Comments for OC Foreclosure Options

Comment on Can You Buy A New House Then Short Sale Your Other One? by admin

admin — Mon, 11 Jul 2011 04:27:13 +0000

In the past when the market started to change I heard of this strategy working from time to time. The key element was whether or not the “new” lender would actually issue a loan based on the total debt to income ratios. However the fraud part comes into play when the owner of the first house would supply a rental agreement that said that the cost of the mortgage was being covered by this new renter who usually never existed. Then when questioned about it the owner would tell the bank about how the renter suddenly bailed on them.
Now lenders are very leery about giving loans on 2nd homes especially if they are within a close proximity to the first home which raises the flags for strategic default. Better to do a Hybrid Loan Conversion and reduce the principal and then the property could probably be rented for an amount that would cover the new payment making the idea a more sound one.

Comment on Can You Buy A New House Then Short Sale Your Other One? by annaD

annaD — Sat, 09 Jul 2011 21:16:51 +0000

No, it is not fraud because it is not the owner’s fault the house is upsidedown in value. Why the market is upside down SO MUCH? Who MADE it happen? Do you think the real estate marked blown incidentally, and the bankers and govenrment “big clerks” did not use the moment to earn a money? And now you say “fraud” to common person who lost the principal in his house????? Are you human at all? I want you guys understand that common people are just strugglers whereus the big government clerks got their fat piece of pie.

Comment on Do You Have To File Bankruptcy When You Have Your Home Foreclosed In Ca? by Barbara

Barbara — Thu, 07 Jul 2011 06:35:04 +0000

If you have assets, file! It will protect them to a degree. If you have no assets, do not file. Some people file just because they think they have to. If you have no other land, homes, property.. and if you do not make a really high salary, why file? There is nothing to take! Talk to a free HUD counselor and they will do an asset check for you and tell you if you should file or not. Older autos with a lot of miles are not an asset. Tools are an asset, but if they are tools of your trade, they can’t take them. They can’t take your piggy banks, but they can sieze your bank accounts if you have any. Close accounts or keep a minimum balance. They will NOT hire lawyers to come after you if you don’t have anything worth their while. Ever hear of getting blood out of a turnip? In CA. if your creditor do not serve you with papers and sue you within 4 yrs., thay cannot sue you at all. Do not accept certified mail or answer the door for strangers. If they cannot serve you, they cannot sue you. Even if they get a judgement on you, they cannot collect if they don’t have your bank account number or if you do not have money in the bank. The way they get bank account info is by you aplying for loans or dumpster diving in your trash can. Shred or burn paperwork before tossing out. In 7 yeras, your credit is as clean as a baby’s bottle and you can start building credit again. No one can see any past bad credit.. A bankruptcy stays on your credit report 10 years and it stays in your public records for 20 years.

Comment on Home Loan Modification? Help? by admin

admin — Thu, 30 Jun 2011 22:16:56 +0000

But in the end of the day, if the numbers don’t make sense to them in a way they are going to fill their own fat pockets then the answer is that they don’t care one bit about how hard you’re trying to get a job and whether you end up living in the hood with gangsters and drug dealers. You may want to consider alternatives like a Hybrid Loan Conversion. If you can in fact make payments (even if they are less) that may be your best solution. Here’s a link you can watch a video about it. http://www.HybridLoanConversion.com

Comment on Cpa Question: Do You Have To Pay Taxes If You Do A Foreclosure? by admin

admin — Thu, 30 Jun 2011 22:12:10 +0000

Foreclosure is the nuclear bomb when it comes to credit and taxes. If you can still make payments (even if they are less) then consider a hybrid loan conversion. It is the best alternative to any loan modification, short sale OR Foreclosure.

Here’s a link you can watch a video about it. http://www.HybridLoanConversion.com

Comment on What Do Lenders Look For To Do A Loan Modification? by admin

admin — Thu, 30 Jun 2011 22:09:02 +0000

You can look anywhere and see that Loan Modifications have a very low success rate. There’s many reasons for this which don’t make sense including the fact that some lenders make more money foreclosing on you so why go through the hassle of doing a loan mod? (from the bank’s perspective). Well partially because they are pressured by the federal government to give it the good ‘ol college try. But in the end of the day, if the numbers don’t make sense to them in a way they are going to fill their own fat pockets then the answer is that they don’t care one bit about making your 2 year old growing up in the hood with gangsters and drug dealers. You may want to consider alternatives like a Hybrid Loan Conversion. If you can in fact make payments (even if they are less) that may be your best solution. Here’s a link you can watch a video about it. http://www.HybridLoanConversion.com

Comment on Cpa Question: Do You Have To Pay Taxes If You Do A Foreclosure? by dockers shorts

dockers shorts — Mon, 20 Jun 2011 21:18:32 +0000

Hi! I just wanted to give a huge thumbs up for that wonderful info you have here on this article. I will be coming back to to your website for more very soon.

Comment on Who Pays Delinquent Taxes On A Short Sale? by Raymond Martinez

Raymond Martinez — Sun, 12 Jun 2011 21:00:47 +0000

The Los Angeles county accessors office sent me a delinquent for unpaid taxes in 2009. My condo was purchased in February 2010(real estate owned sale). I paid all closing costs. The taxes for 2010 were paid in December through an impounded escrow account. I also paid taxes in April of 2011. Who’s responsible for paying the delinquent tax bill ? Will this be an easy matter to resolve with the Los Angeles Accessors office ?

Comment on What Do Lenders Look For To Do A Loan Modification? by Dorothy

Dorothy — Tue, 07 Jun 2011 17:04:18 +0000

I have part self-employed income and it has been a year. They keep asking me for updated financials. What are they looking for? Is there a pattern of income they want? I am confused. I don’t know what else to tell them.

Comment on Home Loan Modification? Help? by Austin S.

Austin S. — Tue, 24 May 2011 20:15:24 +0000

You can qualify for a program currently with 4% fixed rate and up to 10% principle reduction possibility.