Legal Question in Real Estate Law in California

Foreclosure in California

Hi,

I tried short selling my property in

Redlands, California, and it was listed

since January 2008. It has 2 loans

and both are used as purchase

money. The senior lender approved

the short sale, but the buyer backed

out due to disagreement of the price

that the bank offered.

My short sale agent seemed gave up

and told me that it is extremely

difficult to find another buyer at the

housing market like this.

I understand that foreclosure is going

to happen next. The weird thing is

that Countrywide (the senior) never

mail me neither a foreclosure notice

nor any letter saying that the

foreclosure is going to happen. They

left computer generated messages on

my voice mail every once a while.

My question is: what should I do

now? Just waiting for the bank to

foreclosure my property and do

nothing? Do I still have a chance to

avoid foreclosure? Do I need to

consult with a real estate attorney

right away?

Your inputs are appreciated.


Asked on 10/22/08, 1:06 pm

1 Answer from Attorneys
David Gibbs The Gibbs Law Firm, APC

Re: Foreclosure in California

You can still avoid foreclosure, but you need to act reasonably quickly. There are a number of possibilities, including the fact that Countrywide just reached a settlement with several States' Attorney Generals, including Californias, and agreed to modify loans to help borrowers in certain circumstances. Additionally, Congress passed the HOPE For Homeowners program which theoretically can help a homeowner in default. The later program is complex, and doesn't fit a lot of people's situations, especially those in California with high loan balances. I'm going to suggest that you contact me by email off of this list and I can provide you with a referral to someone who specializes in loan modifications, short sales, etc... She isn't cheap, but if you want to save your home, she is someone who should be able to help you, if there is any hope. Email me at the email address below and I'll send you her info - I can't post it here because it will be stripped by LawGuru's server.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

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Answered on 10/22/08, 2:19 pm


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