needs proof that the seller really doesn't have the money hidden or the assets to pay the loan balance. When a house goes into a "short sale" process the seller is already behind in payments and in some stage of default. Sometimes the bank is taking less then what is owed on the property especially if the home was originally purchased during the time a while back when property values were higher. Here it would be a "GREAT" sign that the bank hasn't denied the purchase offer and is requesting more information.
  • Thats really weird. If you are doing a short sale the bank and the sellers should have had this figured out long before you even knew. To me its strange. It might mean the bank doesnt like the deal or the sellers (current owner) arent accepting what the bank is doing. This should have been handled long before you even saw the property. Im sorry I cant give you peace of mind, one thing I know is the real estate agent is doing it in reverse. The agent found an offer and is trying to work out a short sale. It should be the sellers and bank work out a short sale price and they find a buyer. To me it sounds like the real estate agent has misled everybody. I dont know, I cant give you peace of mind, because this never should of happend.
  • Sounds to me as if they did not have an approval from the bank for the short sale. They might be in negotiations, and have to submit paper work to show their hardship, and maybe even a few Realtor BPO'S. Just be patient. short sales can take a while. RE Agent, Remax
  • The bank didn't deny it so it sounds good. And to me, an agent in NYS, it sounds as if this is moving along pretty fast. Here in Syracuse, banks take FOREVER to look over short sale offers. Good luck! Uhm, yeah....... apparently the guy above and I differ on our views. Maybe it's different in different locations.
  • They are neither good or bad. Banks are notorious for being slower than Christmas concerning short sales. The loss mitigator is most likely working on the file. Hope this helps. Terry S.
  • It depends on what you are willing to do, if you have equity, and what you can afford. You have several options such as refinancing, trusting an investment company to help you get back on track, and actually selling your home. You also have the option of bringing the loan current. If you refinance your payments will most likely go up. If you use an investment company it can cost you some of your equity. If you are willing to sell it you can contact a number of investment companies that buy houses. Just keep in mind when selling to an investment company you have to sell the property very far under market value. You also can sell it with a Real Estate Brokerage, Sell if yourself, or bring the loan current if you have the ability to do so by borrowing the money from a family member or a friend. If you communicate with your lender the reasons why you can't pay your mortgage they to may have some options for you. If you are in California and may be interested in selling or using an investment company to stay in the home; please feel free to contact us. Sincerely, Thomas Rushing Executive Manager Golden Lily Properties (866) 800-1002 www.GoldenLily.net
  • No lender will accept as a co-signer someone who has gone through a foreclosure. A co-signer is expected to have substantial financial stability as the guarantor of the loan involved.
  • Depends upon your situation. If you're looking for something that helps you afford to buy your first property, yes. If you're already in it and are having trouble making your payments, no. When you sign on the dotted line under the words "I agree to pay...", that lender has a right to expect the agreed upon payment on time and in full. A home equity loan or line of credit or a refinance is about the only way there is. On the other hand, if you contact your lender and explain the situation, most will work with you. They do not want to foreclose, for many reasons. If none of this applies, sell the property. Start right now to have the best chance of selling it before foreclosure happens.
  • I live in Virginia and am gonna lose my home. We have been trying to sell it for a few months now. We are selling it for what we owe on it because we need to get rid of it before it is foreclosed on! We are currently only behind about 1 payment I believe. Mortgage is $1,400. 1100sq ft home. We owe about 179K.. Is there any way to sell this house fast? Or we're just screwed? Are there any legit home investors that will take our home for what we owe on it? Any suggestions and help will be so appreciated! My husband has perfect credit and this will surely ruin it if we get foreclosed on. :(
  • What about the housing economic stimulus thing the government is doing?? Anyone have any info on that? We received a letter saying they would reduce our price from now 1,400 down to like 1,072. But is that before taxes and insurance? Because if so then it would only really take the payment down by about 100$ not much help!
  • Foreclosure is not the end of the world. If you cannot make the monthly payments, you are correct to contact the lender for a potential renegotiation. Sounds to me like they are offering an almost $300 monthly reduction. Verify this to make certain your net effect is greater than $100.00 monthly. Forget about the government renegotiation plan. It requires the cooperation of your lender who already has expressed a limited willingness to cooperate. Your ability to sell the property depends upon you local real estate market. Here in California nothing is selling and no lenders are willing to make new loans. A foreclosure is a credit blackmark. This is not the end of the world. You will obtain new financing again when property and credit markets recover. RELAX. Give your husband an understanding hug. This specific type of financial stress kills marriages. Not a failure because you got caught up in bizarre economic circumstances. NO FAULT!
  • My wife and i went into escrow on a house on December 21st. That same day we had a pest inspection done the house, because our USDA loan requires one. The pest inspector noted three items that were a section 1 which will need to be fixed in order for my wife and i to get funding. The pest inspector who is also a licenses contractor quoted the repair at $6,800. I decided to get another bid from a different contractor and he came in at $5,700. We submitted the bids and pest report to our realtor and told him we couldn't afford the repairs and to see if the seller (which is Fannie Mae), would do the necessary repairs to get our loan approved. All the section 1 items on the pest report were all associated with deck and a little bit of siding. My question is, has anyone else recently bought a Fannie Mae foreclosure with a USDA loan or other type of loan that requires a pest inspection? Did your pest inspection come back with section 1 problems and did Fannie Mae fix them so you could get your funding? Just a side note, the selling agent told our realtor that if Fannie Mae was to repair the section 1 item, they would want to use their own contractor. I know its probably impossible to answer my question because its sole up to the seller, but i was just wondering what other peoples experience was, with our type of situation.
  • I have, but not a USDA loan. They will use their own contractors, ones that has already dealt with them, they usually only have a couple in any area. I would expect the deck to be removed and the siding repaired.
  • My friends uncle is in a situation. He is a Spanish speaking man who lets his wife pay the bills. Last weekend, the local newspaper listed a foreclosure notice in the paper for the property. When he found out, he told his wife about the notice. His wife, told him it was a mistake and she'd call the lender to confirm it. She told him it was an error and that the house wasn't being foreclosed on. I believe the house is being foreclosed on. The auction is set for nov, 22nd. How can this be fixed? My friend's uncle has the money to come current on the loan, what steps must be taken? I am not looking for answers that talk bs about my friend, I need to find out how my friend can get his uncles house saved. Please answer ASAP! my friends uncle has no time to waste!!!!
  • All he has to do is become current with the payments. They'll stop the auction for that.
  • So about 2 years ago we got a house with a signer. To cut it short, we got behind on payments and were about to pay to get back on track, but the real estate guy told my parents not to. That he could just resign with some other guy to "Start Fresh". Now, I always found this guy fishy but I kept my mouth shut. Now, 10 months after he still tells us not to worry about it, and that it'll be fine. He's getting a signer for us. 1 month later, he tells us the signer fell through, and that we had to find our own. We got our cousin, who was willing to take over payments/resign under his name. Later, he called us to say that everything's fine and just waiting on some papers from our cousins credit report. Next day, he came to our house and told us that the house went into forecluse... WTF So, guy came over, said they took over the house (some RE place). Is there anything we could do at this point to stay in the house. We're willing to buy it, but do we have to wait 4 auction?
  • I'm doing this for my parents, who know absolutely nothing about this. Neither do I. Thanks for the responses so far. I really really appreciate it. If it helps any, this is for the LA area. (California) As I said above some guy came over with a paper saying they had taken over. I'm guessing they took over the loan? I'm gonna try everything I can because it means so much to them. Thanks again!
  • Am I understanding this correctly? You have not paid your mortgage for 10 or more months (or is it 2 years?), it foreclosed and is now bank owned? You are willing to "buy" it again? There is no possible way to buy it bank at the auction price. No bank will finance this. You need to move. I don't know where, maybe your cousins.
  • In addition to the above, I'd get in touch with the board that oversees realators, maybe the atty general's office in your state too.. and report what the fishy guys been advising you to do. Might be things they can do or advise you in this case. If he works for a real estate company (as opposed to being an independant)and he did something wrong you might benefit.
  • Don't you just love creative financing/ ARMS. BALLOONS. REVERSES. Weren't we better off in the day when it was 50% down, pay off in two years...it's yours. Ah, chickens now coming home to roost in L.A. Hope you can grab it at auction and screw the big, stoggy banks who don't know what the heck is going on.
  • on no account, on no account, on no account settle for foreclosures. you will remorseful approximately it for an somewhat long term. a quick sale is one threat. whether you lease at a loss, you would be extra helpful off interior the long-term.
  • call your bank find out what your options are. Your morgage company should do everything in their power to keep you in your house. they lose money if it goes up for auction. Good luck:)
  • at present in the U.S., for example? I say "real buyer" because these new homeowners will be the ones demonstrating whether the economy is not doing as bad as it's portrayed. While the investors are the ones buying (sometimes in lots I would suppose), the huge amount of foreclosed properties. Main question is because there is so much need for realtors and other related to real estate, as shown on Craigslist.
  • Investors are the ones buying the foreclosures in California. Unless you have cash you can pretty much forget buying one. I have sold some to guys showing statements with enough cash but after it's in escrow they switch to a hard money loan. It does work as long as they close on time. The "real buyer" are buying short sales. They are willing to wait the 60-90 days.
  • I would love to know the answer to this question....I am a "real" buyer trying to buy a forclosure right now,
  • There were three bids on a foreclosed condo. The bank took a lower full cash offer over a higher 30% down convention loan application. The buyer's agent has not been able to get a reply either verbal or written from the bank representative, in fact he can't even get a phone call in or returned. What are the California regulations about a rejected offer from a bank?
  • There are no regulations about notifying you about your offer being rejected. It is common courtesy for the list agent to give your agent (buyer's agent) a call and let them know that the bank went with another offer but notifying the rejected party is not mandated by law.
  • I think the reason is quite clear. A cash offer is much more preferable than a loan. Cash is much quicker to close on because there is no bank required appraisal that could end the deal if it comes in too low, no bank concerns about property defects, no underwriting and such. A deal with the bank can look good and then the day before closing the bank can say, "Sorry, we can't approve the loan" whereas cash and a contract, the deal is pretty much done. How did you find out that a cash offer had been accepted?
  • My insurance was due the middle of November and I won't be able to pay it for a whole other month but I will have to drive my vehicle. I know its illegal bit I currently just Seperated from my spouse and I cant afford it right away. I don't own it I have a Loan. What am I looking at for consequences if I get pulled over?
  • This is most of what it says at the California DMV site below (too much for Y!A to allow me to post): (a) Upon a first conviction, by a fine of not less than one hundred dollars ($100) and not more than two hundred dollars ($200) , plus penalty assessments . (b) Upon a subsequent conviction, occurring within three years of a prior conviction, by a fine of not less than two hundred dollars ($200) and not more than five hundred dollars ($500), plus penalty assessments. (c) (1) At the discretion of the court, for good cause, and in addition to the penalties specified in subdivisions (a) and (b), the court may order the impoundment of the vehicle for which the owner could not produce evidence of financial responsibility in violation of subdivision (a) of Section 16028. (2) A vehicle impounded pursuant to paragraph (1) shall be released to the legal owner of the vehicle or the legal owner's agent if all of the following conditions are met: (A) The legal owner is a motor vehicle dealer, bank, credit union, acceptance corporation, or other licensed financial institution legally operating in this state. (B) The legal owner or the legal owner's agent pays all towing and storage fees related to the seizure of the vehicle. (C) The legal owner or the legal owner's agent presents foreclosure documents or an affidavit of repossession for the vehicle. (3) (A) A legal owner or the legal owner's agent that obtains release of the vehicle pursuant to paragraph (2) shall not release the vehicle to the registered owner of the vehicle or any agents of the registered owner, unless the registered owner is a rental car agency, except upon presentation of evidence of financial responsibility, as defined in Section 16020, for the vehicle. The legal owner or the legal owner's agent shall make every reasonable effort to ensure that the evidence of financial responsibility that is presented is valid. (B) Prior to relinquishing the vehicle, the legal owner may require the registered owner to pay all towing and storage charges related to impoundment and any administrative charges authorized under Section 22850.5 that were incurred by the legal owner in connection with obtaining custody of the vehicle. (4) A vehicle impounded under paragraph (1) shall be released to a rental car agency if the agency is either the legal owner or the registered owner of the vehicle and the agency pays all towing and storage fees related to the seizure of the vehicle. (5) A vehicle impounded under paragraph (1) shall be released to the registered owner of the vehicle only upon presentation of evidence of financial responsibility, as defined in Section 16020, for that vehicle, and evidence that all towing and storage fees related to the seizure of the vehicle are paid. This paragraph does not apply to a person, entity, or agency who is entitled to release of a vehicle under paragraph (2) or (4) and is either: (A) The registered and the legal owner and is described in subparagraph (A) of paragraph (2). (B) The registered owner or legal owner and is described in paragraph (4). (d) It is the intent of the Legislature that fines collected pursuant to this section be used to reduce the number of uninsured drivers and not be used to generate revenue for general purposes. (e) (1) Except as provided in this subdivision, the court shall impose a fine that is greater than the minimum fine specified in subdivision (a) or (b), and may not reduce that fine to the minimum specified fine authorized under those provisions, unless the defendant has presented the court with evidence of financial responsibility, as defined in Section 16020, for the vehicle. In no event may the court impose a fine that is less than the minimum specified in subdivision (a) or (b), or impose a fine that exceeds the maximum specified fine authorized under those subdivisions. In addition to the fine authorized under subdivision (a) or (b), the court may issue an order directing the defendant to maintain insurance coverage satisfying the financial responsibility laws for at least one year from the date of the order.
  • wrong state to be in ace cop impounds the car arrests you he also puts a hold on the car for up to 90 days and for fun after the dmv gets the conviction from the courts you lose your license for a year for no insurance. your priorities are all the way wrong.
  • More importantly, what do you think could happen if you cause a collision with no insurance? You could be paying for it for decades.
  • I live in Los Angeles and I'm buying a home about 40 miles East of LA in Chino. The community is new and the home is brand new, but everyone says right now is a bad time to buy. I'm buying the home for a great price: originally 422,000 cut down to 370K with all costs paid for by the builder. I'm anticipating staying in this home for about 7-10 years. What do you think about buying a home like this right now and what do you think about the housing market over all currently?
  • Mortgage Details: 100% loan: 75% of it is a 10 year fixed for 5.37%. After 10 years it becomes an ARM at 1+Prime or something like that. 25% of it is a 7 year fixed for 9.125. After 7 years it becomes an ARM as well. Both have no prepayment penalties and we can refinance either at any time. We plan on refinancing the second one after a year or so to something a little bit better if possible.
  • Right now is an excellent time to buy a home because right now is a buyer's market due to so many foreclosures,so you can get a great deal and a lot of homes for sale now so you get to pick.I am a trying to but a home now as well for a first time because I know its an excellent time to do so,the prices went down and will be going down probably a little more and then in about 1 year or so the prices start claim back up again.I took a real estate class in college so I know how the market works. Good Luck!!
  • Did you say you are buying builder direct? Or are you using an agent? Either way, it sounds like a good deal, but what are the comps in the area? The market overall is definitely a buyer's market. This means that there is a lot of inventory out there. A little shopping around could save you some big dollars. There is a mystique about buying a NEW home which is irresistible to some buyers. In all actuality, you may find a better deal if you look at homes that are in the two to five year range. Another advantage of a slightly older home is that you can see what the neighborhood is like. With a new community, you never know what kind of neighbors you will end up with...
  • Right now is a great time to buy a home if you are looking at the home as a long term investment. Interest rates are still at historic lows and eventually housing will rebound. In addition you get the tax benefits of home ownership. If you have any further questions are in need of a mortgage email at aribgross@yahoo.com
  • You got a nice deal with the loans, if you are buying a home just to expect a return DO NOT DO IT buy if your intention is to live in it and have some tax benefits go ahead as long you can keep up with the mortgage and tax payments.
  • here's the deal....there is lots of inventory due to foreclosures; and while you are purchasing a new home...it sounds like you are getting a pretty sweet deal...but let's look at your loan...you didn't address that. is your loadn an ARM? cause if it is ...you lose out on this deal? make sure your loan is a fixed rate, with no prepayment penalties....wherther 30 year or 15 or? make sure fixed other than that it sounds good.
  • DANG, that seems like a good deal. Doesn't happen a lot in Cali. I say go for it. Hoped I helped out a bit. Good luck.
  • wait.
  • it depends if you are in a deficiency judgment state.california is NOT if the foreclosed loan was purchase money then no 1099. if you refinanced then maybe, you are best advised to check and consult a CPA for all tax matters at least with an approved short sale you will not have a foreclosure on your record. good luck
  • So I live in California and I know that interest rates are at its all time low, but I'm wondering if the house market is going to get worst. Knowing that unemployment and foreclosure rates are going up, should i wait it out some more before purchasing a home? The government lower the rates in hopes to keep the cost of a home up so they can collect more money from property taxes, but do you think its possible that the rates will stay low and is it possible for home prices to drop some more?
  • As soon as inflation picks up, like the stock market, gas prices, and retail; that's when the rates will increase on mortgage loans. But it won't happen overnight. I'd say your window is open for at least 6 months to a year. But with rates this low, your savings are amazing. Your better off buying and locking in this low rate now, because you'll never in your lifetime see loan's this cheap again. Just save toward down payment, and raise your score. Develop a budget that will well suit the price and monthly dues that your lifestyle requires. During the holiday's is a good time to look. People are so busy with shopping and family.
  • Yes, you will have to claim the gain as income, both state and federal. Not much else is likely to happen. It depends on how much you are stealing and then of course if you ever refied. If this is the original loan the bank can not go after you to repay it, you can keep it (less the income tax).
  • I have attempted a loan modification on my first and was offered an 8% which is higher than my current rate or they can place any late payments at the end of the loan. Our monthly income is down $3000 from the initial loan. If I only pay my first, will the second force foreclosure? What are the repercussions, other than credit ratings? We're trying to determine what is the best course of action to enable us to stay in our home.
  • So you are udside down a total of almost $300K? Sounds like you bought a house for around 500K with little or no down and then got a second (to remodel, buy a car or whatever?) and then the real estate market tanked and you owe almost $600k on a house that is presently worth around $300k? If you don't pay the second, they will foreclose. What are the terms of the modification. Are they just lengthening the term and increasing the rate (because you are now a higher risk with less income)? Have you had the house reassessed to reduce the property taxes? That could save you $2-3000/year. Can you create a strict budget and meet your existing obligations and wait for the market to rebound (could be 2 years or so)?
  • You are not alone. Many are in your same position. Sorry. Today's paper says 10% of mortgages are in foreclosure. Decide if you want to continue feeding this pig or walk away and begin to rebuild your life and your family. Rent? Maybe...that would be best. In 7 years you will be able to buy again...perhaps sooner. So Calif. is in the toilet. Sorry.
  • I suggest you convert to a new religion and move to Somalia. Piracy now pays around $46,925 an hour with plenty of adventure stories to tell the grand-kids.
  • a real estate foreclosure is a home that the borrower is missed about 3-4 payments and the home is now with the lenders loss mitigation department. The current owner can choose to shortsale( or modify the loan) the home with a realtor, now a realtor has to put the home on the market and sell it within 2-3 months, now if your looking for a shortsale that is a bank is willing to take the current market value of the home ( bank loses on loan actual balance), or know someone that is losing there home and you happen to want the home and you need a realtor with experiance in shortsales, I would be happy to help if your in Southern California.
  • The house is yours, that's why some people take advantage of foreclosures because you can buy houses really cheap. However, some people are resentful of losing their houses so they might vandalize it before they move out! Make sure you're not getting a house like that.
  • You used to be able to do that kind of thing easily but most re-possessions go to auction these days so the bank gets most or more of their money quickly without complications.
  • hmm...
  • We're not done yet. And CA has more subprime, Alt-A and Option ARM loans than any other market, so the overall fallout from delinquencies and foreclosures will carry through for the next 18 months at least. Subprime ARM loans begun in 2006 haven't adjusted yet, and won't til next year at the earliest. So I fully believe it will remain a buyer's market for close to 2 years, at least. If you find a great house you really want, at a good price, maybe it makes sense for you. But you won't see any gains in value until year 3. So unless you're 100% confident that you'll be in the home for at least 5 years, I doubt you'd come out ahead when time comes to sell. And that's without factoring in the likelihood that your overall housing expense will probably be quite a bit higher than rent.
  • Before you go trying to find a house you like, please get a lender to pre-approve you. That is the first step to take. It is a Buyer's Market in the sense that the inventory is high and demand is almost at a standstill. That being said, the market value of a home is not necessarily lower than what the home is worth. The market should dictate the price of the homes, but unfortunately this is not always true. Some sellers forget just how emotional the selling of their home is and they tend to list it for more than the market can take. The agent or Realtor (if they are seasoned agents) will let the sellers know this. Some agents have to come back and ask the sellers to lower their price because it isn't selling as quick as they thought it would.
