Upcoming Foreclosures - California Foreclosure Process Knowledge Base

California Foreclosure Process Knowledge Base

How long is the foreclosure process in California (Riverside County)? A friend is three months behind on their mortage. They say they have still not received any certified letters or anything. If they decide to stay in the house, approximately how long would they have before the foreclosure and eviction? Again, this is Riverside County. (Please only answer if you have first hand knowlege of this process.) Thanks!

Is anyone familiar with California Real Estate Foreclosure process? thank you for any information? I am particularly interested in how long it takes from the first time the payment is 30 days late.

Where can I find free information about the foreclosure process in California?

What is the process in buying a foreclosure, or distressed property in California? Also can you help me understand what a tax lien property is and it's buying process and foreclosure's buying process, which is better?

Foreclosure in California. My house is in the foreclosure process.? My question is, once the lender sells the my home in an auction, are the lenders required to give us a certain amount of days notice for us to move out? Or will they just come and lock up my house? I know a couple of years ago lenders had the right to come and lock up the house even with your stuff still in it without notice. But with the market today, I need to know if they will give some type of notice? And if it is required for them to do so?

What is process for home foreclosure in california? I was unable to pay both home mortgage and hoa fees for almost a year. Lender offered modification but the offer was not good at all. In the meantime, Hoa foreclosed our home and also sued to kick us out "Notice of Unlawful Detainer". We just responded to the summon and waiting to see the judge. My question is how long this process typically take? (I mean how much long can we live in this home). When we see judge, is it possible to request time to move out (extend move out date) or will judge's decision be final? We are working with lender to shortsale. Lender did not file foreclose, but hoa did. I am confused who has the right(or more power) to do all this. (lender or hoa?)

But at what point of the foreclosure process can I still file bankruptcy? Is it too late to file for Chapter 7 bankruptcy if I already got the Notice of Default? or do I still have time after the NOD? State is California.

I am interested in buying a foreclosure property in southern California? I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don't even know how to start the process, any help would be wonderful! I'm a Canadian citizen and I live in Canada, if that's necessary.

I have a question regarding bankruptcy and foreclosure in California.? My husband lost his job in October and I am a student, so we have no money coming in except for a pittance from unemployment. We had some savings and he cashed in his retirement, but we are almost out of money. We put our condo on the market in December, but so far no takers. My husband has relatives in Las Vegas who have invited us to live with them temporarily, so my husband went after Christmas and began the job-hunt. We are now considering foreclosure and/or bankruptcy, but neither of us know much about either process. Can anyone either explain these processes to me, (in English - not Legalese), or direct me to a website that I can understand? I need to know everything, such as: Do I have to file in California or can we do this in Nevada? Do we contact the lender about foreclosure or is this something they do automatically? (They have been completely unwilling to work with us even though we have never been late on a payment.) Any advice/info would be greatly appreciated.

California Foreclosure Question? I have a house that my mortgage was climbing way to high (around $4400 per month) and I tried to work things out with the mortgage company but they would only go down a couple hundred so i stopped making payments and went through the foreclosure process. I bought another home that was much bigger for less than i owed on the other house and now my payments are only $2300. The old house went back to the bank after a trustee sale. This happend on Thursdat of last week, today I got a call from a neighbor saying their were people changing the locks. Is this the legal, dont they need to go ahead with an eviction? i still have some stuff their and they even stole some of it. I was under the impression that they had to go to court and evict me or give me some type of legal notice to leave or quit.

In California, is it legal to rent out a home which is in the process of foreclosure? I am curious as to whether or not a home that's in the process of going into foreclosure can be made the subject of a rental agreement. I think I will put it more specifically. I allowed my ex (we were getting along well) to reside there & I with my children (he agreed) moved into a house owned by my parents. The reason I allowed him the live there (temporarily) was to keep the property free of crime, etc. Well, he then basically turned on me & now he refuses to vacate the house. I haven't paid the pymt. for about 3 mos. & he's not paying me anything to live there only maintaining the usual type of bills. So it's not like I'm getting anything toward the mortgage pymt. anyways. I realize obviously now this was a HUGE mistake... Thank you.

I am interested in buying foreclosure property in California.? I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don't even know how to start the process, any help would be wonderful!

How to do a smart foreclosure that there is no deficiency amount in the process as per California laws? My wife lost her income, and we can no longer make mortgage payments. I have 2 loans on my property. (loan 1 = 460,000 and Loan 2 = 60K). Loan 1 is a purchase loan, and loan 2 is a refinanced loan. Current property value is 320,000. I have been advised by a friend that if I stop making payments on the second loan, they would foreclose my house, and cannot come after me for the deficiency amount, and the laws of California would stop the first loan to go after me for the deficiency amount. Is that true ? Would it be the same for an investment property where I have a first loan of 280,000 and the heloc of 60,000. The property value currently is at 215,000 My friend's attorney told him that. Should I take his words on that, or how could I validate this information. Any web site ? Any other blog ? Help would be really appreciated thank you

Question about process of bank foreclosure on home? In the state of California, why am I always hearing about how people can live in their home rent free for up to a year, and sometimes even longer after failing to pay the mortgage? If people have assets, such as owning other property paid for in cash, why can they get away with this? I have actually heard people brag about it. What is wrong with values? Are they responsible for anything at all? I am confused. Maybe I am not hearing things correctly. And how long does it take for a house to go from pre foreclosure to auction?

