Foreclosures Help Information

Posts Tagged ‘California Homes’

California Foreclosed Homes For Sale

Question: Foreclosing on a Home In California with a First and a Line of Credit?

I have a First and a Heloc from a Credit Union. My house has been on the market for nearly a year with no action. I am selling at a fair price that will cover paying off the loans and the Real-Estate fees. If I choose to foreclose on the home, what are the ramifications regarding the 2 loans. Will I be liable for any damages to the credit union? If I do a short sale do both lenders have to agree or just one? How long will it take to recover (credit wise) from a foreclosure vs. a short sale?

Answer: The short sale will have less of an impact then a foreclosure, but both are about 7 years.

Yes, both lenders have to agree on a short sale, you will screw both, so both have a say.

SOUTHERN CALIFORNIA FORECLOSURE TRUSTEE SALE.wmv

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Tax Foreclosed Homes In California

Question: Foreclosure/ Property Tax question?

I am going through a foreclosure on a home in California. We just got the notice of default, and the bank said it is supposed to be 3 months before everything is said and done. Today we just got our property tax bill. If our home forecloses am I still liable for the property taxes? Obviously due to circumstances beyond my control I can't afford the house anymore or the taxes. Thanks

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Answer: Sorry to hear of your situation...maybe try a refinance to lower the payment? Try to sell it and pay that mortgage, maybe you can even turn a profit. You're going to lose it anyways so try to keep your name clear and maybe make money too.

Don't just lay down man, FIGHT!

Your tax...The tax is usually for the whole year and it depends on what their accounting dictates. Yes, you will be liable for the portion of property tax for the period you are on the title, the bank will owe the remainder if any. Many states send a bill in the sixth month of the year for the whole year so you may owe the previous six months plus the 3 more in foreclosure.

Good luck, I wish you well

Mike

Video - Foreclosure Homes in California: Property Listings

Homes Foreclosed In California

Question: How do I buy a foreclosed home?

My boyfriend and I are going to be moving back to California soon and we were looking to buy a foreclosed home. We don't have any money saved but we've heard that you can buy foreclosed homes with no down payment. You just take over the payments on it. Is this true? If not, can you tell us how to go about buying one?

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Answer: You heard incorrectly.
You have to get a mortgage and the lowest downpayment you can do right now is with FHA financing and if I am being totally honest, foreclosures are HARD to get approved by FHA. I am going through it right now and its been a CHORE...lots of work and time invested but its working in the long run. FHA has strict rules about the condition of the house so if there are problems with the house they could flag it and your financing would fall apart. Conventional mortgages right now require 10% down which sounds way out of reach for the two of you.

Pictures of Home - Foreclosures in Los Banos, California