  • Time usually works on your side...so the longer you have been a home owner, the better. It is not clear what the market will do in the next year or two, but if you are in it for the longer term (5+ years), better to get in earlier than later. Because it is a buyer's market, you do not need to be rushed and you can command more negotiation power on the price. Orange County has no more room to grow, so you do not need to worry about an excess supply of homes to drive prices down (as with what happened in Las Vegas or the unlimited land availability in Texas.) Plus, given the huge trade imbalance with China and America's insatiable demand for cheap products, the port of LA should be a booming business for the entire region. If you can do it now, go for it and don't worry about what may or may not happen within the next few years. Buy and move onto your next investment project. A tip from Robert Kiyosaki: your largest asset should never be your home of residence...that's a lot of cash that can instead be used for investments that could be working for you.
  • What I think is that whether or not to buy a house depends on other concerns. If you are investing to live in the property, it is a buyers market, meaning that it will cost less to get in. Unless you plan to flip the house (sell quickly), then what the market will do doesn't matter as long as you get a mortgage that you can manage regardless what the economy will do. You choose when to sell. Markets go up, markets go down, that's economic cycle - you can't fight it. It's the responsibility of the Fed to make sure the swings aren't too radical to set off a panic. What do YOU want to do? Can you make the cash flow work in your favor. A home is a liability (takes $ out of your pocket) until you sell it or rent it (puts $ in your pocket), then it's an asset if the cash flow is positive.
  • You should come to the UK, the house prices are literally astronomically high everywhere (400,000 for a cupboard in central London for instance.) I really think its due to push and pull factors in that region. But yes, if a property is cheap its better to buy it, but be aware of any increases in rent or living costs in later times. Buy a property you know you can live in and be sure you can keep up with rent/mortgage payments.
  • If the bank forecloses on your home and the house is sold, is it true you have ONE year where you can still pay the bank the outstanding money owed and have the current home owners in a home legally removed and you move back into the home continueing on with the loan from where it left off when the house foreclosed? I heard a seminar today and a CPA made this claim regarding foreclosed properties in California.
  • Foreclosure laws, deeds used, right of redemption (if there is one) and time frames vary from state to state. Deeds of Trust that are non-judicially foreclosed typically have no right of redemption period. Check your state's laws here: http://www.truthinforeclosure.com/state-...http://www.entrusthome.com/index.php?mod...http://www.forecloseddreams.com/state_by...
  • Well, laws do vary from state to state. I worked for several years in a foreclosure department and I never heard of this before. But maybe it's something new that has been put in because of the current housing problems.
  • Yes it is true. Reason is that the banks are dumping homes on the market under market values. They are giving these homes away to there friends and investors. So the answer is yes.
  • Call the court house and ask the tax clerk
  • I put in a offer on a home in san diego california. The offer was accepted. I will be putting down 73 thousand dollars of my mom's money. Thats a lot of money. This house is a fixer and I don't have money to fix it. I have a boyfriend that agreed to give me 10 thousand dollars to fix it up. I am going back and forth about the house because I personally don't have any money to put into it and also I realized that I will be living next door to very junky people. I just don't know what to do. I like the house. The only thing that I don't like is the fact that it has a swimming pool, no garage, washer and dryer has to go outside and the house is very very close to those next door neighbors. I just don't know what to do. What would you do in this situation? Also, I think that all of the copper plumbing is gone from under the house because the neighbors came out and told me so. Thank you in advance for your answers.
  • 1. Turn on the news and watch for 10 minutes 2. Take what you learn (only takes about 10 minutes of watching the news to realize you are doing exactly what other people have done that have absolutely destroyed our economy), find a time machine and go back and un-do it. Why were you looking at houses when you had to borrow money from your ma and boyfriend just for a downpayment and to fix it up?! That's just ridiculous!!!! If I was the seller and you backed out because you didn't turn on your brain until you signed the contract, I would keep your earnest money deposit... and then if I sold the house for less I would sue you for the difference. That is legal these days when people cancel contracts without a good reason. If your inspection comes back with major problems then maybe you'll get lucky. Again, please watch the news. When you're buying a foreclosure you have to do twice as much work to research before signing, sounds like you did absolutely none.
  • there are various variables you probably did no longer point out that would bypass into this determination: the place the home is placed, how warm or chilly the marketplace is in that city, what comparable residences are advertising for, etc. a solid realtor provides you with perception on those form of variables and grant actual data in the form of similar revenues. the fact that the sellers are divorcing will possibly no longer propose you will get the abode at a good purchase. probability is they nevertheless have a private loan to pay off. additionally, it feels like the husband is emotionally invested in the abode. An preliminary grant of $ninety,000 does not be unreasonable, assuming the home is amazingly priced. which will nevertheless provide you some room to barter. in case you're constructive that's a solid abode for you, do no longer challenge approximately making an grant on a house that purely went on the marketplace. you need to have extra negotiating leverage with a house that's been sitting on the marketplace for a on an identical time as, yet you run the possibility of dropping the abode you like.
  • Number one- if you didn't have a down payment and had to borrow it from your mom you should NOT have been looking to buy a house int he first place. Did you put down earnest money? If you did and back out without a bad inspection or bad appraised value, the seller can probably keep that. Think of the seller in this case. They're probably elated to be selling their house and are out looking for a new place... and you're going to just dump them like that because suddenly you realized you made a mistake? Maybe you should've thoguht it through a little bit more before signing on the dotted line. Did you not realize the 30+ year committment you were undertaking? I think it would be ignorant for you to leave the sellers hanging and I say you need to learn from your mistakes and go through with it. But people today don't have a conscience- so if you don't, go ahead and back out of it as long as you can live with your decision. Keep in mind that if you back out and the seller can't find someone to buy for that price and winds up losing money, they have every right to sue you for losses and infringement/cancellation of a valid contract.
  • In AZ, you have a period of time for the inspection process by a professional inspector. If there are any major problems that would not have been seen during your normal observations, you can cancel the deal, even if the house is a fixer upper. The asking price is what the seller wants. Your offering price is your best offer based upon what you observed. If the inspecter found major termite damage (that you are not qualified to evaluate), or plumbing problems (that you are not qualified to evaluate),or structural problems (that you are not qualified to evaluate), or major electrical problems (that you are not qualified to evaluate), then the deal can be canceled on these or similar grounds. Cold feet is not one of the grounds. If the copper plumbing is missing, then the deal can be canceled. Did the seller misrepresent anything about the house, like the plumbing? Get a SPDS list. It's a seller's property disclosure statement. They are suppose to list all known defects. http://www.re.state.az.us/PUBLIC_INFO/Do...Granted this is an AZ document, but it should be applicable to every real estate transaction. If you have trouble with the link, e-mail me. RM: Your comment is not professional. How about the seller misrepresenting the overpriced property to the buyer? That's been done to me, and I'm upset about that! House inspections do not cover these types of misrepresentations.
  • You could loose any money you have given to this point an could be sued by the seller for anything they have lost to this point. You should have considered your problems before you made the offer. BUT if there is a problem with plumbing that the seller is aware of and does not disclose this to you they are responsible for fixing the plumbing. Check your offer to see if there are any contingencies about home inspections, you maybe able to get out of the contract if it doesn't inspect the way it should, or the seller doesn't agree to fix what needs to be fixed. You may be able to use this against them to get out of the contract, even if there is no contingencies or the time has expired for am inspection. Let your Realtor know what you have discovered. Also talk to the neighbors and ask them how they found out about the bad plumbing, Worst comes to worst you may need them in court to testify. Bad plumbing would be considered a defect in the house that would be required, by law, the seller disclose if they are aware of the problem. ADD: Another thought, not sure it is a good one so check with an attorney. Ever contract I have ever seen is contingent on financing. Tell them you lost the 10k from your boy friend or the 73K from you mom and know you can't get the financing. Again, I am not sure this a good idea it is just a thought. Check with an attorney.
  • I'm in the mid of buying an condominium too. The differencee is i have not throw in the offer yet. Its only your heart can make the decision, no body can! You must ask yourself, the first option, you're gonna fight till the end and will carry on with the offer. Are you able to live in the kind of neighbourhood, with swimming pool but no garage, house is close to each others. and if one day you're going to sell this property, will there be anyone interested in this kind of 'fixed' situation? Second option is, you will just forfeit the downpayment. would you rather loose part of the money (you gotta check how much money will you loose if you back off) and ask yourself if you can live with your pocket has lesser money rather than putting down your mother money for the house that you're not sure of.
  • Hopefully you have an atty that gives you an out on this home... Seems to me you are not in a position to buy this home or have you thought it out fully. Further, Calif. is really a mess from what I can tell from the news and values may fall further.. Better to wait. Also considering you indicate you do not have the money to fix I say do not buy now. I also caution you from using your boyfriends While things seem good now, you never know and if the relationship goes south he will go after you for the money. Use a realtor to buy... Should you need an expert in Real Estate to talk to, contact your local RE Board for a list of companies... ask friends for recommendations or look for a company that does relocation referrals for good advice and a referral recommendation.
  • No offense but it is a little late to get cold feet after you put an offer in on the house. Since you put an offer in you need to find out if there is a penalty to resind your offer. Most of your issues you should have thought about before you put in your offer. I would check to see if you can remove your offer if you are not happy, and live with a penalty if you get one.
  • Just because your offer was accepted..you still have other contractual obligations, to which you may use to get out of the transaction. The sooner you act the better. For one, check with an attorney immediately as to the time frame and legalities for these: Attorney approval, mortgage committment date, appraisal, home inspection to name a few, all of these must be complete and satisfactory in order for the deal to actually get to closing..time is of the essence...do no wait..get a real estate attorney now!
  • You should have thoroughly checked the house and neighborhood over before putting in an offer.
  • I live in CA. I am refinancing and have had the home appraised. The appraiser used two "distressed proeprty" sales, IE short sales, in coming up with the value for the appraisal. As a result the loan to value ratio is not at 80%, and the interest rate is subsequently higher. It has always been my understanding that distressed property sales are not to be included in the comparables for an appraisal, as they do not reflect the true market value of the home which is being appraised. Is this true, or was the appraiser correct in including the short sales for the comparable value?
  • You are generally correct...things like foreclosures, short-sales, and other distressed properties are NOT supposed to be used for an appraisal, and too many unknowledgeable people in the industry think that they should be. However, there is ONE exception to the rule. If you live in a neighborhood where a substantial number of homes ARE distressed properties, then an appraiser has no choice but to reflect that in the value. California has been particularly hard-hit with with downgrade in the market due to tons of interest-only loans and declining property values.
  • Is your property unique so that it is difficult for the appraiser to come up with better comparables? A matter of the real estate market slump? Or sometimes a lazy appraiser? All areas are different with different markets, conditions & situations. If there are many distressed properties in your area, it may be that it is totally inline with the standards of the current market. We sometimes had this situation in Washington State in years past & with the sub-prime taking a big dookie last August, I suspect this is going to the a problem again to many. We're just not seeing it yet in our Puget Sound area that I have heard. If you can find a local Realtor that would be kind enough to research & come up with better comps for you, you could provide those to the appraiser & contest his valuation. It is often not soothing to an appraiser's ego to have their comps contested, but it can be done. It may just be an uphill battle. Typically, they should be close in proximity, condition, size & not older than 6 months at the most. 3 months is better. The appraiser can make adjustments (+/-) from there with regard to location, size, condition. If you are in a development or condo complex, 2 comparables in the same development would be ideal. They often call the listing agent also to ask if there were any "consessions" to the buyer or special conditions: did the seller pay a portion of the buyer's closing costs that were included in the sales price? A short sale? A sale to a relative? Hope this helps.
  • If there are enough REO/foreclosure homes in the neighborhood he does have to use them as they reflect the true make up of the area. Normally they will exclude the single lowest and highest comps as there is normally specific reasons for those sales, but if there are other bank sales it may just mean that you are in a neighborhood with declining values. Tough to hear, but unfortunately your own neighbors are the ones who decide what your home is worth. www.myexitbusiness.com
  • When other homes do not sell, the appraiser may have only distressed sales for comparison. Is you appraiser ignoring other recent non-distressed sales?
  • If you're after a lower rate only and not interested in any cash out you may want to look into a modification of your loan. Even if you're not late on your payments you can usually still qualify, I know this because I did one on my home. It lowers your existing fixed rate or locks in your adjustable rate a little longer so your value recovers and your payment remains manageable. All of this without the high cost of a refinance. Worth looking into... let me know if you need to post another question for more information.
  • No, County evaluation is for tax applications. that's UNRELATED to the honest marketplace cost. I stay in a city the position homes that are priced at nicely over $a million million have a tax cost of in simple terms $300K.
  • I am trying to reverse the foreclosure on my home which was taken back by the bank. My attorney says they did not follow proper procedure in failing to notify me of the sale. If that doesn't work, I came up with another solution. Since the bank didn't want to approve my loan modification by reducing the principal and interest, my brother suggested that he would purchase the home (which is being offered by the bank for HALF what they were charging me for, yet wouldn't do me that courtesy) and I would simply make the payment to the bank through him. It sounds like a good idea, but is it legal? I live in California, and we have different last names.
  • I doubt the bank is clever enough to figure it out. Most of the people I had the misfortune of dealing with there sounded no smarter than a third grader. I will use that to my advantage. The bank wants to screw me, but I want to screw IT. We will see who wins. I have not received a notice to quit or an eviction notice, and I have no plans to leave.
  • Yes, it is legal. The bank is selling a foreclosed property to your brother. They don't really care where the money comes from. Your brother would have to be a qualified buyer of course. He would have to be able to finance it, etc. Your brother would be a fool to buy it and turn it over to you. You would be a bigger fool to buy a house and allow somebody else to own it.
  • Oh what a tangled web we weave, Helen. Don't get too emotionally invested in that plan, unless your brother has cash to buy your home it probably won't work. It is by the way illegal, the word fraud comes to mind. The good news is if you get started on your credit now you could be able to purchase another home in as little as three years after a foreclosure.
  • Fraud is never legal, only an arms length party can buy. The bank will not sell it until after they have evicted you. Are you sure the bank is screwing you? It seems like they gave you a big fat check, you spent that money and now are refusing to repay it? How is keeping their money harmful to you? It sounds like you already screwed them over big time, although your bank robbery happens to be legal. The second robbery you are planning is not.
  • with a foreclosure on your history and still owing your lender the outstanding balance of your first mortgage your chances of securing a mortgage are nil.
  • the bank may well pursue this as mortgage fraud if they learn of the family connection. where was your brother when you defaulted??
  • Oh my goodness, I'm going through the exact same thing as we speak. I came home Friday to a letter taped to my front door saying the house I'm renting is in foreclosure and will be sold at a sherrif's auction on 9/15. My landlord is apparently attempting to refinance the loan, and was able to get an extension until 10/7. If he's not able to refi, and someone else buys the house, according to the letter, the new owners could evict me. But I think in California they'd have to give me 60 days to leave. In an apartment, the new owners might not want to evict you. They might prefer to keep you there as a rent paying tenant. So much depends on what the new owners want to do. But generally, someone buying an apartment WANTS tenants. There are also housing agencies that could give you advice. In Southern California, there's the Los Angeles Housing Department that you could call. I'm sure every state/city has a similar agency that can give you advice. Either way, personally, I plan on finding a new place as soon as possible. I don't need the stress.
  • I am not sure about the circumstance. But you should not be moving into abuilding that is in forclosure. You may not get your money back because if they can't pay the mortagage, then how can they pay you? Also, you ought be given a lease for the move in and terms shoul dbe clear. If not, do not do it. There are cases of unscrupulous landlords, so if your better judgment is telling you to look before you leap, listen to yourself.
  • If it forecloses, you can be evicted. You would have to sue to get your money back, but if they can't pay the mortgage, what makes you think you'll get anything? The info should be available at the county recorder of deeds on the property and it's status. No need to ask the landlord.
  • I own a home that is currently rented out but I'm close to defaulting on the loan. I also own property in another state with another party. If I was to go into foreclosure for the home in california. What will bankrupcty courts make me do with the co-owned property i have? Considering my partner doesnt want to sell or will a sell be forced?
  • When you file bankruptcy, everything you own becomes property of the bankruptcy estate. You can exempt most of it, which is how you're able to keep it. In a Chapter 7, any non-exempt property belongs to the Chapter 7 Trustee. The Trustee's job is to sell non-exempt property and make a pro-rata distribution to your unsecured creditors. If there is equity in the house you own jointly, the Trustee will contact the co-owner and offer to sell the estate's interest to the co-owner. If the co-owner refuses, the Trustee will file a lawsuit in bankruptcy court to sell the property and pay half of the proceeds to the co-owner - see section 363 of the bankruptcy code. If there is no equity in the house, the Trustee won't care about it and it won't matter. If you file Chapter 13, you also won't have to worry about it, because Chapter 13 Trustees do not liquidate property, but manage payment of claims. You will have to include the property's mortgage payment as part of your Chapter 13 plan payment. In short, there are a number of factors, and you should consult with an attorney.
  • I was on the same situation and this site helped me QUOTESDEAL.NET- RE Bankruptcy and Real Property? I own a home that is currently rented out but I'm close to defaulting on the loan. I also own property in another state with another party. If I was to go into foreclosure for the home in california. What will bankrupcty courts make me do with the co-owned property i have? Considering my partner doesnt want to sell or will a sell be forced?
  • Yes it will, you're required to disclose everything. Perhaps the bank will buy half?
  • You are able to collect rent until a foreclosure sale. After the foreclosure sale, the renters must move or they will be evicted. There are some cities in California that will not renter be evicted after a foreclosure. Check local laws.
  • I am in a financial mess. I have, or had 2 homes. The first was a rental property that I lost in foreclosure a few months ago. It had a line of credit second mortgage on it which the lender is now after me about. The other house I live in is also in foreclosure and is set to be auctioned off next week unfortunately, as my modifcation was declined. This house also has a second, but it was a "purchase second" as in it's not a line of credit, but a fixed loan I got as the second at the same time as the first loan when I purchased the house. I don't want this second to be hanging over my head too like the other one that is a line of credit. Can either of these be written off with a bankruptcy? The BK is a last resort I am trying not to do it but I already got served with court papers from the other lender, they'll likely garnish my wages and I'll be spending the rest of my life paying off these seconds. This is in California and thanks for your help.
  • Talk to a bankruptcy attorney. My understanding is that mortgage debt on a primary residence is not subject to bankruptcy, but debt from investment property is. Also, generally, purchase money lenders cannot sue for deficiency judgments in California. Again, talk to a bankruptcy attorney. Even if I'm correct, which is not a guarantee, an attorney can give you the best advice concerning the timing of your bankruptcy filing, e.g. should you file before, or after, the creditor obtains a judgment against you.
  • here are two main types of bankruptcy cases individuals use, Chapter 7 and Chapter 13. Both give you relief from your debts and a fresh financial start through discharge, the court's order ending your liability to pay and your creditors' ability to collect. Chapter 7 Chapter 7 is also known as "straight bankruptcy," and it's the most common type of case. Someone who uses Chapter 7 has few or no assets available to pay creditors, and the discharge applies to most debts. Discharge means to waive or dismiss your debts. Chapter 13 Chapter 13 reorganizes your debts: You make partial or full payments according to a repayment plan, and remaining debts are discharged at plan completion. If you have a certain amount of stable disposable income after paying for the basics, Chapter 13 may be your only bankruptcy option. The repayment plan is the main part of a Chapter 13 case and property exemption laws factor into figuring out repayment plan details. Your case starts by filing a petition, along with required forms, documents and fees. You don't have to hire a lawyer, but it's wise to do so. Bankruptcy law and rules are complex, and you don't get a break from the court if you represent yourself and make a mistake. A bankruptcy lawyer helps you protect the fresh financial start you want bankruptcy to deliver. Your lawyer helps you plan your case and is there to handle problems that come up.
  • Call you a Bankruptcy lawyer and spend the $200 bucks for an information session. That way you will get the exact advice you need to get out of this mess with at least enough to buy groceries.
  • Hi. The answer to your question is no, and I know from experience because we worked with them last year. We sold our california property to walkawaytoday.org about a year ago. Our loans were with Bank of America and Indymac. Walkawaytoday.org purchaed the mortgages on both properties from the bank, and saved us from a foreclosure. This was after we had tried to short sale the property for almost a year. Our attorney even reviewed all of their documents up front and gave us the green light. They also give you a 30 day satisfaction guarantee, and you can actually reverse the sale to them during that time if you are unhappy for any reason, which is very cool. Hope this helps!
  • Of course its a scam! What can they do that you can't do yourself?
  • If you had WOT in your browser, you would knjow that they promise more then they can deliver
  • when you compare Republicans vs Democrat congress, you would realize that the republican controlled congress did a better job with our budget /national debt, which means they worked more effectively with the central bank on fiscal and monetary policies. On a side note, I admire people like David Einhorn, Jim Rogers and various others that are financially wealthy. I have some questions on the retail side. 1. I hear such claims that blue states are more educated than the red states, yet why is foreclosures/unemployment ranking the highest against blue states like ca/nv/fl???? 2. Do the blue states earn more money because of higher living standards and overall taxation is much higher? What are benefits and negatives?
