Welcome to Foreclosure Properties In Southern California

Foreclosure Properties In Southern California Questions and Answers

Resolved Question: 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. more

Voting Question: Backing out on a property?

I recently signed a purchase contract on a home here in Southern California. I was concerned that I may lose my job I had to cancel my offer. It's only been about 7 days and the listing agent is refusing to release my deposit because the house is in short sale and will go into foreclosure. But, I never knew about it. Technically, I have 17 days to back out and fall within these guidelines (still get my deposit back). However, the check hasn't been cashed and I have stopped payment. Is there anything that can do? more

Resolved Question: More homeowner woes in Southern California...

I own a home that was refinanced a few years ago. I also have a second mortgage. Both are 30 year fixed mortgages. The second was taken out to buy out my ex as part of a divorce settlement. My company just layed off several people. I make a very good living, but I am very concerned that another round of layoffs is coming, and that I might be a casualty. In fact, my industry in general is hurting right now, and getting a job with similar compensation would be difficult. As for the note on the property, I owe $530K (includes a second mortgage of $135K), on a house that is probably worth $425K (at best) right now. If I do lose my job and can't get another, (which pays enough to allow me to afford the mortgages), in a reasonable period of time, does it make sense to drain my savings for a house that is losing value? Then what? I will be broke and jobless (or under-employed). It seems that I would lose the house anyway...but walk away with nothing in the bank if I try to hold on to the bitter end. I don't have the same issues as sub-prime borrowers, but I am being impacted by the bad economy AND all the foreclosures driving home values into the toilet. Do I want to invest $48K per year (one year's worth of payments) for a house that is losing value? If it took 5 years for housing to recover, that's nearly a quarter of a million dollars spent...for what? To just "break even"? Is that a smart plan? Tax advantages will be moot if I am not working. Is it worse to dump every last penny into a house that is depreciating? Is that smarter (and more economical) than getting killed on my credit? In summary, if I do lose my job, my thought is to immediately bail out of the house (unless my creditors are willing to go the extra mile to help me). I see no value in taking the moral ‘high road’ as I lose everything. I do believe in living up to my obligations. But I also believe that common sense has its place too. I would love some advice. This scenario only applies IF I lose my job.Hey 'vb', you missed my point completely...but thanks anyway. more

Resolved Question: If owner in pre foreclosure am i still required to pay rent?

I rent an apartment in southern California. I recently found out the property is in pre foreclosure for the last 2 months! Now I gave the owner $1000 deposit, and $1000 for the last month. So im worried the owner will skip out and keep my money. So I was wondering if im still required to pay rent to this person even though they are loosing the property . I dont want to loose $2000 dollars plus the rent he is still collecting . Thaks for any suggestions! more

Resolved Question: So Califonria -Bank of America - Mortgage Foreclosures?

How does Bank of America foreclose on their mortgage loans? Will they pursue a Deficiency Judgement on their mortgage and HELOC? I know each bank at each state does differently. Will Southern California BOA go after home owner? Does the "one-action" rule mean the California Banks can only choose one action over another by either Foreclosue the property and take whatever the proceed (which may be less than the loan amount )or take a Deficiency Judgement against the home owner? more

Resolved Question: What is a good website to search for California Foreclosure Properties?

Most sites require membership and payment, we are looking for a good site that is trustworthy and worth giving some money to to find Southern CA. properties being foreclosed. Thank you!..I never said we didn't want to pay money to search the site or that these sites "shouldn't" charge fees. I said that we want to find a site, that we will be paying money to join, that is reputable and worth it. Obviously realtors are an option, we want another option. more

Resolved Question: Renting houses nearing foreclosure?

I keep seeing these ads on Craigslist from some company trying to rent houses that are about to foreclose. For example, I see a 4 bedroom/2 bath home with a rental cost of $1100 a month, in Southern California. The properties are 60 days or more behind on mortgage payments, and there's no credit checks and no money down. Sounds too good to be true, right? What's the catch? more

Resolved Question: 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. more

Resolved Question: realistically, how much can you make from a flipped property?

in southern California. make more money with a foreclosed property? do you basically have to buy a foreclosure cash? more

Resolved Question: I need advice on purchasing a residential foreclosure?

I really want to buy a distressed/foreclosed property in southern california, what is the best way to find the good deals? Anybody?are any of these "pay services' worth it, that offers new listings and auction information? more

Resolved Question: We're on our way to foreclosure. Should we be paying property taxes and HOA fees?

I am one of those brilliant individuals that bought his first house using a no money down, interest-only loan at the top of the market last year in Southern California. For us, it looks like foreclosure is the best option (as opposed to short selling). I'm wondering if we are culpable for property taxes and HOA fees?This question is specific to whether I am required to pay property taxes and HOA fees while going through a foreclosure... I am one of those brilliant individuals that bought his first house using a no money down, interest-only loan at the top of the market last year in Southern California. For our specific scenario, it looks like foreclosure is the best option (as opposed to short selling, re-fi, getting roomates, etc). I'm wondering if we are culpable for property taxes and HOA fees? more

Resolved Question: I need a real estate agent who is familiar with pre-foreclosures in Southern California?

I'm starting my own business in pre-forclosures based on the "Dream Big" by Bob McManus concept. I wanted to ask some questions to any intrested in working as a Real Estate contact for this type of business. - How long have you been dealing with pre-foreclosures? - How quickly can you turnaround a property? - I've heard the housing market has slowed down some.....do you think you can get the same kind of sale turnaround time? - Is there paperwork required prior to working toegther, or what is required? more