Renting and in foreclosure process? I’m renting a townhouse in California and just today when I got home I saw a paper on the door saying a foreclosure process has begun and the property will be sold this month. I don’t know what to do my landlord has not returned my calls and I just paid my rent. What will happen? I signed a lease agreement for a year and it will expire in March 09. Please help me with any info.

How long does it take for a foreclosure to complete in the state of California.? Once Bank of America says they are foreclosure on you house, how long does the process take before you actually have to move out of your house?

Delay foreclosure sale (California)? My friends's house is going on a foreclosure sale. She was told by another fried that she could gain some more time to arrange to move out by delaying the sale for another 40 days. Supposedly there is a process where you can challenge the trustee group to prove they were in compliance with the California foreclosure procedure. If this is true, does anyone know how to do this or where to find the information on how to do this?

How do I get the bank to process the foreclosure on a home that was given back to the bank during a bankruptcy? We declared bankruptcy over 2 years ago and included the home under the BK (I had to go on disability and couldn't afford the mortgage). A judge processed and approved this action and gave the bank back the home. The loan was originally with Countrywide Mortgage and when Bank of America bought Countrywide, BofA then was transferred all the paperwork for the BK. We receive monthly statements from BofA stating that they know we have filed bankruptcy but are required to send the statements. I have spoken to BofA every three weeks and they acknowledge that the home was approved under BK but yet I am told different things about the foreclosure. "it's stuck in the bankruptcy department, they don't know why it hasn't gone into foreclosure, that California is really hard to have foreclosures go through because a judge has to approve them. I can't get a straight or definite answer. Since the title is still in our name we are required to pay the homeowners association fees as well as maintaining the front yard. The bank is paying all property taxed etc. for this home but we would like to get off the deed and have the bank take it completely over. There are now squatters in the house which I have informed the bank about. Explaining that we don't know if there is any damage or drugs inside the home but that they have had parties etc. Hopefully they will realize the liability for their bank. Not sure where to go from this point. Any ideas?

Is it possible to help speed up the foreclosure process on neighbor's home? My mom and dad have horrible neighbors. They're loud, obnoxious, inconsiderate, rude, sell drugs, etc. Parents have had many sleepless nights because of these bastards. Calling the cops doesn't help much either. It had gotten so bad, that my dad considered buying their house just to get rid of them! Talk about desperation! Luckily, the real estate agent my dad was working with, advised him not to buy. She told him that the neighbors were at least 9 months behind on their mortgage payment. I guess that's good news, but we're wondering how long before they get evicted? They live in California. Someone suggested that I call or write the mortgage lender (Citibank) and inform them on the condition of the house. It's totally trashed on the outside, and one of the teenagers who hangs out there, mentioned that the inside was just as bad. Would the bank even take this into consideration and speed up the foreclosure process? They're definitely loud but according to one cop, there is no law against it. Even at 2:30 am! Isnt that called disturbing the peace? My dad doesnt understand how not even one of those thugs has been arrested for possession of drugs, since they're always getting high and drugged up on their porch in clear view of everyone passing by. Cops said there has been no probable cause to search them. :-( I don't know much about real estate, so I never thought twice about the fact that the agent looked into their payment history. When I mentioned that my father thought about buying their home, he went so far as to talk to the neighbor about it. She was all for it! She gave my dad permission (not sure if it was only verbally or written) to do whatever he had to do to start the process . The neighbor never metioned being behind on payments. When you think about it, my father was actually going to do her a favor (which I tried to talk him out of) and get the house off of her hands. Geez, this is getting way too complicated! :-S

Foreclosure process question!? 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.

In California, after we've defaulted payments on the home, if we can not pay property taxes, what happens? Since we've defaulted on our mortgage payments, we are not able to come up with the property taxes that are due before April 1. We are still not in the Foreclosure process. What would the county of San Joaquin be able to do us in coming after the property taxes for a property that we can not afford?

Desperate.Please help me if you have any experience/information on Bank of America foreclosures in California.? Hello, I am desperate for information specifically on Bank of America's recent procedures/history on foreclosures in Southern California. My husband is losing his job and it is unlikely that he will be able to find another job at comparable salary in the very near future as he is not always in the best of health. On the positive side, he is old enough to begin collecting his pension. Unfortunately, the combination of his pension and my salary is not enough to continue our monthly mortgage and living expenses. I am so broken hearted and and now it's obvious we will need to walk away from our home. In the last two weeks I have imagined my cancer of two years ago returning from the stress. I have my elderly mother living with us, as well as two adult children (they work and help with expenses as much as they can) who have had difficulty in getting decent paying jobs since graduating college in the last few years. We have excellent credit, have very little credit card balance, and have always paid our mortgage on time. This month, we will miss our first payment. It is gnawing on me that we need to uproot quickly and how will we find place to accommodate all (plus a dog) with a blemished credit. It is not an option to send mom who is 90+ to a nursing home or kick the kids out. I'm am so afraid of the unending calls from BofA which will probably start soon or the sheriff coming to our door. I guess I just need to hear from someone who has experienced a Bank of America foreclosure in California. (I called the bank the other day to ask questions, but rep asked me my name and loan number so I just said I'd call back.) Tell me what I should expect and when during this foreclosure process. How should I respond to calls/letters. Last but not least, since I really don't want to leave, is there any possibility of getting our loan written down (a new mortgage after modification would still not be affordable). Thanks so much for taking the time to read all of this. I appreciate any input.