  • Blue states have high foreclosure rates because cities in blue states have a large majority of uneducated poor. These people were getting loans which they couldn't afford and that not only meant that when the economy took a downward spiral they could not make the payments, but their homes depreciated more than the suburban areas around them. The density of population in the cities creates a larger number of foreclosure per square mile (and a larger voting block). You should also look into the migration of populations in the US http://en.wikipedia.org/wiki/Great_Migra...Claims that northern states or California are better educated only applies to those who are better educated it does NOT apply to the population by percentage of people in those states. If you were to take a closer look at where people live as far as voting districts, home values, and demographics of the areas that vote blue as opposed to Red you will actually find suburbs in Blue states with higher educations vote red. There usually is a buffer zone in such areas though. For instance Bergen County NJ often votes blue, while Somerset County always goes red. Although Bergen County does have large areas of suburban expensive housing being close to NYC it also has cities with large amounts of poor and black voters, numerically they make up a greater portion of the votes as these areas are very densely populated. Also when looking at how that state voted, remember that Camden surrounds Philadelphia which has the same demographics disused as the area around NYC. There really is NO longer an area in NJ that is not developed with suburban housing that at least balances out what used to be predominantly farm land. http://elections.nytimes.com/2009/result...
  • The higher educated claim is probably skewed. I have yet to see a link that clearly explains the claims and breaks it down on demographics. Major universities are in large cities, three are many high degrees in that community. Having a degree does not constitute common sense either. I know of some really stupid people with a master's degree and one doctorate. Most generally when some one says Conservative, that means they wish to conserve their resources. That is a rule of thumb, yes. Not always true though, but most generally. .
  • Michigan has been run via Democrats for some years as correct as California which grow to be Democrat lengthy formerly Arnold got here into workplace, and that they were in hardship at an identical time as he were given there. there are a number of greater states in a load of hardship. So whats your factor? Unemployment is anywhere. MR
  • Blue states are broke and in debt. Business and intelligent people are fleeing NY. You cant provide unlimited public service wile letting people come into the country illegally. 100 million tax payers cant support 4 billion free loaders. People used to come to the U.S. for work oppertunies now they come for cheap college, free medical care and welfare. Democrats should be the red states. Red or pink.
  • No, Republicans do the exact same things Democrats do with tax money, just not as much of it. To describe someone who steals less from you as someone else can hardly be termed "Better than"
  • No, just different. The US government is going to grow. Republican prefer to borrow money, and then complain about the size of the deficit. Liberals prefer to get the money through taxes.
  • I'm enjoying how you state opinions as facts, and state facts only so much as they suit you (Michigan is pretty well in the center, and we have the second highest unemployment). However I clearly do not get as much enjoyment out of your words as you do.
  • W left plenty of our tax money for Obama to waste. Lenny - He left our broken Social Security system in place. And, more people had jobs during his presidency. Plus, look at all of the money Obama wasted to bailout GM and the banks. Wait until the healthcare kicks in...
  • Theres no end to the Obama bailouts. He spent a $1 trillion on his own, and he colluded with the Fed to print $2 trillion more in QE1 and QE2. The end is gonna be currency collapse. Suprised the retarded left doesnt realize it.
  • This answer is clear in the blue states.... Neurotics build castles in the sky and psychotics live in them.
  • My husband and I want to move to Utah. Were sick of California and we are seriously considering Utah. He will be graduating from CSU this year with a degree in Math and I am currently in my junior year at Chapman University. (I want to be a special education teacher) We have four childre from 1 to 8 and are looking for any advice to move on and move out. We currently own our home, are ALMOST in a upside down mortgage and I just want to let our home go and rent. (He doesnt) So far, he has called up our mortgage company and they said someone will call back in a few weeks. If we can get it down to 1000 per month his father said he will take over our house. Any suggestion or help would be great.
  • Please don't let the home go to foreclosure!!! I know it sounds tempting right now since you are wanting to move. But, it will be very difficult to even find an apartment willing to rent to someone that has recently lost a home. There are so many different loans out there, keep trying until you find one that will work out for you. Make sure you get any contract with your father-in-law in writing. Even family can forget the agreement.
  • Dad must buy the home from you as he cannot just take over. Foreclosure is the worst you can do
  • If you two make 60k and pay 1500 rent. than you should be able to get 100% financing if your FICO score. What you need to do is get preapproval for the amount in which you feel comfortable with. Since N. CA is getting in many foreclosures than find a good Real Estate Agent and when you find the right home jump on it. Since I am in N. CA if you need help with Real Estate or Loan I can help you. Lets talk!
  • Stay focus and positive.Once you have negative thoughts they will roll from your mouth and then act on, so say you can and What do I need to do to do it.Actually through a Pre-Foreclosure you can get the property for the debt owed at no money down and no credit check.This can be done California has a high Foreclosure and now more with the prices on houses so high..You can contact me if you would like more info.Good luck. www.foreclosureavoidance.ws Real Estate Investor
  • create a budget, then you will know where you are spending your money get rid of credit cards and begin paying by cash or check, some prefer to keep one card for emergency situations but it is best to keep this out of reach, and not in their wallet or purse brown bag it,believe it or not, all of those lunch hours spent at the local restaurants and vending machines begin to add up, bringing your own lunch can save you several dollars each day call during off peak hours, it is not uncommon for "phone talkers" to spend a couple hundred dollars a month on phone charges clip coupons, use them at stores that offer double amount limit your number of trips to the store or the mall, never go shopping when hungry, tired or depressed put $25 a week or whatever you can afford into your savings account empty your change into a coffee can or jar each day
  • Analyze your spending. Can you afford to set aside about 850 dollars every month for the next 2 years? If so- open up a savings account and do so. If you have direct deposit, the best way to do this is to have a certain amount frem each check automatically sent to that savings account. Good luck with the homebuying!
  • Are your expenditures weekly or month-to-month?, sounds like your doing good so a techniques alongside with your debt. stay on the right track and as answer 2 says pay as much as you are able to off your expenditures, to try this swifter you will possibly be able to might desire to sacrifice a number of your luxuries and placed that funds on your expenditures. The qicker you pay them off the extra useful you're and it reduces the pastime to pay to lenders. flow by your funds back and spot the place you are able to decrease back and yet funds away for the expenditures like electrical energy, telephone/cyber web, food, vehicle coverage, and so on each week so which you have that funds there for the expenditures. Do you extremely need new outfits? ( can those you have see you out for a at the same time as) for leisure you an invitation chum over had play board video games as an occasion with each chum bringing a plate. you will possibly desire to be intense approximately this in case you desire out of your debt. You earn incredible funds, make it paintings for you. good success my costly.
  • Read "The Automatic Millionaire" by DAvid Bach It will tell you how to save for a house and how to save for retirement! It changed my life and has made me financially wealthy!
  • A judge in SFV/Sylmar Court (San Fernando Valley) assigned a backdated temporary spousal support order (3229 per month backdated 1 month + $5000 in attorney fees) that represented 100% of my net pay check for 14 weeks payable within 2 months. Is this even a legal order? I have no way to pay it and have been just been signing over 100% of my pay check as I receive them, needless to say I have a bunch of bills in collection now and my house I purchased before the marriage is in foreclosure. The judge did not enforce my 60 day 'Notice to Vacate' (can only be enforced by civil judge as I understand) or order her to pay any rent or utilities. Is this type of judgment normal if no children are involved? My x-wife's lawyer created a less than reputable DissoMaster report "based off my paycheck" with 14 federal exemptions (no children, W-4 exempt. set to 4), no medical insurance (I pay for both), and no 401K loan listed on the report. Is this legal? Her lawyer had my paycheck stubs and admitted it to the court. I had no recourse because I told the judge she was working full-time when she stated she wasn't. The judge got really mad at me and would not look at the evidence I obtained recently that proved she was working, because I did not submit it to the court. Her lawyer further created an inaccurate judgment order for higher than the amount assigned in court, so I had obtain the transcript and prove it was wrong. Are these common tactics with divorce lawyers to increase support payments?
  • These are questions you should be asking your lawyer. You can always request a modification of spousal support if your financial circumstances change.
  • There are generalizations - a million/2 the size of the marriage if it replace right into a short-term marriage (under 10 years) or till dying or remarriage if it replace right into a protracted-term marriage (over 10 years). there are a number of aspects the courtroom makes use of whilst making spousal help orders, in accordance to kin Code §4320. the only thank you to comprehend the specifics to your destiny husband's case is to study the order. reckoning on what replace into ordered, he may be waiting to request a metamorphosis. He might desire to seek for an lawyer's suggestion. solid good fortune
  • Dima, you are getting screwed get a lawyer and fight back. there is no way she should be getting that much.
  • Last week we got a letter delivered to our door saying that our house that we are RENTING is being foreclosed on. We rent through a property group that only gets about 10% of our rent. The rest is sent to the owner. Here's the funny part. The owner, who lives in California, (I'm in Indiana) pays $513 a month mortgage on our house which is a duplex. We pay $615 a month rent on ONE side. So the guy was getting more than double his payment and still hasn't paid the bank since October. So now that we have found this out, we talked to the property group, who knew nothing about this. They said we could just stay here until the sheriff comes to evict us. This house now belongs to the bank. NOT the owner or the property group. BUT the property group told us we have to keep paying THEM $615 a month while we are here. AND they aren't sure if we can have our deposit back. We fulfilled our year lease with them and were never late on a payment. We wanted to sign another year lease too. But now they say we have to clean up the house when we move to get our deposit back. It's not their house!! Is this right? We've left a message with our lawyer about this but I'm thinking that since we are being forced to move and really can't afford to do it without our deposit back, then I don't want to pay the property group another dime! It's not their house! Why should I? We could be saving that money to move since we are being forced to. And, since they are going to be the ones to clean up the house, what right do they have to keep our deposit? And might I mention that we got this notice the DAY BEFORE our lease was up! Otherwise, the bank could have been required to at least let us finish it. Grrrr. Any advice on this? Anyone else been through something similar?
  • No we feel that since we are paid through April 7th and the houses we are looking at won't be ready until April 1st, then we should be using the money that was for April's rent, to go for the first month's rent at a new place. We didn't want to move, but since it's being forced, we just want to get it over with. And the owner has no intention of fighting it. AND again, what right does the PROPERTY GROUP have to our money? It's still not THEIR house!
  • 1. If the home now belongs to the bank, then it is the bank that is entitled to the rent payments. Do not pay another dime to the property group. 2. Do not pay any rent to the bank until you get some sort of communication from the bank indicating that they want you to pay rent, and where the rent checks should be sent. There is federal legislation that allows you to stay in the home for a certain period of time following foreclosure. 3. The bank now owns the home. There is no way the property group is going to expend money to clean the place. The property group can only keep your security deposit if the property group actually pays its own money to clean the place. If you don't get your deposit back, sue the property group in small claims court. A landlord who wrongfully withholds security deposit in Indiana is liable for the tenant's attorney costs, in addition to the withheld security deposit. So, if the property group gives you any resistance, tell them you intend to hire the most expensive lawyer in town.
  • Here's the thing - you signed a contract with the "rental agency" - you're contract is with them, not the bank, not the owner - just them, and they can sue you for not paying the rent - period. That the lease ran out is of no importance, most leases revert to a Month to Month rental. Just clean the house, really really spotless - don't leave a single item - don't forget the grounds - repair what you may have broken - fill all the holes - rent a rug steamer if carpet is dingy - do whatever it takes to make this home the way it was when you moved in. Take pictures and put today's newspaper in each picture - then maybe you'll get your deposit back. Rental company has 30 days to send you an itemized bill to show the steps it took to clean/fix/repair any damages you left. With the Pictures you may contest any misstatements on their part.
  • The bank does not own it yet, it is in the process of foreclosure. That process usually takes a minimum of 6 months, and often more than a year. Sometimes the owner is able to save teh property by refinancing or otehr means. Your landlord is still your landlord, and you still owe rent. So what, you think you should live there for free for several months? Keep dreaming girl, and watch how fast you get evicted.
  • You are considered a month to month lease. You pay rent and you clean the apartment before you leave otherwise the Mortgage lender will sue you.
  • Why not try to buy this duplex from the bank!
  • It looks like this bill only helps families who are in areas that qualify for USDA (farm) loans, or homes located in rural areas. If memory serves - didn't we have the biggest problem [largest amount of foreclosures] in major cities and urban areas (Florida, California, etc.)? What's congress smoking? If you don't know what I'm talking about, here it is: Helping Families Save Their Homes Act -- S.896 created on 05/18/2009
  • I surely do. big o plays the shell game as a matter of policy.
  • No. I think you should read the bill again or better yet the passed legislation.
  • And Obama is about to buy more ( with our tax dollars) by one stroke of a pen. They now own 60% of Utah with natural gold, bought land in California pretending it was protect horses but has all shale under the land where the horses are.. This is communist stuff isn't it? When does this govt start taking our homes?
  • They already have started taking our homes. The housing bubble caused a record amount of foreclosures and guess who is buying up all the toxic assests(defaulted loans on houses not worth what people owe on them) from the banks. The US government.
  • Because Jim Demint is a liar. There's a reason the Washington Times is the only "news" paper reporting on this.
  • they take the homes after obama care passes, all in the name of health care, that lands no good for your health theres to much water in the soil or something they will make up excuses with your health to relocate people.
  • inadequate and outdated BUSH<43> ideas? its not BUSH fault,,,,,,,and that's a real fact,,,,,,,Bush was many years ago and at that time the solutions where his ideas and for that time the best only choice,,,,,but then OBAMA-----you take it from here in your answers that's what we are here for....doctor
  • Even Democrats are fed up with Obama's bullsh*t. His foreclosure program was a complete failure, yet he won't admit that and try something different. That is not the sign of a very intelligent person. That's the sign of an egomaniac in over his head. @First Answer: Unemployment went up again this month. Stupid graphs will only take you so far. People don't have enough money and they don't have work. A colorful chart doesn't change that. http://www.huffingtonpost.com/2011/06/03...Rep. Dennis Cardoza (D-Calif.) said Obama’s approach to the foreclosure crisis has been "an absolute failure" and predicted it will continue to drag down the economy unless he changes tack. "For the life of me, I can't figure out why a community organizer who says he cares about families, who says he cares about communities, has just turned his back on one of the biggest problems in America,” said Cardoza, who co-chairs the Democratic Caucus Housing Stabilization Task Force. "The way they get defensive when you point out it's been a failure just underscores to me they don't have a clue about what to do." Cardoza's central California district has been hit hard by foreclosures. The three cities he represents -- Modesto, Stockton and Merced -- all rank in the top 10 cities with the highest foreclosure rates in the country. Three out of five homeowners in his district are "underwater," owing more on their home loans than their houses are worth.
  • The President can't "restoration" the financial gadget. company cycles are inherent in all unfastened marketplace structures. each and all of the President and the Fed can do is to offer it with slightly stability until eventually it heals itself. it rather is politically impossible to do greater in today's political environment. Neither Obama nor Romney could destroy out with salary and value controls, nationalization of industries, direct job classes, or gas rationing like FDR or Nixon did, or pump funds into the financial gadget via doubling the national debt, like Reagan. In any journey, the left does not have any further decision than the superb. There are purely 2 selections and you have have been given to positioned on the blinkers and choose for the only closest to you. the superb does not want a 2nd time era for Obama, and the left does not want 4 years of the superb merely attempting to undo what little progression Obama has made.
  • Cam you provide links whee Obama is now blaming Bush for our economic woes. Besides with the current proposals by the GOP on the table to cripple our economy by not increasing the debt ceciling; ending Medicare and Social Security; its a shoe in for Obama's second term. Why would he need repeat what we already know, we wouldn't be in this position, had it not be for Republican Bush Jr's lack of Presidency and goose-stepping GOP Congressmen from the 2000 to now policies in place.
  • The problem will remain until the underlying causes - unbalanced trade and offshoring of America's economic activity, and the unintact walls between banking and finance.. untill those things are meaningfully addressed - the economy will continue to sputter in a "jobless" "recovery".
  • Obama fixing the economy is like a ten year old flying a 747. Neither knows what the heck they're doing and the end result will not be a good one. I suggest that in 2012 we turn things back over to the adults.
  • 2 1/2 years= many?! Obama gets blocked by the GOP even when he proposes ideas they proposed themselves (i.e. universal health care)
  • http://www.washingtonmonthly.com/private...
  • This applies to the State of California. You are making reference to deficiency judgements which is what the lender "could" seek. For purchased money loans, nope; the lender will not go after you for it. If, however, fraud was involved when you got the loan then other more obvious repercussions will occur. I suggest trying to sell your home in the open market and if the value is that much lower than what you paid, then approach the lender and request a "short sale." This will save your credit. If you already tried selling your home and either it's been sold for less than what's owed and the lender will not accept a "short sale" or it has not sold and you're in danger of being foreclosed upon, then approach the lender with what's called "a deed in lieu of foreclosure." This could be a hit on your credit, but it's less damaging and demonstrates due dilligence in remedying the situation.
  • Hire a local real estate agent who will list your home as a short sale. You will then give your agent authorization to speak with your lenders to determine what can be done in your situation. There are some tax consequences selling short so speak with a professional tax advisor. Good Luck. Richard M. Johnston, GRI, ABR, e-Pro RE/MAX OTB ESTATES President's Advisory Council Member http://www.estates.lahttp://estatesla.blogspot.com/
  • have you talked to a loan officer to see about refinancing? That might possibly save your house from foreclosure through lowering payments. If you are interested call for a free application with Premier Mortgage. 240-843-4416. Ask for Amanda and let her know that "Gina" sent you.
  • S.2036 A bill to temporarily raise conforming loan limits in high cost areas and portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the nexessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, prime loans, to preserve liquidity in the mortgage lending markets, and for other purposes. Introduced on Sept 10th By Senator Schumer (D-NY) California politicians are also getting involved drafting such as the following: The FHA limit increase to $500,000 could be matched by an increase in the conforming loan limit for Fannie and Freddie (now at $417,000). Frank is also urging anew for Senate action on legislation reforming federal oversight of GSEs.
  • You are going to have to pay more than the foreclosure value, otherwise they will foreclose themselves. You will not be able to borrow to support these so your investment will be equity, if the loans have private mortgage insurance foreclosure is required. It would be cheaper to bid at foreclosure sales than to do this since you would also have to be a regulated lender by law. You will have to meet California's minimum unimpaired capital requirements or pay the existing institution to manage the accounts for you, which defeats the purpose.
  • Buy lottery tickets instead. You chance of winning is virtually nil, but you'll lose less money that way!
  • After loosing my job, I didn't make my mortgage payments almost a year, Now My lender (BOA) had transfer my 2nd mortgage(HELOC) to a debt collector, and offer me a loan modification for my 1st mortgage. I can afford to pay my 1st mortgage with my current income, but not for 2nd mortgage with the debt collector. What should I do?Make payments for 1st mortgage? Or not making both payments and go for a foreclosure? Anyway to save my home without making 2nd mortgage?. Can my lender help me anyway with my 2nd mortgage? Are there any Other way to get help with my 2mortgage. I live in California, and this a 80-20 loan.I don't have money for 2nd mortgage payment @ all and I'm worried, that the debt collector will, sue me or try to garnish my wages. I'm barley surviving after paying my minimum monthly payments.
  • The second mortgage CAN foreclose, but they WON'T. The reason is simple. They have to pay off the first mortgage to get a clean title to sell the house. By the time they pay the expenses of foreclosing and selling, they probably won't recoup the first mortgage, let alone any of the second.
  • they could do this. series companies straight away do many things which do no longer make undemanding experience. touch the Federal commerce value to rfile what you probably did and talk with the Wilshire and ASC and seek for criminal advice from a lawyer...Do you have something in writing from ASC or Wilshire?? i'm hoping you have written documentation from ASC approximately who "informed (you) to touch Wilshire who ought to 'rather follow suite .' " Believing what you have been informed with no need it in writing is an basic, yet high priced, lesson .
  • Hi, my name is VANESSA BROWN, i was in a big problem need of financial aid due to the current global financial melt down finding such was very difficult. i was so desperate even to the extent that i got scammed to the tune of eight thousand dollars.($8,000 dollars). But God finally came to my rescue when i came across Mr William Smith who eventually secured for me the loan that i have so desperately wanted. You can reach him via email on williamsmith.loansupport@gmail.com
  • I work with a lady at work who went through tough time supporting her ex. She got really behind in a lot of payments, almost lost her house to foreclosure because the rate was adjustable. Sold house. She was just hit up with a 25% garnishment from a credit card company on her wages for a sing mom. Also, they tapped on $1900 in filing fees, court cost, garnishment. Originally she owed $5000 now she owes that plus fees. Is their anything she can do? She can barely pay rent now, ex not able to work either. Family estranged.
