California Foreclosures Legal Questions

A bankruptcy only affects the debtor's assets and liabilities. There might be a co-debtor issue, but that depends on several things. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.... Read More

To protect your position, you would need to advance the $46,000 to the county to stop the tax sale, then add that amount to what the borrower owes you. Next, you would commence nonjudicial foreclosure on the deed of trust which secures your position. If the borrower cures the amount due, then no foreclosure occurs; if he doesn't, the foreclosure sale proceeds and you get the property back-unless someone else bids enough at the sale to satisfy what you are owed. If you fail to cure the tax default, and the tax sale occurs, your security interest will be wiped out, and you will have no remedy against the borrower.... Read More

You can always "try again" but if your mortgage is with Chase - ... I guess the question is ... with what "agency" did you use? Chase? Another agency is still going to be dealing with Chase Bank if Chase Bank holds your mortgage. Why would you expect a different outcome? If you have regular income in spite of the divorce, you may qualify for a Chapter 13 Bankruptcy which puts you on a payment plan (if you earn regular income) and you may protect your home in the Chapter 13 if you have a viable Chapter 13 Plan. That might be an option. More facts would be necessary. Further, you can continue to negotiate with the Bank while in the Chapter 13 Plan.... Read More

When you file for Chapter 7 bankruptcy the obligation to pay is discharged. However, liens on the property remain even after the discharge. The second lien holder is within its rights to not agree to the loan modification subordination agreement. You should call to consult with an attorney to discuss your options and the best course of action for you.... Read More

I just sued GMAC mortgage for fraud, and prevented the foreclosure of my client's property. My client had filed bankruptcy, and slowed the process of foreclosure. I prevented further action to foreclose on the property by getting a temporary restraining order. GMAC seemed to move more quickly than other lenders I have had experience with, actually. I believe that the bankruptcy appears on your credit report within a couple months, whether payments on the mortgage have been made, or not.... Read More

This is a very complex set of questions. It depends on the state where your property is located, whether or not the property is worth more than the debt to the first lender, etc. You are wise to contact an attorney in the state where the property is located for advice. Make sure this attorney is experienced in both real estate and bankruptcy laws.... Read More

You are in a complicated situation. The primary lender is not required to accept a deed-in-lieu, and probably won't wont in light of the second-even though the second was discharged in BK. More importantly, a deed-in-lieu will have the same effect on your ability to get a new loan as a short sale or foreclosure (assuming you truthfully complete the loan app for the new loan). I do a $295 consult, which will give you about 60-90 mins of my time.... Read More

From the time the RM is not paid, it generally takes 9-12 months to complete the foreclosure. Loan payoff with a new loan is usually the only way to solve the problem, but that's hard to do if the RM loan amount is greater than the value of the property. You should retain an attorney who is very familiar with foreclosure and real estate finance to assist you.... Read More

A grant deed transfers ownership title from an existing owner of real property (for example, a house) to a new owner. Words in a grant deed are to the effect: I (existing owner or seller) transfer to you (prospective owner or buyer) all of the right, title, and interest that I have in the subject property. The grant deed, properly signed by the transferor (seller) before a notary public becomes the ownership document for the transferee (buyer), which proves the transferee is the new owner. The notarized grant deed can be recorded with the county recorder in the county where the property is located to effectively give notice to the entire world that the transferee (buyer) is the owner of the property as of the date of the grant deed. In California, a deed of trust transfers a lien interest in real property, usually to secure repayment of a debt owing from the owner of the property to the lienholder or also referred to as the holder of the deed of trust or also referred to as the beneficiary under the deed of trust. For example, a bank that loans a buyer money to purchase a home is given a deed of trust. That is, the bank/lender is given a lien on the house, and under the terms of the deed of trust, in California, has the right or "may make an election to" foreclose or repossess [so-to-speak] the house, without getting a court order, if the loan becomes delinquent. A lienholder under a deed of trust must follow very strict statutory procedure to conduct a non-judicial foreclosure and forced sale of a house whose owner defaulted on his or her loan.... Read More

This is not something I ever recommend that a lay person handle themselves. Immediately contact an attorney with experience in such matters. You have limited time because your ex-husband will get a default in 21 - 28 days depending on whether you were served in person or by certified mail.... Read More