do you understand a california FHA Foreclosure? In an FHA Mortgage, you pay a Mortgage Insurance Premiums. This is for insurances just in case you default. The insurance covers the lender, so they get money if you default. Your mortgage is with a bank. So...now you are in default and foreclosure has begun. The bank does all the paper work and files with the court for foreclosure. After the foreclosure is where my confusion is. Will the bank auction the house or will they collect the remaining balance on loan from FHA and give the house to FHA? (like car insurance when a car has been totaled) When house is put up for auction, I assume they will begin price at the loan balance. It's fair market value is about 50% of the loan balance. When will it be auctioned for the fair market price? Will it be auctioned by the bank, and when they can't get loan balance the bank keeps it. Then the bank gives it to FHA in exchange for insurance money? Then FHA auction the house? Explain this process. Who auctions, when is FHA insurance paying lender, how much is insured. Is the bank going to be paid the complete loan balance and possibly interest by FHA? Why would a bank want to modify a loan to prevent foreclosure? I have asked these questions of real estate agents, FHA loan holders and searched the internet with very little luck. Everyone has a different answer. Any web sites would be useful. FHA and HUD do not have these details on their web sites.

Need advice on my mother's foreclosure.? I'm 25, living out of state from my mother, and she has informed me that the bank cannot modify her existing loan. Unfortunately, she has started to default on her payments, $2k/month, and the bank wants to see her come up with backpay, or else they start the foreclosure process. How long does she have in the state of California for the process to start, and finish, and she has to be out of the house. She would like to do a short sale, and has a family friend realtor helping her with that. She has had potential interest in renting one of her rooms, but she doesn't want to take on any renters if she will be kicked out of the house soon. How long does she have? Any suggestions on what I can do to help? Thanks for your help.

Foreclosure question reguarding the process!? I'm In California and I'm aware it takes 120 days for a foreclosure to be finalized but how long must the new owner/bank wait before they put it on the market or how long does it take for them to file proper documents to put the house for sale on the market? Also can they put the house on the market if there is occupants in the reo home? If not, hoW long will it take them to evict the occupants which are renters not the previous owner and what proper notices should they post before they start the eviction?

I keep hearing that California is a tax deed state............? I keep hearing that California is a tax deed state. What the hell does that mean and does it participate in tax liens too. And if not, then why do some foreclosure websites list homes in California under the title of tax liens as an option to purchase? How does this process of tax deeds work?

Foreclosure-I want to move out of state? My fiance and I are going through the foreclosure process on a home we own in Ohio. I want to move to California to stay with family but the scheduling is delicate. Do I have to stay in my house until the foreclosure goes through or until we get evicted? I would like to move early if possible, because I need to make plans before I am forced to move. Thanks for the insight!

What does this article mean please sumamrize for me (U.S. Homes Lost to Foreclosure Up 25 Percent)? U.S. Homes Lost to Foreclosure Up 25 Percent LOS ANGELES -- Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said. August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May. Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can't afford to simply dump the properties on the market. Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April. That's one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac. "These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer's market with too much distressed inventory for fear of what it would do for house prices," he said. As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer. The number of properties receiving an initial default notice -- the first step in the foreclosure process -- slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said. Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009. Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don't sell at auction, these homes typically end up going back to the lender. More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year. In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes. The firm tracks notices for defaults, scheduled home auctions and home repossessions -- warnings that can lead up to a home eventually being lost to foreclosure. Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That's 4.5 times the national average. Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii. Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures. Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can't qualify or fall back into default. The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out. The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009. Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied. Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration's foreclosure prevention plan after more than a year of back and forth and one failed attempt. But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin. "It just becomes too exhausting," Book said about the modification process. "That's why some people walk away. But I've invested too much and given up too much to just let it go." I have to summarize the article for a current events assignment. I dont know what to summarize

I am a junior lien holder who has just foreclosed on the borrower and as a result received the trustee's deed. The senior lien holder is still in the foreclosure process, but we have foreclosed first. What is our legal responsibility to them in order to obtain a clear title? The property is in Southern California.

how is the best way to and steps of buying a home in foreclosure? My wife and I live in Southern California and have been renting for 6 years now. Our twin daughters are graduating from college this year and my wife finally received a settlement from a car accident she was is. In our area most newer homes are out of our price range, but need a tax write off for IRS taxes next year. We heard you can go to the courthouse and make minimum bids on forclosed homes. If any one knows how the process works and the best way of laying the foundation first to purchase a home - it would be greatly appreciated!

Short Sales turned Foreclosure question on liquid assets? I am in the process of trying to short sale my home. The home has both a first and a second. The first has taken over 6 months to respond to the short sale request and now the second is transferring the file over to their recovery department and indicated they are going to close the account has a charge off and begin the foreclosure process. My question is....I happen to have a bank account with the company holding the second mortgage. It is actually a joint account with an uncle, and the funds are used strictly to support (3) minor children (sisters) that I am currently obtaining legal guadianship. In addition, my current residence is shared ownership between my uncle and I, as he provided a substantial down payment so we could move into a home large enough for my (3) sisters. Can the bank (Chase) go after this bank account or the home with some equity that really is not mine? How can I be sure to protect both of these assets that truly are not entitled to me? I live in California.