  • Wow. That's a lot of debt. ... I owe more than that on student loans, so I may have some idea how she feels. (I currently earn $400 per month less than I need to spend - life is going to get hard when my boyfriend goes to California next year) I am curious how she got in this much debt and why they added all these fees. Has she spoken with the credit card company about her situation? While they don't like it, I thought most places would let you arrange lower payments if they knew your situation. I think she should call around to those places that help with debt consolidation or counseling. She will probably have to try a few places before finding one that will take on something this small - but if she can get their help, they might be better at negotiating with the credit card company. That's probably about all she can do. ... Talk to the credit card directly about her situation. Ask if they can at least lower the garnishment. And if they don't help - speak with a place that specializes in these kinds of problems and see if they can talk the company into being more understanding. I wish your friend luck getting this sorted out. -- Michelle
  • file another court case, if u haven't already
  • I own a home in 2006 and owe 150,000 roughly. The current sales price of the home is 90,000. My housing complex is unfinished, with 400 lots empty and the builder sold it to another firm. I am 31 years old and am conflicted.I have a tenant but she only pays 870 and the mortgage plus HOA fees are 1400 a month. So I have to pay the difference I live abroad (I also don't plan to return for four years), and my mortgage company would not help when I called in the fall and this past winter because I was not late. Now I am two months late. Before I call them, what should I do?
  • I have found the same thing with mortgage companies - not wanting to help because you are current. Since you are now late maybe they will listen. Before you decide to do anything, talk to your lender. Your payment seems very high for the amount of the loan. Is it an adjustable rate loan? The lender may lower the rate and fix it for a period of time. With all the empty lots in the development, they may not want property back. Also what is the foreclosure situation in the area. In California, where I am, we have foreclosures everywhere and find lenders are open to other solutions, including rate adjustment and short sales. Both are long processes but they impact your credit report less. It is always best to talk to your lender open and honestly. You have nothing to lose if you are already thinking about walking away from the property. Good Luck
  • i'm not an expert by any means, but i would look into the new homeowner relief plans the federal gov't has coming out. i would try not to get too far behind in those payments though. i believe the new mortgage modification programs are available only to people who are only x amount of payments behind.
  • go get help from a good company ..they can help..e-mail me and ill give you more info..
  • A judge in SFV/Sylmar Court (San Fernando Valley) assigned a backdated temporary spousal support order ($3229 per month, backdated 1 month, + $5000 in attorney fees) that represented 100% of my net pay for over 14 weeks and it will take 5 months before I will be caught up on support payments if I give her my entire paycheck each time. Is this even a legal order? I have been writing a check for the full amount on my pay checks as I receive them, needless to say I have a bunch of bills in collection now, my savings is gone, and my house I purchased before the marriage is in foreclosure. The judge did not enforce my 60 day 'Notice to Vacate' (can only be enforced by civil judge as I understand) or order her to pay any rent or utilities. She is enjoying living rent and utility free and added a lock onto the master bedroom door, so now I reside in the living room of my own house. Is this type of judgment normal if no children are involved? My x-wife's lawyer created a less than reputable DissoMaster report "based off my paycheck" with 14 federal exemptions (we have no children, my W-4 exempt. is set to 4), no medical insurance (I pay for both), and no 401K loan listed on the report. Is this legal? Her lawyer had my paycheck stubs and admitted it to the court. I had no recourse because I told the judge my x-wife was working full-time when she stated she wasn't working at all. The judge got really mad at me and would not look at the evidence I obtained recently that proved she was working because I did not submit it to the court. Her lawyer further created an inaccurate judgment order for higher than the amount assigned in court, so I had obtain the transcript and prove it was wrong. Are these common tactics with divorce lawyers to increase support payments? Basics: Marriage Duration: 6.5 years No children Age: She is 6 years younger Education: Me - Bachelors (working on masters while I work full-time) Her - Completed masters this year (paid for using my 401K loan)
  • you need a lawyer like yesterday or you will never see the end of this.
  • If we get married before the forclosure is finalized, can creditors come after me? We're in California, which allows you to simply give up the property, take the credit hit and be done, but her condo is in Nevada which does allow for deficiency judgements? I've asked several lawyer friends, but they don't know credit law very well, so can't be sure of their answers. Help!
  • No, she is the only one on the loans, so she is the only one they can or will come after. Do not get any joint credit cards, auto loans or home loans until she proves that she is credit worthy and you will not have anything to worry about.
  • that would not sound criminal to me. you want a sturdy divorce criminal professional. I even haven't any divorce experience, yet even as both are operating, the single which lives interior the domicile will pay lease equivalent to their 1/2 of the deepest loan price. Owing more effective than what this is worth will be something i'd ask an criminal professional about as well. sturdy success. i'm so sorry. bill creditors could all could be in a good money pinch themselves in the destiny. i imagine they're going to be- undesirable Karma, you know?
  • great question - the answer is yes and no. They will certainly try my dear - be careful - I have things on my credit report that are my ex husbands and they are from years before we got married. I don't think technically they can but because they are all thieves they might try! I would actually talk to a professional about this to make sure.
  • depends on which state you live in. wisconsin then yes. check with your state law.
  • Our home is worth almost $250,000 less than what we actually purchased it for. Because of this we can't refinance. And, we're making about $150,000/yr for a family of 4 in Northern California. That may seem like a lot to many people, but it really isn't. When your home was purchased for more than $750,000 and is now worth less than $500,000. Thanks in advance for your help!
  • With everything in the news, many home owners who are upside down are wondering "how can i benefit from this?". All the programs out there are mostly for struggling homeowners who are having problems and in danger of going into foreclosure. While $150K a year may not go too far in Northern California, you technically would not be classified as someone who is in trouble. If you have a single family residence and took out a loan for less than $417k, you may still qualify for a lesser rate from your current lender. Current value of your home will not be considered for some types of financing.
  • You borrowed x number of dollars and you owe that amount. The only way to lower your mortgage is to drop the interest rate and lengthen the time. The drop in value has no bearing on the ability to repay what you borrowed. No law will dig you out of the mess you created.
  • You can ask your lender for a loan modification. If you don't get it, that was your option. $150K KIND of sounds like a lot, but not when you put the mortgage payment for a $750K house into the equation. Sounds like you reached to the upper limits of what you could afford when you bought it.
  • I believe what you are seeking is the making home affordable program that is available through an extension of FHA it allows you to refinance but limits the devaluation to 15%. See link to see if you are eligible.
  • No one is going to bail you out. If you don't like it, default.
  • I know that banks look at your assets when negotiating short sales, but are retirement accounts included. Is there a way to hide that money or any money? I am drowning under my mortgage, but I don't want foreclosure and bankruptsy. I owe 556,000 combined two mortgages and I still can't sell my house at 540,000. It was appraised at 640, 000 at the beginning of the summer, but there is too much inventory and too few buyers. HELP!!!
  • No, it can't be touched. However, they can go after a deficiency judgement against you if they feel that you have the funds. Plus, I don't think they can find out about your 401k. It's not disclosed on any public records nor is it in your credit. Call your lender and tell them that you no longer can afford your mortgage and see if they can restructure the note or refinance you to a loan with a smaller payment. If you're in Southern California, contact me and I'll see what I can do for you. I specialize in pre-foreclosures and short sales. I can see if I can sell your house for you first within a month and if that fails, I can do the short sale for you and bring in a cash buyer so that the second lender will accept the short sale. I'll even see if I can waive the deficiency judgement as well. Regards
  • If she is going to maintain making money then the credit union become ultimate. they'll ultimately gets a commission and there become no reason to take a loss on a quick sale. maximum creditors won't evaluate short sales till debtors are 60-ninety days late. If mom stops making money then this may well be a foreclosures.
  • If you touch your IRA . You Will lose about 40 -50% to IRS (KGB) thats the rules . Don't touch it. Serious suggest you have an inventory sale (ebay yard etc) - you won't have to move much. You won't have to store much when you downsize. Get not one but 2 extra jobs and spouse to work force if you want to keep from foreclosure till market turn around. visit DaveRamsey.com so you don't repeat what you been sold into.
  • next month i'm moving to LA to go to college. I am really nervous I've never lived anywhere besides the east coast. I'm a realy laid back person and hate fake people which is all i hear LA is. I dont have a lot of money (student loans)) and im really nervous about fitting in since all i hear about LA are girls shopping and designers and stuff. Can anyone give me any advice?
  • I'm sorry, I'm much too busy getting my dog waxed and my Lexus polished to answer your question. LOL, just kidding For a number of reasons, we get a bunch of questions asking what it’s really like in Los Angeles. First of all, I'll tell you what it's NOT like: It's not like anything on TV. People watch shows on TV and think that’s what it’s like out here. The “Real OC”, Newport Beach, The Hills, etc. Ever wonder why people in those shows never have to pay bills, do laundry, and are NEVER stuck in traffic? Because it’s FAKE. And the news doesn’t help either, since they know that sex and sensationalism sells. News flash: There aren’t running gun battles in the street. There aren’t shootouts every day. Also, you don’t see celebrities just walking down the street, all glammed up, or sipping a cappuccino at Starbucks waiting to sign autographs. We don't go surfing during lunch hour. Some sections are REALLY nice, others are “ghetto”. Too many people have this vision in their head that LA is one or the other (either Beverly Hills or Compton). In fact, most of it is working class and middle class stiffs working to pay the bills. You NEED a car to live in Southern California. We don’t have an effective public transportation like New York or San Francisco. One reason is that LA is larger in area than either of those, without a central hub where everything is. Back in the 1960’s, we might have done it. But by the time local governments got their act together, it was much more difficult to make a working public transit system. Also, unlike NY, we have earthquakes, which make it a little more difficult to build underground. The freeway traffic is probably the worst thing about living here. The 405 is the worst. Know why they call it the 405? Because you go 4 o' 5 miles per hour, and it takes 4 o' 5 hours to get where you're going. Freeway Traffic is bad from 6-10 AM and bad from 3-7 PM. I don't know why they call it rush hour. It's more than an hour, and nobody's rushing, that's for sure. The gangs are the cause of many rumors. Keep in mind that there are gangs in any large town, in every part of the country. In LA, the gangs aren't really downtown, they are in South LA, East LA, and north Long Beach (an extension of the South LA gangs, actually). And here's the deal: Mostly, they just kill each other. Gas is expensive in California. It’s about 20-30 cents above the national average. Yes, gas and real estate are very expensive in SoCal. However, this would be the best time to BUY a house because it's a buyer's market right now. There are a lot of foreclosures, and too many houses on the market. Yep, freeways are a drag, it's smoggy in summer, and expensive to live here. Yet, if it's so bad, why do we have thousands and thousands of people moving here? Weather, Activities, Plenty of jobs, Beaches, mountains, deserts all within driving distance, and plenty of opportunity for those who have the skills and tenacity. In colder parts of the country, people keep their cars in their garages all winter. Kids get snow toys for Christmas. Here, kids get BIKES, scooters, and skateboards. 10 AM Christmas morning, the streets are FULL of kids on their new bikes, scooters, etc. The job market is good here, mainly because there are SO many people here that it creates its own job market. Then there are MANY industries, including tourism, entertainment, shipping, manufacturing, etc. It’s an incredible economy. However, it is not for everyone. Every time someone posts this question, you get the LA haters who post their bile and venom. A lot of them don’t know what they are talking about. Some people never even visit, and hate it on principle and stereotypes. Some actually visited once, and found out it wasn’t like it was on TV, and it certainly wasn’t Mayberry. A lot of people move here expecting Paradise, and are VERY disappointed when it is not what they thought it should be. Many can’t deal with the expense, the traffic, or the somewhat impersonal nature of living in a large metropolis. To those I would say “good luck” to you wherever you are, but please don’t spew your hatred in this forum. As for lifestyle, it’s rather casual. You work during the week, and then go do something fun on the weekend, so that you can impress your coworkers around the water cooler on Monday. To summarize, LA a HUGE metropolis that really defies easy description. I live in one of the nicer suburbs, but the commute is no fun, often 1-2 hours each way each day. However, 340+ days of sunshine really helps. Yeah, it's expensive. Mrs. Obviousman and I both have to work to pay the mortgage. But is it worth it? You bet! Just be yourself. You'll certainly find a few people who are snobs. But most of the people here are just regular folks.
  • Kate, Be ready for a shocker. The Los Angeles stereotype that you speak of was from decades ago and is really only on TV. The real LA is the exact opposite. There are more ghettos and hoods than anything else anymore. I've lived here for awhile now. Get used to being crowded, traffic and overrated venues. I hope you don't like personal space, because that's gone now. Oh, and you'll pay top dollar for all this overrated stuff. Anything that was nice has been desecrated by gang's graffiti. Yeah they have cool stuff here, but things lose their luster when you pack 500 people in a small room. Oh, and LA Unified School district is one of the worst in the country, so get used to some pretty "dim bulbs."
  • LA is a beautiful place to go to and visit, but in my opinion i would not want to live there. My boyfriends lives there and it is very fast paced and you are right about the women there, they are fake and very stuck up. I usually go down there for a few weeks every other month and i would much rather go else where. They do have amazing schools there so that is a bonus. Sorry for being so blunt but its Hollywood, what else can you expect. They do have amazing shopping very expensive tho. My best advise it to be who you are and not get rapped up in all of the designer clothes and become someone fake. I know there are people in LA that are not materialistic and fake. Good luck and all the best !
  • I'm getting ready to be in college too so I know hoe you feel! I've also lived here all my life. California does have people like that. You have to hang out in the local spots and the places where everyone hangs out to find it relaxing. Los Angeles is a little crazy, and the traffic sucks but it has some of the nicest people. You might be looked at differently if they can tell your from another town. People will only be interested in learning about the East Coast and they can share with you how much they love it here. Just make the best of it! =)
  • la is really snobby hmm why move there honey?! well i was born and live in norcal and its still a big reality change! but some people are nice but rarely and i guess its like any other move actually and yeah get used to alot of shoe-bes aka tourist and bunch of them being that you is in la watch out for paparazzi cause if someone is famous around expect delay always traffic but it can also be funn if you have alot of money because as i am a women i love to shop and they havve helllllla shopping place like vintage on vermont and of course 4ever21 and the regular botiques! advice: watch where you go and your surroundings at night *specially downtown la && hoods! watch who you befriend some people will go astray alot of women compete theres alot of wanna bes rappers rich folks and actress, but no matter what if you find the riight crowd youll love la! just like i do :)
  • its a cool place to live. i've lived here my whole life. since youre from the east coast, dont tell anyone, especially if youre from new york, no one is impressed. the other day i went to the rose parade floats, and i swear i could spot out all the tourists from native Angelinos. at least youre going to college where there is a lot of out of state students, probably no one knows each other
  • I just visited a few times and ys I do agree with you. I LOVE visiting but I don't think I would be able to live there because I would be SOO broke..
  • Its almost time for me to take the plunge. Any advice for a newby please? Couple questions… ok more than a couple. Stats -1st time home buyer -Phenominal Credit -70K down payment ready -Stable good income job with very little debt -How much home I can appx afford: $375K I’ve been doing my research over the past year and its coming down to the wire pretty quickly. My lease is up in December of this year and I think its time for me to buy. I can stay month to month renting for a bit more $$ than I’m paying now if I haven’t found a home that jumps out at me, so I don’t really have a “set-in stone” deadline. I’m in the Southern California area and know exactly the area I want to live (Fullerton). Question 1: Home prices around the area have dropped and are still dropping dramatically. Do you think Dec 08 /Jan09 will be a good time to pull the trigger, or should I continue to wait it out? Question 2: When? ……….. When should I get a pre-approval? I read that the pre-approval lasts 60-days if you lock in the rate, so if I decide Jan is my month to buy, then mid November I should start getting quotes? When should I get the actual loan? Question 3: Should I get a Real Estate agent now? Not only to browse homes, but for lendor recommendations and possibly foreclosure advice/showings? I know it’s a handful, but any advice is greatly appreciated as I’m a bit nervous and confused after reading post after post in this forum. Thanks Chris
  • I live in Southern CA, too. I'd wait a few years longer. I'm not going to buy until we see two quarters of growth in the market. Also, according to Yahoo.com Real Estate, there are 725 foreclosures in Fullerton alone. Check out this site: bubbletracking.blogspot.com/ It's written by a former OC homeowner. Remember, buying high is a sure way to lose your downpayment... You've waited this long. What's a few more years?
  • I would say wait another 6 months from now since prices are still dropping in your area. Also I would keep an eye on the interest rate. i would apply for pre-approval in like 4 months from now maybe like around Jan 09, You only want to check you credit score no more than once or twice since over checking can bring your credit score down. Its also not a bad idea to contact a Realtor in a couple of months from now you never know what deal you might run into. The main thing is to get pre approved. Try not to time the market, as long as you are financially ready go for it. Just keep about 3 months worth of living expenses for a rainy day. good luck
  • It is best to get pre approved now. You should use an agent if you have no familiarity in the housing market. When making an offer on a house lowball the offer most people trying to sell their house right now either have to get out of it right away or they are being forced to do to financial difficulties. Remember someone elses problems can be a huge advantage to you. Dont worry about how they are feeling just make an offer 20-25% below asking and take it from there. Try not to make offers on houses that you agency lists they will and have been known to tell buyers before they even take the offer to the table that the buyer wont accept the offer. This is illegal , and you are in the drivers seat on any offer you put on the table. If you want a bargain then short sale houses are plentiful ATM people really want out and are currently in the forclosure process. You can preview houses on realtor.com you will spend many hours on that site if you are really looking to buy. Good luck to you , and remember do your research get a reputable inspector that will get into the areas of the house to find hidden problems. Pillar to Post is a good company with good ratings.
  • You are definitely ready to buy. Don't worry about the realty agents. You can start now or wait. There are many agents. You may want to try out 5 of them to see how smart they are. Home prices may drop a lot more. Will you feel silly if you buy in December and they drop $50,000 in February? We are all gamblers when we start house hunting. You can get a home loan in 7 days from the best lenders. Not a "preapproval" in 7days. I'm talking about the real thing. You need to find an excellent lender and that is tougher than you'd think. You need to talk to people who recently bought or refinanced. Not someone who takes realty agents out for free lunches every week. /
  • Many aspects of Arcadia are incredibly costly, $500K for an exceedingly undemanding get admission to-point homestead. Chino would be plenty extra cost-effective yet you will possibly no longer basically like the section. by making use of assessment, Arcadia is a much extra suitable section to stay. Chino has interior of sight dairy farms (think of cow dung smells), gets very windy (it relatively is under a mtn bypass), gets incredibly heat, and is an hour from downtown l. a. without site visitors. With site visitors, 2-3 hours. As for a 40 3 hundred and sixty 5 days-previous homestead, i does not project approximately that. Older properties are frequently geared up plenty better than extra modern properties. Get a sturdy inspector to inspect the homestead high quality. I stay in a seventy seven 3 hundred and sixty 5 days-previous homestead. Yeah, it has some issues. yet each homestead, consisting of recent properties demands frequent, intense priced upkeep.
  • A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report. RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009. This, of course, is good news for prospective buyers (as is the $8,000 government incentive for a first-time home purchase and historically low interest rates). The answer depends on which area of the country one lives, since several segments of the U.S. remain severely depressed (Nevada, Florida, California, etc.).
  • Not by a long shot. Obama and the Democrats will do everything in their power to prop up the economy as much as possible until the election. (I know, they're doing a pretty poor job but it's their best shot). Once the election is over, they (and we) will be out of money and then that infamous double-dip you've been hearing about will hit us like a freight train. Wait until January. You'll have millions of additional choices at half the price.
  • No, I think we will hit a new bottom in the beginning on 2011 as the economy has been relying on spending of home owners who have been taking advantage of low rate rates on home equity lines. Without a real improvement in the job market or a rise in per capita income you will most likely see this source of growth dry up in early 2011 when the fed is expected to start to rise interest rates.
  • It may depend on where you are. If you are above 40 degrees north, sufficiently far away from the extinction level oil disaster, your property values may skyrocket as millions of oil refugees head north to escape their oil soaked states after hurricanes have done their work this summer. In this case, real estate in the oil soaked South would be worthless and tens of millions of refugees would compete for limited housing elsewhere.
  • Depends on location. What is the average rental rate compared to the average mortgage rate for a comparable residence in your area? Would you rather be a renter or a home owner now?
  • No, it could get much, much worse. But seriously, in any market, you need a little depression sometimes to keep inflation in check. Good for broke people like me, bad for people that bought a home in the past 5 years.
  • It's a great time to buy a house. Will it dip lower? Maybe. But why wait for a bigger sale? If you buy now in a good neighborhood and sell in 5-10 years you should make a good profit.
  • Hard to say.. Prices are still grossly inflated in some areas - most notably the west coast.
  • I think a dip will come but not by much. There is nothing being built and lots of vacancies. What little transactions will be killed when interest rates rise.
  • We hit rock bottom when Obama was elected, now were making our way to the core of the earth.
  • I am assuming that you are the seller of the property involved. That being the case, the lender is fully entitled to retain rights to a deficiency judgment later. I am guessing that the lender thinks you have the ability to come up with such a payment down the road. Your only other option is keeping the house and paying, or allowing foreclosure. If you choose the latter, you will automatically give a right to a deficiency judgment, unless you happen to have a non-recourse loan (Mostly California).
