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foreclosure: California Time-line for Foreclosure - 08/05/07 12:42 AM
This is the time-line for California non-judicial foreclosures. California uses Trust Deeds instead of mortgages. Technically, when the borrower (Trustor) misses the first payment, they are in default, but most Lenders (Beneficiaries) do not start foreclosure process until they have missed at least three. If this cannot be resolved between the trustor and beneficiary, then the beneficiary will tell the trustee to start the foreclosure process.
Day 1= Record a Notice of Default
Within 10 days the Notice of Default is mailed to trustors
Within 1 month Notice of Default is mailed to parties
After 3 months trustee can set a sale date
25 … (13 comments)
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foreclosure: Foreclosure tips for purchase - 06/30/07 02:29 AM
1) You must know the market. You have to know where to invest. Research the neighborhood and the area in general.
2) You have to come up with an investment strategy. What are your strengths? Build on them. Figure out what techniques work with your skills. Now, implement them into your routine.
3) Remember that just because you are looking at a foreclosure, doesn't mean it is a good deal. You have to really look at the deal to make sure it is a good one.
4) You have to build a great team. Look for people who you can work … (2 comments)
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foreclosure: Should I take a listing w/NOD - 06/14/07 02:37 PM
You will really need to make sure you can do the best for your client if they are heading into foreclosure. You will have a fiduciary duty of utmost car, honesty, being on the up and up, speedy but though, and loyalty to do what is in your clients best interest. Remember that the stakes are very high for this client. If you do not sell their property, they will be out of time, unless they worked out other arrangements with the lender, and your hopes of receiving a commission for the work you have done, will be gone.
There are … (4 comments)
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foreclosure: Subprime Loans - 06/14/07 10:38 AM
Over the last year or so, we have seen alot of people having loan problems. Alot of these problems are due to subprime loans. These loans are available to help borrowers who do not qualify for the conventional loans, due to credit scores, problem with delinquencies, bankruptcy, etc...Usually these loans have less requirements, lower downs, stated income, lower initial money payments and lower initial interest rate. However, these loans are very risky for the lender, so they will raise the interest rate higher then the conventional loans, charge points, and fees, and have prepayment penalties. ARM's are one of these loans. This … (5 comments)
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foreclosure: How does foreclosure work? - 05/27/07 01:06 AM
Foreclosure takes away ownership rights an owner has over a property and gives it to the lender in order to sell the property for the purpose of paying a debt. In order for this to happen, the following must be true:
1. The property must be collateral for the debt, to be sold.
2. The debt must be defaulted on. Payments are not up to date.
3. Creditor must fulfill all the legal requirements of the state the property is in.
The lender does not own the home. Real Estate is owned by the borrower. The property is merely collateral. Foreclosure is not repossession. If … (25 comments)
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foreclosure: Foreclosures- Profit and Prevention - 05/24/07 12:02 AM
Use foreclosures to get listing and business.
The best way to get and keep clients is to TEACH them something useful- Educate them. Foreclosure is a stressful time for them. Cover points, even if it seems obvious.
1) Remind them that they own the house, not the bank. The equity in the home is theirs. If they are in foreclosure and have equity in the home, and then home is foreclosed on, not only do they hurt their credit, but the loose their equity/ money.
2) Once the process is started, they still have time to sell. They need to hire me right away. … (8 comments)
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Earl "The Pearl" Sorrells-Palmdale, Rosamond, Lancaster
Palmdale,
CA
More about me…
Coldwell Banker Hartwig
Address: 43912 20 St W, Lancaster, Ca, 93534
Office Phone: (661) 948-8424 x 147
Cell Phone: (661) 400-9485
Email Me
For a Realtor who has your best interest at heart and who work hard to meet your wants and needs, Earl " The Pearl" Sorrells is your Realtor. Let Earl "The Pearl" help you find your jewel.
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