Legal consequences of foreclosure and risk to assets? I am in the process of trying to short sale my home. The home has both a first and a second. The first has taken over 6 months to respond to the short sale request and now the second is transferring the file over to their recovery department and indicated they are going to close the account has a charge off and begin the foreclosure process. My question is what are the legal consequences I am faced with here? I happen to have a bank account with the company holding the second mortgage. It is actually a joint account with an uncle, and the funds are used strictly to support (3) minor children (sisters) that I am currently obtaining legal guadianship. In addition, my current residence is shared ownership between my uncle and I, as he provided a substantial down payment so we could move into a home large enough for my (3) sisters. Can the bank (Chase) go after this bank account or the home with some equity that really is not mine? How can I be sure to protect both of these assets that truly are not entitled to me? I live in California.

My house was foreclosed on in California? My house got foreclosed on in California, I was told that if the bank did not go through a judicial foreclosure process that I would not be held liable for the remaining balance of the loan once they sold the house. However, before they sold the house, they sold one of my two original loans to another company who is now suing me for 78,000 dollars. Of course, I don’t have that much money (if I did I would still own my home) Does anyone know if this is legal? I do not want to have to file bankruptcy, but if I have to pay back 78,000 then obviously I will be forced to file bankruptcy. The company who holds the loan will not accept less than $1,100 per month payments, and there is no way I can afford that and rent on an apartment. Any advice?

Foreclosure help needed, expert advice appreciated? My husband and I have found a home that is in foreclosure status (per our agents MLS). We're first time buyers and are new to this (sorry if I sound ignorant in any of this). We have to get pre-qualified through Countrywide first (we are applying this week) then were told we can get the funds through any outside source once were pre-qualified with them first. Here's my questions 1. I have heard that dealing with foreclosures can be a way longer process than dealing with owners, is that true? and why if almost 50% of homes for sale now in Southern California are foreclosures now? 2. Can we negotiate at all or are they dead set at the listing price? 3. Can we ask for help paying closing costs if not all? 4. If we get approved and everythings a go, how long before we get the keys, (the people still live there) do they get a 30 day notice to vacate? 5. On the mls it says "in-forclosure" does that mean its bank owned or REO now or is a "pre" foreclosure? I heard those are better and give more room to negotiate price and other things.. Thanks so much in advance!!! I've googled alot of this but get biased advice and don't know who to believe anymore... I just want straight up real answers from nobody involved... Thanks

Foreclosure is inevitable for our family. How do we speed up the process? We have contacted our lender on our first and they told us our only options are take a chance at short sale or forclosure. Forclosure is something we understand is just a matter of time. We live in california and have a second on our home. My question is how to speed up the process so we can just move on with our lifes. We are moving out next month into a rental and the house will be vacant. Thanks We talked to the first lender about deed in leu and was told we wouldnt qualify since we have a second. We want to move because we want to work on getting through this foreclosure asap. The home is in a. HOA and the faster the foreclosures on our credit the sooner we can work to repair our credit. We found a perfect rental in our price range and wanted to find a rental before our credit was completly shot.

I live in California and am wondering if I need to still pay rent in this confusing situation.? My family and I were renting a house, but the owner/landlord moved us to another house because he wanted to make modifications to the house we were first at. We jumped at the opportunity to a new place because the first house had no heat and was just too small for my big family and the new house was much nicer and bigger. However now that I think about it, we never signed a new rental agreement/lease for the new house we just kind of left the old place and moved. Now this is where I need some help. We have recently found out a month ago that the new house he moved us to is undergoing the foreclosure process (there was a notice of sale placed on the house...which is how we found that out) and in addition to that the landlord that moved us there is not even the owner of the house (research showed the house is currently "Bank Owned" and the deed is under another individual's name). We confronted the landlord about the issue, and he indicated that the house belongs to his friend who did not want to continue paying the mortage so he took over the payments, but the confusing and frustrating thing is he just keeps telling us that he has everything under control and we can continue to live there as long as we pay rent as he will just continue to delay the foreclosure process until the bank lets him buy it back for less than what they want the house for. Since he is not the owner of that house and did not let us know the house was being foreclosed, do we need to continue paying rent and wasn't a new rental agreement/lease suppose to have been made since it was a new residence? Please help me out with this situation as my family and I are extremely confused. Thanks.

live in California, owe approx $100K more than my house is worth, considering discontinuing payments? 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! I am not looking for opinions here. I am asking about California specific info. In CA, they passed a law saying that you wont be taxed on the forgiven amount, just like you wont be taxed by the Feds. Although it's none of your business, my situation has changed.

Ca homeowner eviction process? under California law Once a foreclosure begins and a stay is set due to a BK, then the BK is dismissed or discharged and the stay is released, how much time does a homeowner have in being forced out of the home? What is the process

Do you know anyone here in California who are Private Money Lenders? I wanted to help people who are facing foreclosures to pay their back payments and still stay at their homes....and of course, make a little profit during this process? Approach a Private Lender to pay off back payments of those under pre-foreclosures (at a higher rate of interest) and let the owner stay at their current home and paying back the lender on a monthly basis.

If you just stop paying your mortgage, how long does it take to get foreclosed on? I've decided to let my home in California go into foreclosure. I'm going to save the money and want to stay in the house as long as possible before the bank throws me out. how can i delay the process. I've heard lots of time lines and don't know if I should talk to them or just ignore them and let the process go. What should i do? I've not paid for 3 months and have gotten a default letter so far.