  • I sold a property several years ago, however, the party I sold it to has refused to pay me on the loan I financed. I've waited over 2 years and am tired of the excuses. I recorded a promissory note and a Deed of Trust as the time of sale. However, the new owners stated that there is a mistake on the Deed of Trust. It lists the wrong lot number and if I try to foreclose they will sue me. I've heard about judicial foreclosures, but, they are very costly and take forever. 1) The APN#, Address and Lot Description are correct. Is that enough to foreclose on? Will I get in trouble due to the mistake on the lot number? I've asked them to sign a corrected Deed of Trust and they refuse. Thanks! (California Jurisdiction)
  • If they want to fight you based on the lot number, they will make it difficult, there is no way to avoid that.
  • The lot description will take legal priority over the lot number. Simple, typographical errors, is not enough to save them from foreclosure. Yes, you can foreclose...be sure to consult with an attorney so you give them appropriate notice....if you don't go about the foreclosure correctly, you can get sued. They don't have to sign a corrected Deed of Trust, but then again, you don't need them to.
  • it's best to get a real estate attorney to answer your questions. Find someone that will fight for you and not a wimp. I don't know what would make you wait 2 years, so I'm not sure if there is a statute of limitations or not on bringing something like this to court.
  • Apparently my landlord is in a reverse mortgage and supposed to be living in this residence I told someone from the bank he didn't live here (he used to so I figured I was helping out) but now he's freaking out he's going to lose his house my question is what can happen to me? I live in California and my 2 year rental agreement is over in April but I'd like to stay if possible can anyone give me any advice or any helpful insight into what can happen?
  • Why you spoke to anyone about your landlord's business is debatable, but what he did was wrong. Your landlord broke his loan agreement with the lender by renting out that house and not having it as his permanent residence. He will have 6 months to pay off the reverse mortgage, either by refinancing into a conventional loan or selling it. I doubt he will get any extensions. If anything, the lender may start foreclosure proceedings right away, which can easily take 6 months anyway. If I was him, and was able to, I would see about working with the bank to see if I could move back into the house in May in order to honor and keep the reverse mortgage agreement, after your lease ends in April and you move out. Assuming the lender even agrees to it. However, his personal situation may not allow him to move back in, which means he would have no choice but to either refinance (and have monthly mortgage payments) or sell. On the long shot that he is able to refinance, which is usually difficult for a retired senior, you may be able to stay. If I were him, I would end your lease in April either to move in myself in order to keep my reverse mortgage, or because it is easier to sell without a tenant. When your lease ends in April, he is not bound to continue the rental. He has every right to ask you to leave. So unfortunately, you didn't help anyone by talking to the lender, let alone yourself.
  • Why on earth would you be talking to someone from his bank? Why on earth would you be talking to someone from his bank about his personal business? Why on earth would you think you were "helping"? Now he is in trouble because of the terms of his reverse mortgage and you turn it around to be about you. That you want to stay if possible. What can happen is if he loses the house - so do you.
  • Yeah, he has to sell the house. He has to pay the loan back. Unless he sells to an investor you will be moving, on a notice from him, not the bank, not marshalls.
  • Stay until the bank sends the marshals to evict you. Set some money aside for moving expenses in the mean time.
  • If he loses the house, you will have to move. Other than that, it has nothing to do with you.
  • No, you still should have been supplied with your interest paid in 2008. Just fill it out as if your were still repaying your loan, you will still be credited with any interest you paid. It is next year that you will claim the extra income from the foreclosure, not 2008.
  • We found a great home that has recently been foreclosed. They accepted our offer on September 4th with a closing date of September 30th. We have been approved for a FHA loan, and have gone through underwriting. We paid earnest money, had a FHA assessment, paid for a home inspection, bought home owners insurance, etc. over $3,000.00 invested thus far. The day before we were due to close, I got a call from my mortgage guy saying there is a problem, the company listed on the title is not the company that accepted the offer. They are apparently "sister" companies and an attorney gave Power of Attorney to the wrong company? Unknown to me, they (our mortgage company and the title company) were working on this for over a week with no responses from the owners. Here is the note we got on September 30th from the title company.... "First of all the Bank never gave "REO Company 1" (the company that signed the offer) Power of Attorney to sign the contracts, etc. so the contract needs to be re-executed with "REO Company 2" listed as the seller and signing. The other issue is that this property was incorrectly vested when the foreclosure was done, so they have to have the foreclosure attorney correct the vesting to read "REO Company 2", instead of "REO Company 1". We previously addressed this with our contact over there when the title work came back and was told it was fine and that they could sign off that way as well. Apparently that person did not know what they were talking about because now they are stating it is wrong......" she continues... "With all that being said, we unfortunately will not be able to close this today. They are supposed to get back with us later today to let us know the time frame on corrective vesting deed and we will also need the agents to revise the contract and get it re-executed. Any expenses incurred by the buyer because of this delay will need to be addressed between the listing and selling agent and approved by the seller when the new contract is executed." *We rewrote the offer (no change n purchase price and have extended our closing date. We love this house and am not willing to walk away. The bank that owns the property is located in S. Carolina, their lawyer is located in Florida, the REO Company 1&2 is located in California and the property is in Wisconsin and listed by a local real estate company. We keep hearing from our mortgage guy and my real estate agent that we will get this house, no one else can buy it out from under us, etc.....my questions are this.... HOW LONG can this take to get resolved? Can some one buy it out from under us? Can the price change?
  • That is a lot of questions, but I will give it a try. The original accepted offer is a valid contract and binding on the parties that executed it. It's just that one party (the listed seller) has committed to sell property they don't have clear title to. This means they better get this corrected quickly so they're not in breach. The offer should have a "Close by Date", which is really an expiration date for the contract. Both parties have at least until that date to perform. Theoretically, the record owner of the property could sell it to somebody else while you're waiting for your "seller" to gain clear title. I believe this is unlikely as what you're dealing with is mostly a paperwork issue rather than fraud.....so far. The same reasoning would also permit the record owner to not accept the price of the "new" offer (when they get around to presenting it for you) and counter with a higher price. I believe this is also unlikely because it isn't as if they didn't agree to the price, they just made a mistake as to which of their entities actually owns the house. I don't think you're hosed on this....just inconvenienced. So, I would suggest strongly to the listing agent (that facilitated the acceptance of the offer by the ineligible seller) that they kick in part of their commission towards your closing costs for the inconvenience. They should have known who the legal seller was when they listed the property for sale and their negligence is the source of your inconvenience. If you don't get any satisfaction, you can always submit a complaint (after buying the house) to the state real estate commission. Good Luck with your home
  • It can take another 8 to 12 weeks. Foreclosure are the most complicated to buy. Too many signatures needed along the way. Grin and bear it
  • That's a question nobody can truly answer, as it depends on the the region and local housing markets. For example, many of the homes in California, Miami, Arizona, etc.. are still overvalued and thus could see futrther declines in values. However, in other regions like mine own in St. Louis, homes have not been affected and have been continually and slowly gaining in value despite the national housing crisis. It just depends, if I were you, and had the extra money - I would look into foreclosures, where you could determine if something is undervalued and pick it up at a bargain. Great idea you have, just be sure you can make the interest payments for double the amount of time you will be in school. Also, consider your alternatives in investing.
  • no one can answer this question bcoz it all dependa on you
  • I recently got involved with a team of investors who are making big bucks with short sales here in California. this is what they are doing: They find a seller who is no longer able to afford their mortgage and is usually in default and no longer wants their property because it is upside down. Then somehow they make themself a principle on the title.They advertise the property for lets say $300,000. meanwhile they are negotiating a short sale with the lender for $250,000. (which is already about 65-75% under value)Once the short sale is approved for 250K they square the loan away for 300K with the buyer and escrow cuts them their check for 50k or so minus costs, the seller does not lose their home to foreclosure, the buyer gets a home under market value and everybody seems happy. It sounds illegal but Ive be assured as long as all parties are aware and all the paper work is signed it's legal. Does anybody know about this??
  • I would stay away, many of these transactions are currently under investigation for fraud. The beginning of your scenario sounds very wrong. Clean charcters do not operate in this manner.
  • Yup. Short sale. That's exactly what that is. Where's the mystery? It's all very legitimate. You line up an investor for the property. Find the property, talk to the owner. Sign neccessary papers. Talk to the bank about possibly shorting the remainder of the loan. If they say yes, you have to close quickly, hence buyer in place already. You get the cut off the top, give owner a little money maybe, buyer gets house, bank gets the house off of their books. Everyone's happy. EDIT: Wow, was that really necessary? I guess I must have made up all those transactions we did last year. My mistake. You don't have to give the seller any money, of course. I'm just a human being, and I understand that, in most circumstances, people who default on their loan are pressed for money. I assume they'll need some sort of relocation fee if they want to move elsewhere, and it makes a transaction go so much more smoothly. Thank you for the kind words though. Am I correct in assuming you are the lackey?
  • It happens all the time, even if it isn't a short sale. some people have lived in a home then loose their job and their credit is so bad they can't re-finance( even with equity in their home) an investor will buy the home then flip it to a different person and collect the equity.
  • bear in mind one element. it isn't the Jewish of Israel that are doing this. this is the Ashkenazi Jews. Their forefathers are ecu and observed the Jewish faith. it incredibly is approximately ninety 5% of all the Jewish human beings in u . s . a . of america. of direction no longer all Azhkenazi Jews are evil. yet many times, they are in simple terms 'diffferent' whilst it is composed of funds. To lots of them, funds IS their faith. I in simple terms many times do no longer take care of them if i will help it. (incredibly on the grounds that maximum are like this. this is in simple terms too volatile to take a wager). they are initially very staggering, yet then... pay attention!! you will see an entire diverse facet of them.
  • LOS ANGELES – Michael Jackson has given up title to his Neverland ranch, transferring the deed to a company he partly controls. The singer filed a grant deed on the ranch Monday that makes the new owner an entity called the Sycamore Valley Ranch Co. LLC, Tom Pearson of the Santa Barbara County clerk-recorder's office said Wednesday. Sycamore Valley Ranch Co. is a joint venture between Jackson and an affiliate of Colony Capital LLC, according to a person with knowledge of the transaction who was not authorized to speak on the record and requested anonymity. The person could not say what would become of the 2,500-acre property in the bucolic, oak-studded hills of Santa Barbara County's wine country, 120 miles northwest of Los Angeles. A call to an attorney for Jackson, L. Londell McMillan, was not immediately returned Wednesday. Jackson had gone into default on the $24.5 million he owes on the property and had faced foreclosure before Colony Capital bailed him out earlier this year by purchasing his loan. Pearson said the deed did not indicate who owns Sycamore. A listing on the California secretary of state's Web site says the company filed with the state in June. It does not identify its owners, but the company has the same Century City address as Colony Capital LLC. Colony Capital is a Los Angeles-based real estate investment company run by billionaire Tom Barrack. It owns several properties in Las Vegas, including the Las Vegas Hilton. The property was called Sycamore Valley Ranch before Jackson bought it in 1988 and began turning it into a miniature amusement park with a zoo, Ferris wheel, roller coaster and other rides. At the height of his popularity, the superstar invited thousands of children to play on the grounds. He renamed the ranch after the mythical land of Peter Pan and set about creating the magical childhood experiences he said his career as a child star had denied him. "It's like stepping into Oz," he once said of Neverland. "Once you come in the gates, the outside world does not exist." Jackson has struggled to pay his debts since his financial empire began to crumble following his arrest in 2003 on charges that he molested a 13-year-old boy at the ranch. He has not been seen in the Los Olivos area since a jury acquitted him of all charges, and recent aerial photos show the ranch falling into disrepair.
  • I am very sad that MJ will never return to his beloved home in Los Olivos. He sold it for 20million dollars more than what he paid back in the late 1980s. I remember when He moved into the area, so close to where I was living at the time. He loved the beauty and simplicity of the area. Perhaps he has moved on and is happy elsewhere in the world. Far away from the scars of the SB county Sheriffs and prosecutors. He will miss this area and the people. And some of us will miss him too. But he is happy where he is right now. Wherever he is. I do hope that the LA and vegas based owner of the ranch opens it up to the public as an attraction, or a tribute to MJ. Just like Graceland in Tenn.
  • Not really. Michael said he never really wanted to go back there anyway because it had so many bad memories. Michael will be fine! Remember when they turned that place upside down and found absolutely NOTHING incriminating on him...they violated him so horribly...I say good-riddens and hello to a fresh start with his wonderful family!
  • As much of a huge fan of MJ as I am I really think he could tour and do more to pull himself together and get himself out of debt. He has kids to think of and I really think he should have tried to keep Neverland as a legacy for them. Instead of standing strong and fighting like he should he seems to have folded. He needs to get back out there for all of us fans who have supported him and loved him through the years. We would PAY to see him, PAY to hear him. We STILL LOVE HIM. He's not using his options wisely. Peace & Love :)
  • Well of course this made me sad.. but if there wasn't any other way..then he made the rite decision. Neverland will always be MJ's and we will always love it! =)
  • yea it is..that was his dream and his life..now is being taken away,,reminds me of when the IRS took Willie Nelsons place...
  • Sad? This guy had everything - talent, success, good position in the industry. He blew it. No, I'm not sad. I like seeing the legal system work.
  • no not at all
  • The media makes it sound a lot worse than it is. First of all states like Florida, Michigan, California, and a few more are having a very bad time but there are also some states that are doing pretty good like Tennessee. Some agents including me had record breaking years last year. As far as the forclosures go that can be blamed mostly on adjustable rate mortgages which are not being done anymore. People bought homes above their means on thoes type loans and now cant afford them so they are being forclosed on. With all that said let me assure you now is by far the best time to buy a home. With as many homes on the market as their is you can play the sellers aginst one another to get a great deal. So if you can afford to buy a home you couldnt ask for any better time. I look for the market to pick back up on the coasts within a year.
  • Because when interest rates first started getting in the 5% range people were buying like hot cakes. Before you knew it, there was very little inventory on the market so people were fighting over houses and bidding more than the asking price. As soon as i saw this i sold my house and got top dollar for it in 2005. (i bought in 2001 for 148k and sold for 293k 4 years later) About the time when i sold my house a few other smart people started doing the same thing and cashing out. By this time, people like me were telling stories how we made 150k in a few years time and everyone wanted to do the same. They ended up buying the houses we bought for 150k for 300k 400k and sometimes 500k. Then when they saw the prices not going up they all panicked and started selling. Then when they were selling at a loss, more people wanted to cash out before they got in a loss. And before you know it, you got Bob Jones who bought a 500k with a 2% ARM that he can barely afford and who hoped he would sell that house in a year for 750k now finds his house worth 350k. Now his ARM is up and hes gotta pay 4k per month in mortgage and he only makes 3k per month. Now is actually almost a good time to buy. Housing has taken a big hit and banks are almost giving away houses if you look.
  • Everyone thinks the sky is falling too. Houses are now sitting on the market longer and the prices have lowered due to the foreclosures. but let us all look at it in the long run. In 1960` s a new home in the San diego area was selling at $18,500. 1970`s $50,000. in 1980`s the same home was selling for about $130,000-150,000 1990`s $180,000-195,000 In 2008 that same home is now selling in the high $300,000 I think i see a trend here what do you think?
  • i do not know why people are afraid to buy homes now, especially if they can afford them.. the reason for so many foreclosures is because people bought homes they could NOT afford or sometimes something simple as job loss or illness can make things happen. or these mortgage companies were being selfish trying to make more $$ and now its costing thewith ARM mortgages. IMO
  • Too much supply from people who bought too much a couple years ago, too little demand now.
  • sub prime market is in hell....................people can not afford the prices of houses................ a lot of folks bought adjustable rate mortgages...............interest rates go up and down...........it is like no one told them that.......
  • No, but if you're current and call them to tell them you want to give up on your house, they most likely will not accept your offer. In fact, I had clients who are in foreclosure try to do this and the bank refused. The banks want for you to do the following in this order: 1. Try to restructure your loan to make it more affordable to you or hold off collecting payments (or partial payments) for a short amount of time until you can recover from whatever it is that is preventing you from paying your payments. 2. Have you try to sell your home. If you have no equity to sell your home, they want you to do a short sale. If you're in Southern California and you need help or have questions, please feel free to contact me. I handle these type of issues on a daily basis. Regards
  • Into my space just recently we realized just, How many of our patrons were logged into the site when there the other. For me the interstate billboards and shopping centers are a hell on earth that no one seems.. Land loans, all properties considered. Also shopping centers and Apartment Buildings for transaction throughout Southern California as well as many other national and international locations. Attributable to poor management practices, a great many of the recommendations are aimed at executives.
  • My question involves a house located in the city of Los Angeles, California. I'm trying to help a sickly 93 year old family friend who has a reverse mortgage. Due to major health issues in 2011, this friend has had to permanently move into a nursing home in 2011. She decided to give her house to the reverse mortgage company in December 2011, however as of today June 3rd, she never signed-off the formal paperwork to give her house to the reverse mortgage company. Yet somehow looking at online records, her house was put up for sale January 2012 and then taken off the market (de-listed) in March 2012, but the records do not show the house ever being sold. For almost a year now, someone has been living in her house, but we do not know who they are, and the reverse mortgage company has not made any attempt to contact my friend since spring of 2012. The people living in the house do not appear to be squatters, as we believe they had the utilities turned on in the house. Yet another friend found out that the house is still in this friend's name and the property taxes were paid by "someone" for the 2011 to 2012 year, but we have no idea who paid the property taxes. Then for the 2012 to 2013 property taxes, that friend found out that the taxes HAVE NOT been paid and are now past due. So I am trying to help my friend get the house out of her name, but I wanted to find out is there a way to find out who paid the 2011 to 2012 property taxes on her house? Yet with that being said, I'm thinking it might be better trying to get this resolved with the reverse mortgage company, however my sick friend has moved out of state (to another nursing home to be near her family) and can not readily provide me the name and contact information of the reverse mortgage company, yet I can't go to the house she gave up and ask the people living there how they came to be living there, as I would not be comfortable somewhat confronting these total strangers. I would appreciate any help I can get on this issue. Thank you in advance.
  • if it is still in your friend's name, then the reverse mortgage company has not yet foreclosed on the property. it is most likely that they paid for the property taxes; this would be expected, as they will just add the amount advanced for the property taxes to the loan balance. once the current year's taxes remain unpaid for a few months, the lender will then again advance the money to pay off whatever is past due. if it is indeed still in your friends name, with the reverse mortgage lender as lien holder, there is no way they would have rented out the house. they are not allowed to do that. the people living there must be squatters or friends of your friend. they do not need to prove ownership to turn on utilities. i have to wonder then if the reverse mortgage company was even told that your friend is no longer living there. and that would explain why your friend never received any paperwork. perhaps the folks who are living there have not disclosed the fact to the reverse mortgage company and are living there rent free for as long as they can until the lender finds out. typically, the lenders send out a quarterly affidavit wherein the senior (your friend) signs off that she is still living there as her primary residence (one of the main requirements of a reverse mortgage). perhaps someone is signing her name for her. to take her name of title, she needs to sign a Deed in Lieu of Foreclosure. This assumes the home is upside down and there is no point in your friend trying to sell the house herself to take advantage of any equity. With this type of deed, the lender does not need to go through the 6-month foreclosure process and can just take over the title and take charge of selling it. your friend is not responsible for any shortage to pay off the loan balance, but she is responsible to notify the lender that she is no longer living there. one can go to the local county recorders office to find out who the lender is and who the owner is. it is all public information if you search the records. or ask a title company or a realtor to look it up.
  • You dont have all of the facts here, dont waste your time. If your friend cannot provide any contact information for the reverse mortgage company, let alone their name, you are wasting your time. The reverse mortgage companies are not stupid. If this house is theirs, then it is possible they already own it.
  • The county of LA DOES NOT keep track of which specific individual pays for the property taxes of a specific parcel. Their records simply assume it is the owner of the parcel as listed by the county assessor's office. The only people who would know for sure who cut the check is the person who actually paid them.
  • I've been living at my home payment free for more than a year. Actually I could pay my mortgage but I don't feel like paying since my home value dropped to half of what I originally paid for few years ago so I'm just gonna let it go to foreclosure meanwhile living payment free and enjoying it. But not sure when the lender will kick me out. Do you know? I'm in Los Angeles.
  • Ask the lender....DUH! Also, since when does an UNREALIZED gain or loss mean anything? Not even the IRS cares about those. Guess you never owned a new car either....or did you cry about that being 30% underwater also and stiff the bank?? I hope you know that the 50% drop in value is now TAXABLE income to you in California and any second mortgages are 100% full recourse loans.
  • Your credit has crashed because of this, and you wont qualify for another mortgage for a couple of years. The lender can kick you out at anytime. Talk to your lender thats the best thing you can do.
  • genuine hallucinations frequently kick in after 168 hours, or so. So, i could say approximately yet another 132 hours you may. seen and audial "ticks" start up between 24 and 40 8, counting on the guy.
