Foreclosures Help Information

Posts Tagged ‘California Foreclosure’

Stop Foreclosure California

Question: I have a court ordered judgment against me but if I file bankruptcy now, do I still have to pay?

My husband has a $20,000 hospital bill and in the state of California, the spouse is also responsible to foot the bill. So now, we have a court ordered judgment against us. Since our house is now in foreclosure I was planning on filing bankruptcy anyways. Will filing bankruptcy stop this court ordered judgment? If not, can they garnish my wages? -note, My husband lost his job and I am the sole provider for a family of 4

Answer: You need to consult a bankruptcy attorney, this is serious business. It makes sense to say that you can include that judgment in your bankruptcy but then again it is a court ordered judgment so I don't know if they have ways of enforcing it.

Stop foreclosure avoid foreclosure in Orange County CA Part 2

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Buying Foreclosure In California

Question: Is Buying A House On Foreclosure a Good Idea??

I read that you can buy a home in foreclosure in California for as low as $10,000. But are there strings attached??
Thanks for all your great answers! Especially Mandelyn & Bcauble1. This site is great.

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Answer: Well of course there's strings. Those depend on the state laws and the bank holding the deed.

Forclosure is when someone messed up paying on their house and the bank then possessed it. The selling price is typically the remainder of the balance owed.

When the bank has these properties, they're to pay the taxes, and maintain cutting the grass and things like that. A hassle, so they sell them as quick as they can.

A lot of people do this as a buisness. They buy these houses, and flip them. Because of these people, who work closely with the banks, it is difficult to get the good houses.

Don't mess with a webpage, deal directly with the bank holding the deed. Too many people are trying to make money with this stuff by telling other people about it. So don't become a member of an online "insider" site or anything like that.

These houses are sold "as is" with no inspection. You cannot look inside, only outside.

You have to remember that someone just lost their house. So yes, the bank may be selling it for $10k, but all the windows could be broken, all the appliances gone, tore up floors, or the place could be completely filled with trash.

A friend of mine got one for $21k, and it took 4 giant dumpsters just to empty the house of trash.

When looking at a property, you need to do your research. Be prepared to spend some loot, maybe even triple what you paid, on gutting the house and refurbishing it just to make it habitable.

These are not cute little clean houses that are selling dirt cheap. These are usually houses in distress.

With an entire team of workers, these houses can be done and ready in 2-4 months. But if you don't have a team or a contractor's team on hand... you'll be in for a hassle and high expense.

It's a risk... because you may spend more than you planned, and you won't profit much. That will depend greatly on the location and the market value.

It's not unheard of to get a house for $10-$20k, drop $40k into it, then resell in a matter of months for $150k.

Just have to be smart about it.

Real Estate Investing Tip: Buying Foreclosures

Government Tax Foreclosure Properties In California

With the increasing rate of foreclosures nationwide including Los Angeles – the largest city of California is attracting homebuyers and real estate investors to pour their money to buy them. Los Angeles foreclosures occur in the situation where lender repossesses the mortgage property and then sells it to recover the default loan.

But before sailing the boat into Los Angeles foreclosures one should educate oneself about the process involved and get ready with vital research with strong track. This can be done without visiting to a real estate broker that could be burdensome. Now days, web based real estate listing services are available which help you in your goal to get a right property. These services are flooded with necessary pre-foreclosure and foreclosures information.

All states have their different laws. Before venturing in Los Angeles foreclosures buyer should get familiar with the foreclosure law prevalent in the local state of his desired property. For example, some states like Florida and New York follow the judicial process which require the lender to file a lawsuit against borrower and when the court orders, only then the property is repossessed by the former party. Whereas, states like Texas and California follows the non-judicial process.

So, for prospective home buyers and investors, there are three different opportunities where he can bargain for Los Angeles foreclosures -

• Pre-foreclosures: here the buyer can directly contact with the seller, inspect the property and close the deal.
• Public Auction: in this situation, the minimum bid is offered and whosoever bid the highest, will be the winner. But one should get ready with the finance as it required the cash payment. Moreover, there are cases where one do not get chance to inspect the property and know the actual status.
• Bank-Owned Properties: when the property is not sell out during the auction, the listing is sent back to the bank where the lender pay all taxes and get some necessary reconstructions done to take the property into real estate market.

Through online listings of Los Angeles Foreclosures one can get a series of property with a single search criteria like zip code, location, number of rooms, price etc. We have options of Los Angeles commercial foreclosures, repo homes and federal properties.

One should also check the status of taxes. It should be confirmed before finalizing the deal that no back taxes (that are to be paid to government on priority) are attached to the land which could move up the purchase price.

About the Author:

Ron Akins is Chief Writer on Real Estates and Foreclosures with over 20 years of experience in writing and provides expert tips on buying Los Angeles Foreclosures. For more details please visit Los Angeles Foreclosures

Source - Los Angeles Foreclosures – Makes Best Bargains Possible

Real Estate Investing - Buy Tax Lien Property at Government Auctions