How can I help save my 70 year old father's house? 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. He refinanced a few years ago which made his payments sky rocket. The value of his house declined dramatically and he couldn't pay 2k on a house that went from 300,000 to 75,000 He received a notice to vacate the beginning of this month. He has til the beginning of March to get out. :(

Foreclosure on a house? So my husband and i had to move out of state due to him losing a job and getting another one in another state. We wrote the bank a hardship letter, gave them financial information etc so we could work something out so we could keep our house back in California. Right now we have a tenant in it paying 1,400 a month but our house payments are 1622 plus 75 for the property manager. My husband now makes 2700 a month and we have to pay 900 in rent here. Anyways, my question is, our bank denied us modification to our loan. We have yet to default because we were hoping they would help us out but we really can't afford to keep it. How long does a foreclosure take? What is the process? How long will it stay on our credit reports? Thanks

Second Home Foreclosure? I recently purchased a second home which is now my primary residence. My first home, which in now technically my second home, is now in the process of being foreclosed upon. What are the tax repercussions of a foreclosure on a second home? I live in California.

Purchasing a short sale with a second mortgage? I'm in the process of purchasing a short sale property in California that has two mortgages on it. The primary has accepted the offer but I quickly found out there is also a small second. It was probably an 80/20 deal. How does this generally work and who negotiates with the second? Also, do I have any obligation to the second if they choose to not settle? I assume if they don't agree the deal gets killed and it goes to foreclosure where both banks will lose. Any insight is appreciated.

When will I lose my home if I stop making mortgage payments next month? I have decided to stop making my monthly mortgage payments starting next month (due to various reasons). Can you please tell me when my house will actually foreclose and when I will get kicked out or locked out of my house? I've heard 4 months, 6 months, and 12 months. I just want to know when my VERY LAST date in my home will be based on the current foreclosure process and timeline. I live in California and my mortgage is with Bank of America (who will not answer this for me). The first payment that I will miss will be in April 2010. Thanks for your help in helping me map out my 2010 timeline.

Will my fiance's foreclosure affect my credit? My fiance purchased a condo in California a little over two years ago on her own. My name is no where on the loans, title or any of the documentation. This was her purchase. Now we are facing not being able to make payments on the property, the property losing close to 100k and a foreclosure. We're getting married in October and if a foreclosure happens, it wouldn't be until after that as, at this moment, we are current. If the foreclosure takes place after the marriage, will it affect my credit rating at all? I don't plan on putting my name on anything, obviously. Having one of us retain a good credit rating may make the process easier, as difficult as it's already going to be.

I want to flip homes, I am the contractor/investor. what is the approx % in carrying/sales tax in a flip? Also,.... what process is it best to buy in the foreclosure state and what is best: probate, tax liens,auction properties etc. live in northern california.

Advice for First-time Home buyer in Bay Area, California? Hi, so recently my family interested in buying a house in Bay Area, California (San Jose, Santa Ana, Hayward, etc...). We look at around $200,000. Lets say we have no financial issue. What issues should I pay attention to? I will write down some of the issues that I believe is important, but please add on to what I miss out because I don't want to be rip off. And I hope that the house can at least double the value when our economy rises in few years. 1) Environment issue (house would have higher value if it's near Bart, and school, or some scenery views. Prefer not in the mountain, or somewhere with high landscape.) 2) Foreclosure house vs regular house vs short sale (I don't study real estate, but I heard foreclosure house or short sale is cheaper, does that mean it's ALWAYS better to just look at those houses because the seller try to get rid of it with cheap price? If that's true, any website suggestion? I also heard it takes alot of process for bank to approve buying a foreclosure. Time is not a matter for me, but what are the things I should pay attention to, if any? 3) House values from the past and the neighborhood (Is there a way to check that? And how do I check how much did the buyer bought the house for in the past? I assume this will be the determining factor for how fast the value of the house will grow in the future and how much profit I can make if I resell and all. Anything I have missed? Please don't hesitate to inform me. Thanks alot!!!

Should Obama be worried that foreclosures during April are UP 32% from last year? Seems like this whole house of cards is coming down soon enough. http://finance.yahoo.com/news/RealtyTrac-April-foreclosures-apf-15225719.html The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday. Ohio was in the top 10............"We've never seen two consecutive months like this," said Rick Sharga, RealtyTrac's senior vice president for marketing. "It's the volume that's surprising." While total foreclosure activity was up, the number of repossessions by banks was down on a monthly and annual basis to their lowest level since March of last year, RealtyTrac said. But that's far from positive news. Because much of the foreclosure activity in April was in the default and auction stages -- the first parts of the foreclosure process -- it's likely that repossessions will increase in coming months, RealtyTrac said. alarmist...........I didn't forget. alarmist........also, are you implying these numbers are somehow positive??

Are you next? Didn't all of this (bad loans) begin under bush administration? Homes lost to foreclosure up 25 pct on year AP Press September 16, 2010 LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said. August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May. Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can't afford to simply dMore than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year. In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes. The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure. Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That's 4.5 times the national average. Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii. Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures. I said such practices Began under bushboy. And bushboy knew what was going on, even encouraged it. All President Obama did was to try to assist people. But then, big banks and lending institutions only intended to assist with a small number of potential foreclosures in the first place. oh boy it's not 'logic' it's truth. Next. (and btw I got your "we buying a house today" You realize that most of the subprime mortgages were obtained by caucasians. You realize that of course. You realize that while so-called minorities paid substantial downpayments, the average caucasian subprime mortagor paid little or NO down payments. Got that? And yes I can prove that.