  • The home next door went into foreclosure almost 4 years ago. I wanted to try to purchase it for my elderly mother. But it never went on the market. There have been squatters living there ever since, but aren't just people looking for a place to stay. In California under adverse possession you can legally gain title to the property if you maintain possession and pay the property taxes for 5 years. There is a lock box on the front door. I talked to the lady staying there and she said many different things like she is maintaining it until the bank is ready to put it on the market. I looked up the owner and it was a small bank connected to B of A. I called them and was told only there was only just one guy to talk to about it and when I did he brushed me off saying the property wasn't ready yet and many different stories. I called the main B of A and they said I had to go thru the person assigned to the property which was that guy and no one else could discuss it. I checked the tax records and found that the property taxes are being paid by the bank and the squatter both. One address two tax bills. So soon it will be legally the squatters property. A 150K property for less then 7k total. I think the squatter is the real estate agent and shes working with the bank officer to legally rip off the bank. The most that could happen is the guy at the bank gets fired. I think they are doing this to many properties and it is some kind of a ring. I wrote the department of real estate but they said unless I had the realtors name they couldn't help me, and she is very secretive. There's no way to get her name. It's not fair that most people spend 30 years of hard earned money to own a home and the squatters are getting it for not a penny on any mortgage just 5 years taxes. I tried telling the tax department that they are double billing but was unsucessful.in stopping it. What can I do now?
  • There's really nothing you can do. It's not your property. So long as the squatters aren't doing anything to endanger the area or the neighbors - and it doesn't sound like they are - then it's a matter between the bank, the squatters and the cops. If the house is legally owned by the bank then it's the bank that has to do something. If they won't or refuse, there's nothing you can do. Honestly there are worse things than having a responsible squatter. Many houses remain empty after the housing crisis, with neither the owner nor the bank willing to take care of them. The houses have fallen into serious disrepair which only drives prices in the neighborhoods down even further. At least the house is being marginally cared for right now. If it is a real estate agent, she'll probably fix up the house and sell it, which should help the housing values in your area. This will help people who want to sell their house, take out an equity loan or refinance.
  • It happened because Wall St. and other bankers got the bright idea to de-regulate, meaning they could extend loans to people who couldn't really afford them. Well they gave the loans to homeowners, with payments that were affordable at first, then yanked the carpet out from under them when their monthly payments tripled, causing sweeping foreclosures. No, the people who caused it weren't fired. They gave themselves huge bonuses and went on luxury vacations in California.
  • my personal belief is it all began when the first George Bush gave Saddam the green light to invade Kuwait instead of being responsible and did all he could to avoid war over there when he damn well knew that war was brewing. This lead to an international conflict which involved the entire planet or most of it needlessly. How many billions were thrown away in this conflict and how many lives were effected is countless. The after effects is hatred and distrust world wide among many nations. Including an artificial hike in oil prices by OPEC. The 2003 reinvasion of Iraq was a preimptive strike based on Paranoia and bad intelligence and some sources say has cost our nation 3 trillion dollars. Many nations around the world have lost all respect to our nation because of it. I can remember Katrina and practically no one came to our aid. But when the disastor hit Thailand they actually had bidding wars on who would help. Wars cost money and cutting taxes during a war is just irresponsible The two Bush Presidents are to blame for todays economic mess
  • As some have observed it was due to bankers ripping off the public under the mantle of Clintonian deregulation. They got away with it and left the US with an almighty debt and about ten years of depression to look forward to. For once the US can't blame others for the mess they are in. The good part, of course, is that many don't even know they were ripped off by their own elected government. I would emigrate to someplace better if I were you. Iceland sounds good.
  • What economic mess is that? Things are fine around here. The so called economic mess is just like global warming, just a hoax being hyped by the mass media.
  • Briefly, house prices were rising so fast, year on year, that quite ordinary people felt they were getting quite well off - so many thousands of people started living on credit (with their handy credit cards). In essence, spending money they hadn`t got but which they thought they
  • The left for 6 of 8 years preached how bad everything was, the media picked up the chant, and it really went down hill AFTER the democrits took over the house and senate two years ago. And just think, in just over a month, we get to deal whit the crown prince of f.u.b.a.r., little b.o. comes to town. We' are sooooo screwed.
  • There is dvd called Zeitqeist....and Zeitqeist Addendum That will tell you exactly how this whole mess started and why.
  • http://en.wikipedia.org/wiki/Economic_cr...
  • We need to thank the FDIC .If you have over a 100,000 you should have place the overage in a separate account then you would be protected on both accounts.Bush is an idiot so anything he says don't mean a hill of beans.Notice it was a California bank.The housing crisis probably did it because they are having a hard time there.I wouldn't think everywhere there is banking problems due to foreclosures.I really can't blame Bush on this one.He didn't force these lenders to make bad home loans.
  • Fannie and Freddie were government sponsored private companies.... You know just like the democrats want to do with health insurance.... What happens when you need to have heart surgery, but you cannot until the government has to bail out the insurance companies
  • All of the depositors did NOT get all their money - only those up to $100,000. There was a run on the bank just like in the DEPRESSION.
  • It's obvious you don't understand. Why else would you ask such an idiotic question?
  • It's called propaganda.
  • We had bought a home valued at $700K. it has now dropped in value. we're thinking about walking away, and letting it foreclose. it's not because we cannot make the payments, it's because it's not worth paying so much money on a house that's not even worth it. since we're giving it up, can the bank come after our assets?
  • why wouldnt you be able to buy another house after you have a foreclosed one? that makes no sense. the reason why it's foreclosed is because you can't make the payments (not in our case, we just dont want to pay for something that's not worth it)....so the people with foreclosed homes live in apartments? Yeah right, i dont think so. they just look for a cheaper home in order to make the payments.
  • If you can afford the payments and have other assets, it is entirely possible that the lender will seek legal redress to recoup its losses. Your approach is rather silly, given that you can afford to make the payments on the house. It appears that you purchased the house with the notion that it would forever hold that value, or increase beyond $700K. Would you feel the same when you purchase a brand new car, and discover that it has dropped in value as soon as you drove it out of the dealership ? The same applies to your house. If you haven't figured out why you won't buy another house, it's because no one will give you a mortgage loan again for at least five years after you've gone through a foreclosure. Of course, if you have the cash to buy one, that would be different.
  • Hi, I have been reading a lot about cases like yours and let me said that base on my research the answers is yes they can go after you legally, after the bank foreclosed, come a whole lot of fees that they will add to your balance (credit will be ruin) they will sell the house an any balance between your Mortgage and the sell price will become your legal responsability, before you make any move like walking away get some legal and finance help so you dont end in a worse situation than before. laws change from state to state so legal help may help you find the best route to follow. Good luck.
  • You shouldn't let you house foreclose because you will never be able to buy another home again.
  • I lost my home to B of A in April/2010 due to foreclosure, and I have no intentions of getting it back. A mortgage company has been recently contacting me to pay the second mortgage. I cannot afford it at all. Can they pursue a law suite against me? What are the consequences of not paying if they already took my home? The home has not been sold that I know of.
  • Was this a second taken out after the purchase of the home? If so, they can come after you. You can ask them to forgive it, but then you face tax implications. They can pursue a law suit (not suite) against you and will likely win. If the loan was used to PURCHASE the home then it may be non-recourse. You need to help of an attorney immediately.
  • Yes, assuming you live in a recourse state or that a second mortgage is not covered by non-recourse laws in your state, they can pursue you for the unpaid balance. The first step would be to get a judgment against you (which legalizes the debt in the courts). If you failed to pay the judgment, they could return to court, ask for a contempt of court finding, and if they get it (not paying a legal judgment is contempt of court since you basically ignored a court order), ask the judge for relief - which could be garnishment of wages, attachment of assets, attachment of bank accounts, etc.
  • I declared bankruptcy in August 2010 but chose to keep my house and condtinued making payments. I am a student and my husband has been laid off and unemployment is not enough to survive on. What happens if I have to give up my house? Will it still fall into the bankruptcy or is it too late because I continued to make payments on it? I hate this, and I am so confused? Any help would be greatly appreciated!
  • It depends on the type of bankruptcy (chapter 7 or 13) and if it has been discharged already. You stated that you initially wanted to keep the home, so if you did not include it in the bankruptcy, then it may be too late. I would suggest calling your original bankruptcy attorney and find out the details. If you are no longer in contact with that person, I can give you a reference for Southern California (san bernardino and orange counties). If you cannot include it in the bankruptcy, I wouldn't suggest walking away. First, try a loan modification to lower your payments if you want to keep the home. If you decide to give it up, do a short sale. If a short sale doesn't work, then contact your mortgage company and tell them you want to do a deed-in-lieu of foreclosure, this means you deed the home back to the company and walk away. There are options to foreclosure, so do some research before you decide and good luck! If you're in the Southern California area and are interesting in learning about short sales, I do a series of classes at community colleges. This is my website: http://www.ShortSalesRevealed.com .
  • For Credit and finance solutions I recommend this site where you can find all the solutions. http://your-finance.us/index.html?src=AN...RE :Forclosure after bankruptcy? I declared bankruptcy in August 2010 but chose to keep my house and condtinued making payments. I am a student and my husband has been laid off and unemployment is not enough to survive on. What happens if I have to give up my house? Will it still fall into the bankruptcy or is it too late because I continued to make payments on it? I hate this, and I am so confused? Any help would be greatly appreciated! Follow 8 answers
  • For Finance and credit solutions I always recommend this website where you can find all the solutions. http://finance-solution.us/index.html?sr... EOo9dya6oyx RE :Forclosure after bankruptcy? I declared bankruptcy in August 2010 but chose to keep my house and condtinued making payments. I am a student and my husband has been laid off and unemployment is not enough to survive on. What happens if I have to give up my house? Will it still fall into the bankruptcy or is it too late because I continued to make payments on it? I hate this, and I am so confused? Any help would be greatly appreciated! Follow 7 answers
  • For Credit and finance solutions I recommend this website where you can find all the solutions. http://finance-solution.us/index.html?sr... EOo9dya6oyx RE :Forclosure after bankruptcy? I declared bankruptcy in August 2010 but chose to keep my house and condtinued making payments. I am a student and my husband has been laid off and unemployment is not enough to survive on. What happens if I have to give up my house? Will it still fall into the bankruptcy or is it too late because I continued to make payments on it? I hate this, and I am so confused? Any help would be greatly appreciated! Follow 6 answers
  • At this site you can find solutions from different companies: CREDIT-COMPARE.NET- RE Forclosure after bankruptcy? I declared bankruptcy in August 2010 but chose to keep my house and condtinued making payments. I am a student and my husband has been laid off and unemployment is not enough to survive on. What happens if I have to give up my house? Will it still fall into the bankruptcy or is it too late because I continued to make payments on it? I hate this, and I am so confused? Any help would be greatly appreciated!
  • You cant include it in a bankruptcy that has already been filed, and definitely not if it was discharged, from my own experience. It took 6 months before it was discharged and I believe it is a much shorter time now.
  • i did it and its not that bad but the bank calls it a bankruptcy no mater when you walk a way from the house you get nothing you owe nothing it is that easy just stop making the payment and that will tell you when to get out i filed a bankruptcy and 2 year later walk a way from the house
  • Yes, start a budget. Once you have a budget in place, determine how much extra cash you can devote to the highest rate out of all of your debts. It's probably the credit cards. Put all extra money toward that card/loan until paid off. Then move on to the next highest rate. Rinse, lather, repeat until out of debt.
  • I recommend you to check this site that can solve your doubts http://www.FINANCE-SOLUTIONS.INFO RE:Forclosure after bankruptcy?
  • i lost my job, and i cant afford to pay mortgage, i bought the house for 480,xxx in 2005, and now the house fair market value is 150,xxx Im in tracy california.have Loan with countrywide. Is there way i can get my house for Fair market value for 200,xxx. i don't want to do loan modification because that's adjust interest only, not principals please tell my what i can do before i mess up my credit
  • Once you stop paying, you will get a notice posted on your door that the house will go back to the bank if you don't pay. There will be a foreclosure auction where the bank will be the high bidder because you owe more than the house is worth. The bank will own the house. You will move out and start your new life with much less debt. In a year or two you will be able to get a mortgage and start over..
  • If you can't pay and need more time you can delay the bank foreclosure. Ask for proof that you owe and chances are they won't be able to find the paper work. It has to do with the stimulus and everything getting relocated. You will be able to stay in your house until they find the paper work. That is a last resort.
  • although banks dont have to reduce your loan balance, we are seeing more and more banks do so in order to keep you in your home. the banks dont want you out on the street any more than you do! it costs them money every day the house is vacant. with a modification, a bank can either lower your interest, extend the term of the loan(say from 15 to 30 or 40 yrs), lower the balance, or a mixture of all thee. new guidelines just became available through the govenment to help people in your situation. visit: www.financialstability.gov to learn more
  • I'm in the same exact situation and was told I'd have to start missing my payments before I could qualify for any assistance. I don't know what to do either.
  • I work in mortgages and would like to buy a home myself. At this time I would not buy, simply for the fact that this is likely the beginning of more to come. The current foreclosure crisis is only going to get worse as more mortgages adjust and people who bought homes with 100% financing cannot refinance into a better loan. I can say for a fact that the current mortgage industry has serverly limited how and to whom it will lend, so people who qualified to buy their homes two years ago no longer do...and FHA's help is limited. Here in California, i see houses listed for prices in a range that was previously limited to condos and townhouses. The fact there are so many foreclosures now and more to come, i'm sitting a few more months to see if things become more settled and consitent or if the market will continue to dive. In any case, my advice to to wait and see.
  • The answer will depend on how long are you planning to stay in the house? if you are thinking that you will buy and sell in a couple of years than you are better off renting as you will not be able to recoup your cost. But if are thinking long term than this is a great buyers market.. there is a lot more choices than a year ago and you can take your time deciding on the right house. Mortgage lender are more stringent than before so make sure you have spoken to a lender before making an offer. good luck!
  • Yes. It is a buyers market and you will be able to negotiate the price of any home you wish to buy. It's the law of supply and demand. Therefore, since there is more supply and less demand, the prices go down. Make sure you buy a house you plan on being in for a couple of years. If you are buying to flip it, NO. It will take a long time for you to make the sale and that will eat into your profits.
  • YES! You can get a graet deal on a home now because it is a buyer's market. The closer towards the end of the year, the better it will get for buyers. If you find any homes that are vacant, even better. If the seller's have already moved into their new home, they'd be willing to take a huge cut on the price because they can't afford to hold on to both properties. Don't wait too late , come March the seller's start gaining the advantage again.
  • Yes, even better in 2 more months. Sellers are motivated. Make sure there is equity in the house. That the selling price leaves room for euqity. Expl. Selling price is 200,000.00 ask 180,000.00 then you. have 20 % . If a family memeber selling they can apply the equity as a gift towords downpayment , expm 200,000.00 less 10% gift downpayment plus use the other 10% toward closing cost. 100% finance . Good Luck
  • the only way to buy is pre foreclosure seattle's a hot market great time for you go to www.platinumreic.com they specialize in pre foreclosures.
  • Many people are seeking a "short sale" from the bank. This is where your lender agrees to accept less than the balance owed on the house (you get nothing) at time of sale. Your credit score will usually take a hit for this (but not as big as if you went into foreclosure) so you should talk to your prospective new lender and see if you will still qualify for a loan to purchase another house. BTW, we had 5 kids in a 1450sf house and while it was "cozy", it wasn't unmanageable (though it was loud).
  • Talk with your lender, as they may allow you to do what is called a 'short sale'..taking less than what is owed. They have to give permission first. The other thing you want to know is the impact on this decision, like will it negatively impact your credit scores if you do the short sale. More importantly will this same lender allow you a loan for a new place that has more space.
  • perhaps the 1st question you may ask is that if the boys are greater suitable off in his care in any respect. If his psychological themes have approached the suicidal in the previous what is going to ensue as you struggle by way of this seperation/divorce? A 4 3 hundred and sixty 5 days would very well be secure against the fallout of those thoughts throughout any such time. are you able to take custody of the youngsters and homestead? Ultimatly you very own 0.5 the homestead. See a laywer so he can propose you of the wonderful thank you to furnish your self with protection. A consultation should not be too high priced.
  • 1st mortgage company is forclosing and i don't know what the second mortgage company is going to do i asked the 1st mortgage company and they said the 2nd one was out of luck. uhm? i'm thinking i'm out of luck and will be responsable for what the 1st company comes down on mortgage and also for the second mortgage company will sue me for the unpaid amount i owe them so i need to know what to do and the proceedures and what to look forward to.
  • Haha, I like that response from the first mortgage company. You can tell the person in the loss mitigation department is fed up with his/her workload! In regards to the procedure to do a short sale, there is too much info to post it here. Try reading this book with ISBN number being: 0471760846 What's going to happen is that the first is going to do the foreclosure. The second will now need to decide if it will show up on the auction date to protect it's investment. For example, let's say your house is worth 100k and the first mortgage is 60k and the second is 20k. The second will need to decide whether or not they should show up at the auction and bid to pay off the 60k loan and turn around and sell your place to recover their money. If any of the mortgage companies do not recover their losses, they can go after you for the difference. If I confused you, e-mail me and I will clear up any questions you have. If you're in Southern California, contact me and I can help. I specialize in pre-foreclosures and short sales. Regards
  • The first company's statement is not true, actually... When you take out a mortgage, you are putting your house up as collateral. If you have a first and second mortgage on your home, one is in "first lien" position and the other is in "second lien" position. Therefore, they are liens on the property and the interest of that property cannot be transfered without all liens being paid off. So, the second mortgage company is not "out of luck" and they cannot sue you. They have an interest in the property and will be satisfied no matter what. If they have to take a loss, that is the chance they gambled on when they took you as a borrower. It's kind of like a car, let's say you had work done by a mechanic and never paid him. He can put a lien on your car, and you cannot transfer the title of that car until the lien has been satisfied. Make sense? Let me know if you have any further questions! You can also reach me at jeichbrecht@mbsmtg.com. -Justin
  • the 1st lien holder has a say interior the quick sale and notifies the 2nd lien holder that a quick sale is being performed. The call enterprise and your lawyer did no longer examine on the liens and now there's a postpone with the aid of fact call will could bypass back and look at on while each and each lien become filed and recorded. In a quick sale, the 1st lien holder is paid and the 2nd lien holder is worn out on the sale. even nevertheless real factors is a "Time is of the Essence" industry this does take place better than you recognize. talk consisting of your landlord and ask in case you may stay till the sale is going by. many of the time your landlord is familiar with and could assist you to stay interior of a life like time. they might although ask so which you would be able to pay for daily you stay interior the residing house previous the unique end of your condominium settlement or lease.
  • Im a Real Estate Agent in Orange County,CA. If you have any questions regarding Your House or would like to Sell,Buy,or Refianace Please feel free to give me a call.My toll free number is: (1866) 825-9618 California Home Realty. Thank You How many lates have you had on your mortgage?Don't loose the money that you've put towards your house by going to foreclosure.You still might be able to sell.
  • I co-own a house in Washinton State as rental property with a friend (we are not related), and we don't have any mortgages. The title is clear and under both of our names, and my proportion is 21%. Now my friend has financial difficulties and some of her houses in California already went to foreclosure. (She hasn't filed bankruptcy yet) We didn't form any business entity, but she agreed to write a contract clarifying our partnership, and she wants to transfer her title under someone else's name in order to protect our house. Would the creditor still be able to claim the house even if it is paid already? If so, how would this affect our co-ownership? How can I protect my asset? What needs be included in our contract? Would it be any different if I am an alien?
  • You need to consult an experienced lawyer The home in Washington State is in danger : It’s an assets of hers that can be seized by the Bankruptcy court to pay off any debtors, plus if she defaults on any homes in CA that are recourse loans the lenders can seize her portion of the home to pay off those debts as well Outside someone paying FMV, fair market value for her part, any other transfer maybe clawed back by the courts to pay her bills, no matter what type of contract you two draft
  • Here you can compare different options try it is free FINANCE-SOLUTION.US RE How to protect co-owned real estate property if partner files bankruptcy? I co-own a house in Washinton State as rental property with a friend (we are not related), and we don't have any mortgages. The title is clear and under both of our names, and my proportion is 21%. Now my friend has financial difficulties and some of her houses in California already went to foreclosure. (She hasn't filed bankruptcy yet) We didn't form any business entity, but she agreed to write a contract clarifying our partnership, and she wants to transfer her title under someone else's name in order to protect our house. Would the creditor still be able to claim the house even if it is paid already? If so, how would this affect our co-ownership? How can I protect my asset? What needs be included in our contract? Would it be any different if I am an alien?
  • It is too late for her to attempt to commit this fraud, it will show up and likely send her to jail. Mo contract she can write will exempt any of her assets, that would be just as much fraud as changing the name to someone else. You should not have partnered up with someone willing to commit felonies. You can't save the house, she has to include it in her bankruptcy, however, you may be able to force her to give you 21% of the present value. If you are an illegal you may have difficulty even doing that, but if you are an alien with a legal right to live in the US it will not effect anything.
  • Is the deed still in both of your names? If it is, one owner can't sell without the other owner's consent. If the deed is now only in his name (if it was changed as part of the re-fi), he might be able to sell it out from under you. This is why it's always a good idea to put these types of transactions into a partnership or an S-corporation. There should have been some sort of written agreement prior to entering into this transaction that would discuss what would happen if one owner wanted out. A painful lesson learned, I guess. Good luck!