Foreclosure Question If the payments are current on a privately held second deed of trust and the first lien holder files NOD. What is the process by witch the holder of the second will be notified (California property and lender)

2nd Lienholder Foreclosure? I live in the state of California and currently hold a second trust deed on a home where the first mortgage company filed a notice of default on 12/14. As a second lienholder what are my legal rights if the first forecloses on the home. Will the homeowner's debt to me just be wiped out and I will be left with nothing? I should have foreclosed on her myself but can I start the process if the first mortgage already has? Any help would be appreciated.

A lien has been placed on our home? A lien has been placed on our home due to being behind several months on home owners association dues about $3000. We are currently in the process of filing Chapter 13 because of financial hardship. We were trying to pay all of our debt and were juggling and we dropped the ball. I'm scared they can force us into foreclosure. We are in California. Anyone have experience with that?

Should we pay our rent or hold on to it? We are renters in Southern California. This morning a man came and taped a letter to our door. The letter says that the foreclosure process has begun on this home. We knew that something like this was in the works because we have been receiving letters for quite some time now. When we asked the owner about it he said he is the process of doing a loan modification. We even received a letter from his attorney advising us that we must continue to pay our rent or we will be evicted. The attorney also asked that we forward any mail addressed to the owner to his(the lawyer) office. We have been paying our rent faithfully, however we have not yet sent it out for this month. Now that we received this notice on the door we're not sure if we should send it out. Many friends and family are telling us not to pay it. But I'm still afraid of the letter we got from the attorney advising us to pay no matter what. What should we do??? If you need more info please ask... I don't know if I'm leaving out any important details. Thanks a bunch! We are not as yet in default on our rent, the owner gives us until the 10th of the month to pay.

Do banks have to accept registered US treasure notes as a form of payment? We sold our 2 homes to an investor that has paid off our lender with a promissory notes backed by registered US treasury bonds. We understand that our lender must accept this form of payment under federal law but not state law. (California) So far they have not and they began foreclosing on us and suddenly stopped the foreclosure process in mid stream. The investor says he will fight the lender until the case goes to federal court. He is paying full price and then some. We have contacted several government agencies including the FBI and no one will say that this is true or untrue or even a fraud. Can anyone shed some light on this. Thanks, Gandi

My house had been foreclosed. Do I need to file for bankruptcy? I don't have any other debts, i have paid off all my credit cards and my car. I did secure a new home prior to walking away to my house but I'm just worried that they'll go after me after the foreclosure process. I do owe homeowners association dues, property taxes and default on that old loan only. I live in California and I just need to know if its necessary to file for bankruptcy. I'm also worried that they might garnish my wages, can the banks do that?

Short sale vs. mailing in the keys? Which is less damaging? Bank not very cooperative in short sale process. We have a conventional 30 year mortgage on a new home we bought 2 years ago, in California. We have to move, we have lost all our equity in the home,needless to say the house is no longer worth what we paid for it, and what we owe.There are a lot of foreclosures in our area. What will damage our credit the least? We do not want to go into foreclosure, we have purchased a house where we are moving too and want to deal with this in the best way we can. However, we don't want the bank stringing us along in short sale limbo, which is what I'm hearing more and more from people. Thanks in advance for your answers!

Taking over foreclosure payments? So, I'm in the process of renting an apartment, and I'm seeing a lot of ads on craigslist, etc. for foreclosed houses supposedly with really low payments, no down payment, no credit check -- like, significantly cheaper than rent on an apartment usually is (i'm in southern california). i'm honestly a bit naive about things like real estate -- is there a way of knowing if these offers/companies are valid, and if they are, is there a downside to doing this? it seems it would be insane to rent a smaller place for $500-$800 more a month if these are for real. thanks!! Update: Thanks for the article. I suspected some kind of scam. However, I know now is, in fact, a great time to buy a place, and my boyfriend and I could financially do it if we got a good deal. What is the best way to find a VALID listing of foreclosed homes/condos?

My condo is in foreclosure and we are going to let it go.? We found a new place to move to but the owner said it will be available to move in February 14th at the latest. We received a Notice of Trustee Sale and there is a public auction scheduled for January 19th. Assuming that they go through with the auction on that date and either someone buys it or the bank assumes ownership, would the process of them forcing us to move out take enough time for us to stay until the 14th if we have to wait that long? Anyone have any experience with this? We live in California by the way.

I just received a Notice of Trustee Sale (foreclosure) on my house. What are my rights as a renter in Ca? I live in California and my husband and I are renting through a property management company. We moved into the house at the end of May. We received the notice this morning, which means that the process must have been going on for at least 6 months. The landlords knowingly rented to us through the property management company, we're not sure if the property management company knew ahead of time. We love this home and would like to stay. What are our rights and how can we prepare and inform ourselves for what is going to happen? Do we have a right to get our security deposit back? The property management company should have the deposit, according to our lease (not the landlord). I am assuming that they are obligated to give it back.

Does anyone understand sublessee re-assignment or assignment in California? I am buying a house which was in foreclosure. It contained two tenants on a lease, who took on one sublessee. None of these three people owned the house. The house went into foreclosure, then came up for sale. The two tenants fled. The sublessee has now been in the home, which I am buying, without going through assigment or approval of becoming a person on the lease or a tenant. Are they a tenant? Or are they an illegal squatter who should just be locked out? My understanding is that "assignment" has to occur where, if the tenants leave, the sublessee must be approved to take over the lease, or begin a new one, or SOMETHING. Since the tenants fled, the sublessee hasn't paid rent, either. So, instead of the obvious eviction process that is possible for unpaid rent, I am asking if this person is more specifically not allowed to be there, and I can just lock her out. What do you think and why?

what to do once you stop paying your mortgage? well as you all know the ongoing problems with home owners, foreclosures etc... i live in california,first of all my dad recently stopped paying the mortgage for the house as it already lost its value and well we already thinking of moving out and renting [temp] while we get back up and buy a new home..but my question is what is the process i have to take do i let the bank know before i leave?? or what do i do??

Well my tenant decided to file bankruptcy during the eviction process? my eviction service provider just called me and said that a need to hire a bankruptcy lawyer because this is a "whole new ballpark". My tenant has NOT paid rent in over 2 months and I'm in the process of going to foreclosure. What will happen to me if I just let the bank take possesion of the property with her still in it. I really don't have the funds to hire anyone or anything at this point. I live in California. please help

will someone sumarize this for me? One of eight U.S. households with a mortgage ended the first quarter late on loan payments or in the foreclosure process in a crisis that will persist for at least another year until unemployment peaks, the Mortgage Bankers Association said on Thursday. U.S. unemployment in April reached its highest rate in more than a quarter century and is still rising, helping propel mortgage delinquencies and foreclosures to record highs. Such economic weakness drove up foreclosures of prime fixed-rate loans, which are made to the most creditworthy borrowers. The foreclosure rate on those loans doubled in the last year and represented the largest share of new foreclosures in the first three months of this year. "We clearly haven't hit the top yet in terms of delinquencies or the bottom of the housing market," Jay Brinkmann, the association's chief economist, said in an interview. The pace of defaulting mortgages jumped despite various moratoriums and government steps to cut home loan rates. Rates on 30-year mortgages averaged 5.00 percent in March, 5.13 percent in February and 5.05 percent in January, according to home funding company Freddie Mac. A year earlier, the average monthly rates were bumping up closer to 6 percent. "The housing market depends on the employment situation," Brinkmann said, "and we don't expect unemployment to bottom out until the middle of next year, so then normally housing would not recover until after employment recovers." A record 12.07 percent of loans on one-to-four unit residences were at least one payment late or in the foreclosure process, on a non-seasonally adjusted basis. Prime fixed-rate loans comprise 65 percent of the $9.9 trillion in outstanding first mortgages, according to the industry group. Foreclosure actions were started on an all-time high 1.37 percent of first mortgages in the quarter, a record increase from 1.08 percent the prior quarter. "It's an important reminder that just because the housing market was one of the causes of recession ... it won't be the first sector of the economy to return to normal," said Jed Kolko, associate director of research at the Public Policy Institute of California in San Francisco. Federal mortgage modification and refinance programs will keep delinquencies and foreclosures from spiking even more than they would otherwise, housing analysts said. "Even if the recession officially ended soon, in the sense of GDP turning positive again, the continued rising unemployment rate and the re-set of existing adjustable-rate mortgages would continue to aggravate both foreclosures and delinquencies," Kolko said. The share of loans in the foreclosure process rose to a record 3.85 percent from 3.30 percent in the fourth quarter and 2.47 percent a year earlier. California, Florida, Arizona and Nevada accounted for nearly half of the new foreclosure activity in the quarter and half of the increase in prime fixed-rate foreclosure starts. Those severely hit states, the biggest winners in the five-year housing boom earlier this decade, continue to worsen as recession overtakes problems spawned by lax lending standards. "Every job loss, every divorce, every incident like that is going to be turning into a foreclosure because they are so far under water with the homes already," Brinkmann said. When a house is "under water," its price has fallen below the size of the mortgage. Average U.S. home prices swooned more than 32 percent in March from the 2006 peak, according to Standard & Poor's/Case-Shiller indexes. Foreclosures mounted in the first quarter even though various temporary moratoriums were in place to delay the failure of distressed loans. The freezes artificially tempered new foreclosures before federal loan modification programs took root. But loans that had already been modified often re-defaulted in the quarter, Brinkmann said. Foreclosure actions also were taken on vacant homes, which make up as much as 40 percent of the properties with failing mortgages, he added. Some loan servicers also began the foreclosure process on borrowers who clearly did not qualify under the various mortgage fixes, he said. On a non-seasonally adjusted basis, the delinquency rate dipped to 8.22 percent from 8.63 percent. The bankers' group noted that the late payment rate always declines in the first quarter due to seasonal factors and said that after such adjustments, the rate jumped to a record 9.12 percent.

How long before I have to move out of my house? How long does it take for the process of foreclosure to end? I live in California and I'm planning to stay in the house as long as I can (I don't have a job right now). I was trying to get a loan modification with my lender but they say I can't. As of June I will be 2 months behind. What will happen and how long do I have? BTW - I'm confused about foreclosure and bankruptcy. If I lose my house, do I HAVE to file bankruptcy? or can I just have a foreclosure on my credit?