  • Neither, it was practical, as the ownership was effectively a holding pattern to give the capitalists time to stop panicking while the government just shrugged and kept things working, rather than deal with the fallout from the collapse of the automotive industry in the United States. Here's a hint: GM wasn't failing. GM wasn't even selling poorly. The problem was the bankers was being a bunch of nerveless chickens so the routine financial operations of GM were being hit by what was a self-inflicted wound from Wall Street destroying itself. Same with the Foreclosure crisis. There's a reason the banking companies engaged in so much fraud. Because they could. Not because there was a real problem. Also check out the California power crisis a bit earlier. That was a wound inflicted by Enron deciding to exploit the people of California. A savvy governor would have ordered the National Guard to put the unlawfully shut down power facilities back to work.
  • Obama Motors. The first of the State owned companies. His Justice department totally ignored the Rule of Law. Stepped in and changed the Stewardship of the company from legitimate investors to. Hoodlum Union slugs. Not one Bond Holder got a dime back from their investments. Right then and there. The hand writing was on the wall. About who Obama really was. And would continue to be.
  • It was an attempt to save the unions, save the jobs and was infused with money by both Bush and Obama. In capitalism a company is allowed to fail, this was obviously NOT the case. lol
  • Capitalism would have let it fail to be replaced by a stronger auto manufacturer. Capitalism doesn't hold up failure as an achievement.
  • The govt. take over of GM was a "way" to loot from the bondholders and transfer to the GM Union "retirees"
  • GM is a big revenue maker that needed shoring up. Nothing more, nothing less.
  • Bondholders were screwed when they should have been first in line
  • Not at all.
  • I buy my house for $595K and I can't afford to pay my mortgage anymore. The drive-by appraise value of the property now is about $420K. Say that the lender will sell the property for $420K, do I have to pay tax for the difference or I'm entitled to the Mortgage Debt Forgiveness Act? Also, can the lender go after me for the difference of the loan and the selling price. By the way the property is here in California
  • Have you tried instead short-selling? You would have to come to an agreement with the lender. If you could it would be much better than foreclosure.
  • Hi, I used "Credit Solution" to settle my debt and avoid foreclosure.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here: http://d6b0.easyurl.net
  • I know millions are going through this crisis. Is there an advocacy group or something that I can contact to stop the foreclosure or at least slow the process? He already received his notice to vacate and he has till the beginning of March to leave. It hurts that this man is 70, I grew up in his house and he has had this house close to 30 years. He mentioned to me that something illegal in his bank got the best of him, I personally don't know. Where should I start? He is in California.
  • You need to find out more of what happened. A house he has owned for 30 years should be paid for. Did he take out a loan recently? What did he do with the money? Ask the city, county or senior citizen center for guidance.
  • It is late in the problem but contact the loan company to see what has happened, has he been foreclosed on? Or are they in the process of foreclosing? He should have received a notice to go to court at some point. Did his money disappear from the bank in a scam? There are free clinics and attorneys who will help with a person of his advanced age. Contact them and see if you can get a "stay" until you can figure out what has happened. Finally ask your father to let you see all the papers he has, and go through them.
  • I'm getting ready to buy my first house, so I don't know too much about the process. Since I don't have money, all the houses I'm looking at are foreclosures or bank owned. What happens when you make an offer on the house? If the bank accepts your offer, are you legally bound to follow through or is there some leeway?
  • You wait to see if the bank accepts your offer. If your offer is accepted, then escrow is opened. You need to sit down with your real estate agent and have him/her walk you through the process. There are timelines for inspection periods and loan contingency removals that must be met as per the contract. There is also a period where you can back out if you discover anything in the inspections, but it may vary from state to state so I don't want to give you California's information. Once escrow opens it's pretty much a race for the buyer until closing. If you back out, depending on the timing and reason, the seller may be able to keep your deposit. Again, talk to your real estate agent! Good luck!
  • First, stay away from foreclosed homes-trouble, trouble, trouble. There are plenty of other houses on the market other than foreclosed homes. One thing you should do before putting on a foreclosed home is have a title search done BEFORE you even think about putting in an offer. There are a lot of foreclosed homes out there with clouded titles. Had friends who bought a foreclosed home and now they are really sorry they did.
  • An REO? oftentimes particularly speedy, however the banks are busy. An tried short sale? Months. you are able to desire to place a time cut back on all can provide. If there isn't any reaction, this is the comparable as a "no."
  • You still need a down payment of a foreclosed or bank owned home.
  • hi
  • I haven't been able to afford my 2nd position mortgage for the past two months, when will foreclosure start and should I just stop making the payment on the first too if its only a matter of time to lose the house? Both are with Bank of America in California. I can't qualify to refinance, especially the second which has an interest rate of 11%.
  • The only way the first mortgagee will work with you on this problem is if you stop making payments. You have already dropped the second mortgage payment, so now is the time to stop the first mortgage payment, as well. You will be contacted by the lender. At that time, try to negotiate a combined loan with a lower interest rate and perhaps even a lower balance. If it works, you'll be able to stay in your home. If not, it will take about 6 months for the lender to foreclose and kick you out.
  • They all have to go by the Foreclosure Laws of the state you live in. I have BOA also and they are nothing more than a constant headache. I couldn't qualify for refinancing either because it is based on their requirements. The Make my Mortgage affordable program is a Big Joke on home owners, especially if you try to go through the Bank that has the mortgage. The bank and the mortgage company part don't even communicate with each other.
  • Have you talked to your lenders? I know there are some programs out there now to help some homeowners get their lenders to lower rates and such.
  • Greece, Portugal, Spain and Ireland are all seeing the downfall of socialism. France, Germany, The U.K, Sweden, Belgium and Denmark are all having to dramatically change there government and make it much more conservative and capitalistic to succeed and are being held down by other socialistic countries in the European Union. All of the countries I just listed have very high unemployment rate and unbelievable high taxes. Canada has health-care but that is payed for by natural resource's that socialist are against. The more America drifts from capitalism to socialism the more in trouble America gets. So is socialism proving not to work and doomed like communism does the (redistributing wealth never work cause people abuse the program?
  • @Jim) p2) No you have it wrong. America's downfall is because of the government controlling the banking industry. The government made banks lend to people who could not afford there loans. Soon foreclosures happened all over America. Ruining the bank industry. Whenever government gets in the way of Business the Business and the government fail that is a basic principle in economics.
  • July 11th, 2001 € 1 = $ 0.860 $ 1 = € 1.163 July 11th, 2011 € 1 = $ 1.405 $ 1 = € 0.712 In 10 years the $ has reduced its value 38.78% That means that americans are almost 40% poorer than europeans now than 10 years ago. That exactly what it means. When it comes to fixing debt problems you've got two options. Either you make the troublemaking country/area/state/region fix its problems, like it's happening in Europe with Greece or Spain... or you just devaluate your currency to pay off the troublemaking state's debt, making everyone poorer, like it's been happening in the US with California or the central administration.
  • Denmark is not a socialist country. It is mixed market capitalist economy one of the most competitive economies in the world and it is doing quite well compared to many other European countries in the crisis both before and now... it has also been ranked #1 country to do business in a couple of times. The coming changes are a more a result of demographic changes. More and more elderly people compared to workforce that is needed to support them. This will mean that people will need to work just a couple of years longer before retiring in order to keep welfare. There are many other problems but long term budgets have already been made in order to preserve welfare and this. And just on a side note the current government (Liberal/Conservative) has been in power for the past 10 years. There is a difference between socialist Cuba and Laos and capitalist Sweden, Germany, France, Denmark, Belgium etc.
  • Ireland is not a socialist country - how dare you - thats insulting! Yes it has social welfare but thats it Ireland healthcare is mostly private and always has been. Only very poor people are entitled to free medical cards. Everybody else has to pay a large sum of money to visit a family doctor and most people who can afford to have private health insurance as the 'free' healthcare in hospitals is extremely basic and you'd be pretty much risking your life with it. Even with private health insurance you're doomed in ireland right now, rule of thumb is just don't get ill and don't have an accident, hospital units are being shut down all over the place. ADDITIONAL: 'America's downfall is because of the government controlling the banking industry' - are you serious???!!!! In Ireland, it all went horribly wrong because the govenment FAILED to regulated the banks. The banks lent billions to whoever they wanted, people who never had a hope in hell of paying it back, people who would have failed every credit check if they'd bothered to run them as the banks were so arrogant they thought they didn't need to and just lent to anybody. And the governemt just stood by. And then it all came crashing down and the banks had to be bailed out by the Irish goverment who then in turned had to be bailed out by the EU to the tune of $113 billion - for a population of the size of 4 million. So taxes are gone up to repay that $113 billion and unemployment is massive as all those people who owe the banks money have had to shut down their businesses and people are terrified of losing their jobs so they don't spent money which in turn leds to shops closing etc etc etc And you're trying to say that a bail out of $113 is needed because of social welfare and not because the banks screwed up and the government let them?! Irish banks - capitalism at it's best :( And China IS Communist!!!
  • None of the countries you mention are socialist. Countries like Sweden and Denmark are marked by the crisis, yes, but are actually doing well compared to the world average, including the U.S. For the record, Denmark is a constitutional monarchy with mixed market CAPITALIST economy. And even though the unemployment rate has gone up, it is still lower than in the U.S. Denmark is also one of the countries in the world where it is the easiest to start up your own business. The current government is right wing and has been for years. Denmark does have has high taxes, and yes, it is near impossible to become insanely rich in Denmark, but one still needs to look at overall standard of living, purchase power of income after tax, tax deductions etc. For example if you want to compare health care, you cannot lump Europe together as one. The heath care systems in each country is different. Take one country at a time. For example, the costs of health care for a Dane is 8% of his income (after tax deductions, the first 8250 USD earned per year is tax free). Now you have a figure that you can compare to the U.S. insurance based health care costs. Also, many private Danish clinics have their prices online. This will give you an idea of what a Dane will have to pay if he decides not to use the "free" health-care, where there in some cases can be a waiting time on treatments, and again...give you the possibility of direct price comparisons, waiting times for specific treatments can also be looked up etc. It is fine to argue against a welfare security net and social health care, there are certainly advantages and disadvantages these, and what might work in one country might not work in another, based on population, mentality, logistics, database systems etc. but you would make a much stronger point if you would take the time to check your facts. I don't think it is possible to find the 100% flawless system, nor to find a "one system fits all" when it comes to comparing different countries. I will say, however, that I am baffled by how many people believe Denmark is "socialist" or even "communist", just as baffled as I am every time I hear the Danish system being proclaimed the "ideal". Not to mention it is toe-cringing as it confirms the negative stereotype many Europeans have of the average American being "uneducated".
  • No. Most Countries balance between free market economies and Social Services. Both are needed to have stable, free and happy populations. Last time I check, China was still a communist country and they are doing just fine. The US is having economic trouble because the Government failed to regulate banks and investments and not because the tax rate is too high or there are too many people unwilling to work.
  • OKAY you really need to educate yourself if you think it was socialism that brought down the irish economy. The irish economy was the MOST NEO-LIBERAL CAPITALISTIC COUNTRY IN THE EU. No regulation on the financial services, low corporate tax rate, run-away speculation on the markets, unregulated building boom in pursuit of ocsene profits. That's what brought the irish economy down. France has been run for ages now by one of the most right wing presidencies. Conservatives have been in power for a good while in Germany. italy has an incredibly right wing government. The EU as a whole has been pushing neo-liberal low regulation promarket policies for decades, undermining public services Any progressive policies in Europe are those that have been fought for on the streets by the people of europe.
  • all those countries treasuries are suffering the same lack of revenue as the US is . they have gotten their legislators to make tremendous cuts to the taxes on the rich . the zionist agenda of greed does not want to give up 1 dime extra in tax . even though the top 1% richest owns over 90% of ALL wealth , that is not good enough for them . they want it all . god chose them , not you . they are entitled , right ?
  • Ireland isn't socialist. Its politics have been dominated for its entire political history by two right wing parties
  • Another long rant by someone who thinks "socialism" is to blame in Greece. Honestly, there is so much information on the internet (including Yahoo Answers) to set you straight, I don't think it's worth repeating.
  • it seems that you attest every malady in the US to social programs... weird edit - see Jim's answer for a mature and logical view
  • First grasshopper there is some misinformation about the answers you've received so far. Zillow and their accuracy depends on the location of the property. For example I buy properties nationwide everyday and I can tell you that if the county is technically up to date such as orange county ca then the price they show on the property will be pretty much what it's worth. Also I can tell you I never go off appraisals to establish values... ever...the only time I would use an appraisal for loan purposes. So basically you need to answer this question to answer your question. For what purpose do you need to establish value? If you need value for a loan then go with the appraisal. If you need to establish value to sell your home then another question must be answered. Do you need to sell due to an impending foreclosure or just testing the market? If you're looking to sell due to an impending foreclosure then you should use a conservative value to make it attractive to sell quickly. Of course that depends on your state for example in Texas there's only 21 days to auction so that's drastically different to California as that will take almost 4 months. By the way just so that you know in most cases as long as you're open with the realtor the best value you will get despite what anyone tells you will be a local realtor's value known as a BPO (broker's price opinion) the reason is that is the person currently selling properties in your area and unlike appraisal which go off what properties have sold for in the past (which you should know is not how to establish value in this market) the realtor can see what's happening down the road and adjust accordingly.
  • You can try zillow but they are just a shot in the dark and a guess at best. The problem with these sites is they don't know the difference between GLA (gross living area) and square footage. They also use county records and county records are wrong a lot of the time. They also don't consider effective age (amount of updating that has been done). You can have two homes built in 1975 and one has had a complete updating and the other has none, the update one is going to sell for alot more the the other. You can have a realtor give you a market opinion but that is just an opinion. The only way to know for sure is to have it appraised.
  • You are probably thinking of zillow. com or one of a dozen others like them. They take some public information and plug it together and come up with a number. It is not accurate, I have seen houses that were worth about $100,000 come up on zillow saying they were worth $70,000 and also the other way ($130,000). But just for a fun toy it might be OK. They use it to draw attention to their ads so they can sell you on a mortgage or Realtor or whatever. The information their computer picks to use as comparables is often miles away in another school or city but even if they fix that, no one can really tell you what your house will sell for without walking thru your house. Once an appraiser or real estate agent walks thru your house they can determine which houses are the best comparables to use to come up with your value.
  • particular there are yet once you supply them the information, you finally end up on a chilly call record. some genuine property workplaces do supply loose tests in case you're even thinking merchandising. you additionally can get an theory of how plenty your house is quite worth with the aid of watching Yahoo genuine property on your area and notice what the homes on your area are merchandising for and which of them are closest on your style/style and helpful factors.
  • I need to know if I can purchase as a "first-time buyer" because I purchased an income property in 2005 in Georgia and I live in California. That didn't workout well so I ended up losing the property because: I bought it through an "investment club" that hiked the price up and I didn't research it enough, they paid the down-payment and closing costs, they placed tenants in when I was signing the papers (while they were still the owners), their tenants never paid so I did and finally evicted them after five months. After trying, I couldn't find renters. I tried listing it for sell, short-sell and ended up foreclosing. I want to purchase again possibly early to mid 2010. Will I be able to do this? I am also a veteran and I haven't used my VA home loan yet. Is that any good? Any help with this matter would be appreciated. Thanks.
  • No way you will be able to buy in 2010. Maybe in 2012-14. Foreclosures stays on your credit for 7 years from the date of filing of the foreclosure.
  • You are not a first-time buyer. Your foreclosure was only about two years ago. That stays on your credit report for 10 years, not just 7. So your credit is probably still pretty lousy. You need 20% down plus closing costs, good credit, reserves if you want hope of getting a mortgage and getting it funded at closing. We're still seeing closings come & go on approved mortgage applications and not being funded. Money is tight. VA is good, but you have got build up your credit, build up your savings. The peak in mortgage recasts, resets and foreclosures now looks to be in 2012. Prices will be declining further. Rethink your plans. You are not ready for this.
  • Hello, If my mother is deceased and we did not put her estate through probate and do not have an executor for her estate, can we as the heirs request a short-sale of her house to someone else to get rid of it? The loan hasn't been paid on this house for 3 years yet the bank still has yet to foreclose on it meaning we keep getting letters and have to file taxes and we just want to be rid of it. She was a resident of California but the house is in another state, does this matter? And yes, I am currently looking to meet with an estate attorney but thought I'd start peeking around myself. If anyone has any experiences like this or knowledge of these situations, I'd greatly appreciate it. Thank you,
  • You will have to go through the motions of probate, even if there is not enough money. If the bank suspects a screw job, they will go after everyone listed in the obituary as related. It will be a dammed nuisance. But a lot of this you can do your self. Your lawyer will have to look at any revocable trusts. You will need a letter from the court appointing you, your mother's personal representative. You will have to apply to the IRS for a special taxpayer ID to use, when you file your mothers last tax return. You will need 10+ certified copies of your mothers death certificate, or nobody will talk to you. You open a checking account with the taxpayer ID. Any money you find, you put into the account. Never put the money into your own account. You are allowed to pay legal fees, reasonable funeral expenses (talk to lawyer) out of the account. You then have your lawyer write a letter to the bank asking them to accelerate the foreclosure. It is easier to file your mothers income tax.
  • do not problem about having an immaculate homestead. i'm no longer a stay at homestead mom yet in my opinion i do not comprehend how some females keep their houses spotless. Their detrimental youngsters ought to ought to stay of their rooms each and every of the time or something. My homestead is largely spotless on Saturday mornings - it truly is after I do my weekly cleansing. something else of the week I do hardship-free pickup and wipe down after I get homestead from artwork. I actually set a timer for 10 minutes and do not something yet sparkling. the ten minutes an afternoon keeps it from getting quite dirty yet potential i do not keep on with my daughter round all nighttime telling her to %. up her toys (surely she does that in the ten minutes cleansing and it keeps them below administration, if there is a few on the floor after we flow to mattress so what, it truly is what the subsequent days 10 minutes is for). If 10 minutes a pair situations an afternoon isn't sufficient time that you'll get the homestead the way you go with then my suggestion may be to promote around the community for a mom's helper - a youthful youngster who can entertain and shelter the youngsters for an hour or 2 even as you sparkling homestead and do laundry.
  • You need to probate. There is no way the bank will allow a short sale, the estate needs to repay her debt in full.
  • Is it a good idea to buy a second house if you can afford to without a huge amount of financial difficulty? My wife thinks that it's a very safe investment over the long term, she has relatives who made a lot of money buying a few houses in Southern California in the early 60s. She hasn't really done any concrete research, but feels that property values are destined to increase tremendously in a time frame of about 20-30 years, and that there are huge tax breaks to be had, especially if it's a rental property. She also thinks it's a good idea since we have a couple of teenage boys who will be headed to college in a few years. I'm a bit more skeptical, I don't think it's a slam-dunk that the value of the house will go up by hundreds of thousands of dollars after 20-30 years (it may or may not). I'm also not enthusiastic about becoming a landlord, both of our lives are exceedingly busy as they are and I don't want another job. On the other hand, we are in the last eight years of our first mortgage, and don't plan on retiring for at least another 12 years or so. Also, I'm wondering what kind of tax advantages could one expect from buying a 2nd house?
  • In the 1940's the country was just out of the ten year deep depression and into WWII and when the military returned home from a war they won well they were treated with lots of benefits and one was the zero downpayment on a home so communities of homes grew up all over. They invested in a home and large enough to have a renter live upstairs so that would help them pay off their home in half the time so that they could save for their retirement. Some would then buy a small cottage somewhere and rent it out and save it for when they retired. We haven't won any wars in a long time and costs and incomes have risen 3 to 4 times since the 1960's. When you buy an older less expensive home (which you probably could do today) it costs a lot to fix it up, bring it to code, put in new appliances, side the place, put in a new heating or ac system, and test for termites and such. And of course the rates are low. But along the line a house has become a liability and is no longer considered an asset. Lot of people bought homes knowing that they would get money back from that home's interest when they got their income tax return yearly (but that refund is now in jeopardy from changing laws). times have changed when we weren't looking and the 2008 foreclosure fiasco happened and lots of people who once were doing well as well as had great income are now living in tent cities outside of town. I suppose if partly depends on your age. Like after 50 you might not have income from a job or might have a lesser income so someone would have to pay for you to stay somewhere and a "good" renter might be paying for your home for you so that's your income. Another thing is "is your current home totally paid for". And if you have two boys living at home and depending on your income they might not be able to get the loans they need for school. They can't live in your rental home because they wouldn't have the rent money so you'll start to go under if you rent to them. America is at a stall until all the seniors go and that will be about 30 years, so the bell curve says to me that the economy won't change until then. You're right in that if you buy another home (might put it against the house you now own) you would be busy fixing it up. If I were in your shoes I would not be expanding in this economy. You can talk with your CPA regarding tax advantages.