1098,1099, and Foreclosures? 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.

Adjustable rate coming up on my mortgage.80/20 loan? I live in southern California, I currently have an 80/20 loan and the 80% is going to adjust. I'am in the process of refinancing but it isn't looking too good for me, I have about 20,000 in equity according to a recent home appraisal but I'am still having problems getting a loan. The payments will go up around $700.00 when it adjusts and it will be almost impossible to pay. Should I contact my Mortgage company now and see if they can work with me and if so what is the likely hood that they will work with me? I would like to avoid a short sell or obviously foreclosure. What are some of my other options? I have fair credit and good income. Beneficial is the company the loan is through.

Real estate investment plan question? I'm only 19 and I don't know too much about investing...but I am trying to develop a 5 year to lifetime plan dealing with real estate investments. Originally I already had a plan going with my fiance, and the house he owns currently is mostly paid off and is currently being rented and making some "passive income" (Rich Dad, Poor Dad), but I have to change my plans in more ways than one. Anyway, with the current housing market, and the numerous amount of foreclosures, I was wondering if it would be a good idea to save up money to put money down on a foreclosure (namely in California since the value of houses appreciates so quickly there) and then live in it for a year or so and then rent it out, and repeat the process. Also how exactly does it work when you go to buy a foreclosure? I've heard many different things. And can you suggest cities/states where it would be better for me to do this sort of thing? And is this even a good idea, or do you have better ideas? Thank you!!

Me and my husband are renting a home, and about a 3 mths ago a lady came by and said that the property was....? Basically the property was going under foreclosure. Immediately I contacted my owner and questioned him about what was going on. He told us that he was in the process of trying to keep the home from going into foreclosure and not to worry about things. Well just this morning we woke up to a notice that the house was going to be auctioned off on 3/19. We live in the state of California, what should we do and is that legal for them to auction the house while we are still tenants? What can we do and where do we begin?

Why do I need to prequalify AGAIN for a home loan if I already am approved with a lender? We are in the process of buying our first home, and it is a foreclosure. We are preapproved through our lender and are ready to proceed. The current bank owner of the property is Countrywide, and they are requiring us to prequal through them (they aren't requiring we use them, just prequalify). I don't understand why I need to jump through more hoops, when all I want to do is buy a home. Shouldn't they be THRILLED that I am able to take the property off their hands (and books)? To my way of thinking, it is none of their business what my personal information is so long as they are getting their money. They can't give me, my realtor, or my mortgage company a logical reason for this. Does anybody know why they are requiring this? PS- We are in California. Thanks!

We got an eviction notice on my mom's birthday! PLEASE HELP!? so yesterday, was my mom's birthday . we got an eviction letter last night and we think it's been up there for a while . we were in shock because we hired a foreclosure lawyer that would help us communicate with our lenders better . my dad sent her all the paperwork (bank statements, etc) about 3 weeks ago so she could send them to our lenders . she said everything was going to be OK and that they received the paperwork . now we have no idea what happened and our lawyer isn't calling us back to tell us what went wrong . additional details; -stopped paying mortgage 6 months ago . -got our first notice about 4 months ago (then we hired a lawyer) . -guy stopped buy our house 2 days ago telling us out home was for auction, but my dad told them we were in the process of getting a loan modification, so he went away . -we didn't want to short sell the home because we put so much effort into it . -i think our monthly payments were about 5k . -we live in California . -family of 5 . (mom, dad, me, 2 younger bros [4 & 7]) -the paper said 3 days, but we read online that we actually had 40-60 days . ---->What i want to know is how we can reverse this, how much time we really have & what we did wrong to get this .

Will my ex still need to pay me child support if I moved back home to my parents with our daughter? My ex left me when our daughter was a month old. We were never married. I am the custodial parent. He has given me $200 in cash since her birth. We had a condo together that is now in foreclosure. I tried to make the payments on my own and even went back from maternity leave early to try to handle things financially but I still could not afford the mortgage. Our daughter and I am now moving back to my parents house until child support services can force him to pay me a consistent amount every month. Since this whole process takes a while, I'm planning to stay with my parents. He, now more than ever, feels like I now don't need the money for our daughter or a place since I no longer pay rent or a mortgage. However, living with my parents is only temporary until the financial support is formalized. Will it look bad on me that I moved back home? Also, in California, he made over 80k this year. He has also moved back to his parents rent free. I made about 50k per year. He sees our daughter every other weekend and 1-2 times per week but her base time is with me and is babysat by my side of the family. He said if I sign a document he drew up, he feels $400 is enough and fair every month. I'm scared to fight in court. Do you think this is a fair amount?

I keep hearing that California is a tax deed state............? I keep hearing that California is a tax deed state. What the hell does that mean and does it participate in tax liens to. And if not, then why do some foreclosure websites list homes in California under the title of tax liens as an option to purchase? How does this process of tax deeds work?

How many months can I stay in my home after I stop paying my monthly mortgage payments? I live in California.? including the whole foreclosure process... I'm not trying to be dishonest, We just can't keep up with the mortgage.... We made a bad investment on this house... so far we have barely gotten the interest paid off... Some people have told us we can stay living in our home w/o paying for the mortgage for up to 2 years in California. we have already missed 3 payments...