  • I would not recommend buying houses. Instead I would suggest buying undeveloped land that can be put to any use. A 40 or 50 acre lot ten or twenty miles from a large city or metro area would be ideal; especially if it is close to a highway. The price of land might be considerable, but you can farm it or lease the land to farmers until you figure out how to best use the land. Another option is to turn the lot into a country club or golf course. The problem with buying houses is that you are stuck for a lot of upkeep, taxes and the like. Plus it is hard to change zoning once the area around it has been zoned for specific use.
  • We rented once. Biggest nightmare. They did not pay rent, and caused a lot of damage. You have kids going to college? Time to 'hide' money so they can get the most out of financial aid. Pay off your credit cards, car loans, and even your mortgage. You've seen the FAFSA right? You know to do this. Also max out your 401K and any tax-deductible IRA's yearly. * Try to have all debt paid off two years before your oldest goes to college. There are books on the subject of how to get the most out of grants and scholarships.
  • no longer generally, that's the reason many realtors will paintings puzzling to sell you residing house so for you to purchase the different. Ding Ding and their money sign up opens up two times and provides them money two times.... in case you purchase the 2d residing house you do have 2 separate mortgages, on occasion you would be unable to even try this until you may sshow lender #2 how they are for confident going to get ther $$$$.If residing house could be an earnings condo, and you're great puzzling nosed businness man or woman you're able to accurately attempt being a landlord besides the indisputable fact that that's risky and may well be a PIA, you will pay attention each sob tale in the e book via the renter it fairly is at the back of and you're able to't merely evict... so or pay the two or lose one. in case you hit upon a house you in basic terms LOVE get your realtor to paintings with you on the timing of the sell then purchase via inquiring for an option to purchase based on the sale of residing house variety a million. The sellers would be unable to sell to absolutely everyone else yet you fr a definite length of time giving the realtor time to sell residing house # a million without you in basic terms dropping the oportunity to gt you dream residing house... talk on your realtor, they might have tricks up their sleeve I even have by no potential heard of.
  • It 's good for Investment. But you need to be careful who you are going to rented to
  • YES YES YES! it will help the economy! and NO! it will not encourage continued illegal immigration. Illegal immigrants pump billions of dollars into our economy, pay billions in taxes every year, and do the work most Citizens refuse to do. The mortgage loans given to them have even been holding sturdy....well, up until we started deporting them. So what we are doing, is adding more to the foreclosure mortgage crisis by getting rid of people that were making their payments on time. Hispanic Illegals are part of the Hispanic Purchasing Power that's expected to reach $1TRILLION by 2011. Get rid of them, and we won't see these numbers. www.perrymangroup.com Illegal immigrants' value to economy? $1.8 trillion If the 8.1 million undocumented immigrants who cut lawns, bus tables and perform other jobs disappeared overnight, the nation's economy would lose nearly $1.8 trillion in annual spending. Texas, the second-hardest-hit state after California, would lose 1.2 million undocumented workers and $220.7 billion in expenditures. These are just some of the findings from a study done by the Perryman Group, a Waco-based economic analysis firm, whose work was commissioned by Americans for Immigration Reform, a group spearheaded by the Greater Houston Partnership. http://rismedia.com/2007-10-12/home-loan...Home Loans to Illegal Immigrants Sturdy RISMEDIA, Oct. 15, 2007-Despite the downturn of the mortgage market, a type of home loan has remained surprisingly sturdy: one extended to illegal immigrants. http://www.cnn.com/2007/US/10/01/hispani...Hispanic purchasing power is expected to reach more than $1 trillion by 2011
  • With the housing market out for lunch, illegals have been hit extremely hard. As an American living in Mexico, I get to see it from the other side. I talk to people who say their family members up in the States (legal or illegal) are planning to come home. People who had considered going to the US (legally or illegally) two years ago have now put those plans on hold. So, amnesty will not help the economy, because many Latino immigrants work in the home construction/maintenance industry (construction, painting, landscaping, etc.). However, amnesty will definitely encourage more illegal immigration. People will have a reason to go up to the States illegally. They'd say, "Well, the economy is bad, but the chance of me becoming a US citizen is worth it, so we're going." P.S. The fact that illegals are leaving the US may seem great, but it is truly indicative of how bad the economy really is.
  • According to a report 2007-08 by Edwin Rubinstein cost US taxpayers $9,000 annually for each immigrant, legal & illegal, in the US. There are currently 37 million in the US for an annual cost of over $346 billion. Take the legal & illegal workers out of our work force and Americans would be earning AND spending that money here instead of wiring the majority of it out of the US. Add to that the increase in taxes paid in to Fed, State and Local governments. Now, add in the $346 billion the Feds would save not supplementing support to legal immigrants and illegal aliens. How does that not help our economy. giving amnesty will only bring in more illegal aliens. That was already proven in the 1980s when amnesty was granted before. It will cost US taxpayers $2.6 trillion to grant and add $50-60 billion a year to welfare costs.
  • It will not help the economy. With the unemployment rate at 8.1% having an additional 12 million (or more, depending on whose figures you believe) out there looking for jobs legally cannot be beneficial. Amnesty does encourage continued illegal immigration. In the '80s amnesty was granted to those in the country illegally and from then until now, well, we have an additional 12 million plus more illegals in the country. If Sears had a policy of not prosecuting shoplifters that would encourage even more shoplifting. By awarding, or dismissing, illegal behavior, you are only asking for more of the same.
  • No, it will hurt the economy. The economy is benefitting from keeping them down where they have no other choice than to do odd jobs for little money. Once they are legal, they will be coming for your job. They will do it for less than you will so you will either take a paycut or you will be unemployed. Then you'll need more illegals to do the low-paid odd jobs. Of course it will encourage continued illegal immigration if you give amnesty. The wanna-be illegals know that there was amnesty given once, they will hope it happens again.
  • No and yes. Most of these illegals are poor, unskilled, don't speak English,and they have no health insurance. Once legalized they will avail themselves of all the free stuff that the feds and states give out to their citizens. Taxes will have to be raised to pay for these benefits, and that will seriously hurt the economy. We have almost 10 million unemployed Americans, and sending these illegal alien trespassers back home will open up jobs for Americans. Let's put America first, and ignore the propaganda from the open border lobby and their minions at Y/A Immigration. Free E-books, The Open Borders Lobby: http://www.discoverthenetworks.org/guide...AND The Open Borders Network: http://www.manews.org/openbordersnet.pdf
  • No,it will not help the economy. Millions more on the welfare roll will not help anything. Amnesty will cause more illegal immigration. If amnesty is granted to all those who are here now,the same labor laws will apply to them as it does to the rest of us. They will no longer be "cheap labor" because they will have to be paid as the law says. A whole new batch of illegals will be needed by the dishonest employers who don't want to pay a fair wage. Not only will we get millions of new "citizens" who will be competing for jobs and relying on welfare benefits when they lose their jobs,we will have millions more illegals coming to take the place of those before them.
  • No!! That is a very expensive idea and La Raza has been 'telling' us this and that, but the foundations and government sources tell us amnesty will be very expensive. June 6, 2007 Amnesty Will Cost U.S. Taxpayers at Least $2.6 Trillion http://www.heritage.org/Research/Immigra...http://www.heritage.org/Press/Commentary...====================================== http://www.fairus.orghttp://www.cis.org http://www.numbersus.com http://www.illegalaliens.us and particularly.. http://www.heritage.org/Press/Commentary/ed062108b.cfm --------------------------------------... La Raza is out and roaming these days.. the numbers come from State and Federal Reports. The Federal Government knows the cost.. some have proposed the idea anyway. It would be incrediably abusive to the citizens of this country.
  • Yes, I think it will. Contrary to what people thinks, illegals don't get none of the benefits people here talk about, they cannot file a tax return, they cant get food stamp, housing assistance, medical benefits ETC. The economy will benefits from immigration fees, which runs in the thousands, if illegals become legal and they get their immiimmediateily here, there will be less money leaving the USA and these people will start paying taxes
  • Yes it will All fines, taxes back and immigration fees would put billions dollars to government budget. I someone is worried about labor force - they already have a job so there no need to worry about unemployment rate. The only thing, there should be a rule that those people cannot get a social help and unemployment benefits. If some of them is laid off then he has to find another fast or go back to his country. I met so many puertoricans - not so good people - state they are americans - speak only spanish and are rude., this way they change opinion about mexicans because most of my friend say they come from Mexico - for them everybody who is darker and speak spanish comes from Mexico - American education :):):)
  • Here's a forum discussion between some attorneys who say it is: https://www.lawguru.com/legal-questions/...Seriously, they can't possibly be legitimate and I have heard of this very scam. I just can't believe that people would fall for it. None of it makes sense. They say that they will take over ownership of your house before it goes into foreclosure. Then, when the bank comes by to file foreclosure proceedings, the Wilshire people dispute the foreclosure under the grounds that it's their property, not yours. But, what they have you do is sign over title to your property, while you're still making mortgage payments. They don't pay off your mortgage. They just take the deed to the property. They then probably put it up for sale (fraudulently) or rent it out, taking huge deposits on it and walking away with the money. In the mean time, you get someone knocking on your door claiming to have bought or rented *your* own house. And, you still have the foreclosure to deal with. At the very least, they're charging a 1% fee (1% of the property value) to perform their "service" and they can't do anything for you. If your mortgage goes into default, having them on the title does absolutely nothing. It's not even valid, since the bank holds the paper (mortgage) on the property and you can't sign over title without their permission. And, they won't give it unless you paid off your loan. I wouldn't walk away from these people, I would run away screaming. You apparently have enough grief to deal with, with a pending or possible foreclosure. You don't need to be scammed out of your property, too.
  • I am finishing a divorce and need help figuring out how to move forward making ends meet. I have my 2 daughters full time (but for 8 weeks in summer). I also got the house debts for the marital home and a rental as well as ex's credit card debt and part of her student loans. In addition I have to pay her lawyer 1000. Also have to pay ex compensatory of 1200 for 5 years and she only has to pay me 200 for child support. So now I stuck with lots payments and debt. The rental mortgage is higher than rent income and is about 50,000 upside down. The house is also upside down about 70,000. As I see it I do have some options. First is I can appeal the judgement for compensatory. This will cost about 20k-30k and if win then will still have to pay that lawyer fee but will be 50% less than compensatory. I will still am house poor. I can attempt short sales and find place to rent for 3 of us. I have watched as 2 other houses in neighborhood attempt short sales and after year nonsale end with foreclosure. There are 3 others for sale (next door and across street). Nothing seems be selling here. 2. Walk away from houses use money to find place to rent and pay ex. And figure out how to pay the other debts the judge gave me. 3 bankruptcy. Find place to rent, still have to pay ex. But be free from paying her lawyer and debts and the houses. Could even appeal and then file and be free from appeal debt too. If I do anything like 2 or 3 should I just stop paying my mortgages now? 2 or 3 also ends up putting tenant out. I do have a good job with decent salary but no time left after work and daughters for any extra jobs. I know there are other options but not sure what they are. I am just stuck and trying to figure out caring for my daughters. Any help and comments are greatly appreciated. Thx
  • This is more of a question to put to an accounting attorney. However, you might also consider posting it on one, or all, of these site for fathers and see what ideas you may get. http://dads-house.org/EducationalManualhttp://groups.yahoo.com/group/Dads_House...http://groups.google.com/group/fathers-lhttp://groups.yahoo.com/group/911divorcediscussion http://groups.yahoo.com/group/azfrmembers http://groups.yahoo.com/group/dadsinfamilycourt http://groups.yahoo.com/group/dadsofwisconsin http://groups.yahoo.com/group/F4J-California http://groups.yahoo.com/group/fathers_in_action http://groups.yahoo.com/group/FRC
  • First of all, do not quit paying your debts. This is a very bad idea and almost impossible to correct. Can you live in one of your houses? You probably should not bother trying to sell, if nothing is moving in the neighborhood or the mortgage is upside down. It is a tough spot, but not much you can do unless you can refinance. Bankruptcy should be a last resort. You can appeal, but this sounds like a lot of energy and money that may be better spent just trying to get the mortgages on an even keel again. If you lose, you will have another bill and nothing else to show for it. Don't try to find another job. Your children need you and your attention. I wouldn't worry about the ex's student loans or her credit cards. Who cares if those are not paid? If your name is not on the bill, it is not your problem. It sounds like you got a very bad deal, but be strong, work through this and in the end you will be okay. Focus on staying well and enjoy your daughters. When all else fails, learn to cook and clip coupons. Put off big expenses and trips for now. Good luck!
  • I am sort of having a problem with your question. By you moving does this mean that you and your husband will no longer share the same house? Are you moving from the house you own in your name and when your husband purchase a 2nd house in his name both of you will move to that house? If you are in a community property state such as California and your husband purchase a house in his name only, you will be required to sign a deed indicating that you will have no interest in the property what so ever. Can your husband qualify for a house using his income alone as well as his current assets? If not then he will have to use your income and assets. I see no reason why you can not go on the mortgage and deed of the second home. Why would you foreclose on a renter, you evict a renter when they fail to pay the rent on time. That should take no longer than1-3 months at the most. The bank will only foreclose on the property that it has collateral on. That collateral will be outlined in the loan docs that will be signed by any and all that are on the new loan for the 2nd home. Now about the rent if your renter fails to pay his/her rent you should immediately evict that person and not concern yourself with the bank foreclosing. Your renter should be long gone before a foreclosure and you should have another renter. I hope this has been of some use to you, good luck. "FIGHT ON"
  • No they can not. They could sue you for any shortfall if they lose money on the foreclosure and get a judgment against you but the 2nd house is in your husband's name and can't be touched by them.
  • The lender wouldn't be able to sue your husband because he isn't on your current loan. You will have sole responsibility of the mortgage in the event you default.
  • I have heard of people giving the deed away for $10.00 and (probably only in certain states) this is completely legal. But what I refer in this case is to "investors" who offer certain amount of money to distressed homeowners for their signing over of the deed. Is this illegal, since after all the home belongs to the mortgage company? Anything you can add here will help. Thank you.
  • In most states, you can do many things to transfer ownership. Many have what is called a quitclaim deed that designates the terms by which the new owner assumes the property. However, the new owner then assumes any and all liabilities against the property, including the first mortgage. The mortgage company may or may not care about what just happened, as long as they are paid. But, many do have the right to call the loan in full in the event of a transfer of ownership. If the original owner really has no value left in the property above and beyond the amount of the mortgage, the amount on the deed is simply a token to show that money was changed in consideration of the deed. I have seen $1 used many times. While this process can be abused by many investors, it can also be very beneficial to both sides. Take an example where a person owes $100,000 on a house that should be worth $135,000. However, he can not make the payments and foreclosure is looming. The condition of the house may be so poor that even if he put it on the market, no one would buy it for any more than the mortgage anyway. So, if he does nothing, the foreclosure proceeds and he loses his home and every bit of equity that he could have had if he could have kept the property up. His credit is completely shot and he has nothing to show for it. Now, suppose an investor comes along and offers to take the problem off his hands. The investor can only do this if their will some type of gain for him on the other side. So, by agreeing to the quitclaim, the foreclosure process is stopped, the person should be given a reasonable time (30 days) to move out, and the investor can then restore the house to market condition and sell it for a profit. Believe it or not, by the time an investor buys a $100,000 house and renovates it for $5,000 to $15,000, and then markets and has to hold it until it sells, there may not be all that much left over at the end. If a house needed very little work and had several positives about it, I would consider buying it if I knew that I could make $5,000. For larger homes or ones with more damage, I had to be able to project $10,000 or more. Otherwise, there would be a substantial risk that the original homeowner would get the $10 from the quitclaim and yet I might end up losing money on the deal if more than one or two of my projections worked out against me. Now, where it certainly can get ugly is when this occurs and the original owner agrees to sell under duress and yet there is a more substantial difference between the price that it will sell for and the mortgage. In California, I know that they require a statement showing that the calculated value at the end of the process. Then, if you projected that the house would be sold for $30,000 more than the mortgage and all the expenses, you would probably have to give the original owner $15,000 or so to avoid any problems with the state. My first flip, I did a deal like this based on a final number of $15,000. I gave the owner $7,500 at the beginning, let him live there for 3 more months to help him out and when I sold it, my amount was about $1,300. Even then, he eventually thought that I screwed him over and so did his family. Seems like they completely forgot about the $7,500 he received that he never would have seen if it hadn't been for someone trying to work a fair deal with him. But, I knew what I did was the right thing even of they couldn't understand. But again, that is one situation where I know that I tried to apply a fair method and many others will not be as forthright in their dealings. After that one, I made sure they signed the calculations on the front end so they could not forget what the goal and potential outcome should be. Anyway, I rambled on a bit there, just offering some more perspective about how this can certainly be legal and beneficial but also dangerous to literally both parties involved.
  • You are asking the WRONG question. It is not WHEN you buy, it is WHAT you buy. This is not "shopping" where you make a decision based on color or cuteness or "falling in love" with something, or atleast it should NOT be. This is one of the BIGGEST investment decisions you will make in your life and should be treated as such; as an INVESTMENT. The deal of a lifetime comes along about every 3 weeks in real estate so when is not the most important factor. The good news is that you are TALKING about it now when you are planning on buying a year out. Now for details of HOW you need to spend that time. First and foremost is the fact that this will have a VERY serious impact on your retirment and that you are going to be spending a considerable part of your net income to complete this transaction. This will affect the amount of money you have for the next several years so you better get it right; for the right reasons, in the right location, for the right terms, and for the right price. Think of this as an INVESTMENT and NOT the same as paying rent. The first thing you need to do is sit down with an accountant and let him go over your current income/expense budget and see where your current income is going, what your pre and post tax income levels are, what your debt to income ratio is, what your credit score is, what your assets are, how much you have or can save for a downpayment, what amount of loan you can safely qualify for. Have them explain that as a married couple you can keep a TAXFREE gain of 500K on a house you live in for 2 out of 5 years. Maybe you should make a goal of trying to maximize that tax loophole. Would you move every 2 years for 500K taxfree? If you make it a goal to create 200 or 300K taxfree income then you need to study your local market, talk to people who work in the real estate market everyday and have for years. use their experience to guide you to NOT the cutest house but the house that has the best investment rate of returns. Find a realtor who you click with, find a banker who can provied the best terms and rates for a morgage, find a property inspector who can REALY inspect a property to allow you to better negotiate the purchase price and terms. Find an accountant that can show you how to structure your income and expenses to take mazimum advantage to lower your taxs. Make this a second job that MAY create more net income then your primary occupation. Learn how the foreclosure properties are handled and what the risks are of buying them. Learn how tax lien sales work in your county. learn how to calculate rates of returns. You do not need to know everything but you DO need to know who the expert on THAT subject is and to get them on your team of advisors to ensure that you do not end up like all the people caught in the sub-prime mess. This can be very fun when done right and you are on the doorstep of the rich. They use money to make money and that is the key to getting/staying rich. So your choice is to ACT like the middleclass and spend 110% of what you make to keep up with the Jones by buying more house then you can afford OR to ACT like the rich and find ways for money to make money by buying the BEST deal. Fall in love with the deal; NOT the house.
  • It doesn't really matter for tax purposes, as you'll be able to write off 1/3 of the interest on the mortgage on you're return. But personally, I'd say buy it in January because you'll have to itemize your tax return at that point, so you'll have the chance to write off a lot more expenses that you'll accrue during the year. Also, stop by your local tax office (H&R Block, Jackson Hewitt, ect.) and see if they can help you further.
  • A lot of it, but not quite everything. I'd say about 85-90% on any given day.... --I am more shy and quiet in real life than I am here....it's just easier to put things into words on a keyboard. Not to mention, I do still have friends and a social life online, where I don't so much in the real... --I am mostly more positive and motivated here than I am in real life. I don't *lie*, ok....but lately (since about Level 3 or so for me) I've tried to be more positive and less, um, intense? argumentative? confrontational? Something....If you want to know how much *meanness* I hold back here, and in the real....look up some of my longer, meaner answers from the beginning, over a year ago. Search my Profile ID and the phrase "your society". ^_^ You should scare something up. You've been warned. *lol* --The biggest thing though is: I can do research so much more easily here. All I have to do is cough up some linkage and keyword search phrases in "quotes" and I look brilliant all of a sudden. ^_^ In the real I'd have to dig up actual magazine articles and/or pay the local public library a visit and take some careful notes. Same intellect, but I get more chances to use it here, and make it look *easy*. --And the rumors are true....I look like a bit of a goob in real life. I'm a chubby, older guy, who doesn't get enough sleep most nights. So no pictures. Sorry. That's one of the few things I stand solidly by: *nothing good* has ever happened with me, from my appearance. In fact, I've been rejected more than a few times over photos. So no thanks to more of that. I hope this helps. ^_^ Thanks for your time.
  • Doesn't really matter when you buy though if you buy in January, come tax season you'll get a bigger return as you'll have an entire year of mortgage interest that you can write off.
  • yes always in the winterish seaons are the best times to buy homes in hot climates. If in the summer months, the houses will go sky high in price!
  • It really doesn't matter. As long as you're going to be living in it and not renting it out. If you rent it out you'll have to pay capital gains tax which sucks.
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