We need an advise from a real state agent living in los angeles california.?

Question

WE NEED HELP, WE BOUGHT A HOUSE IN CALIFORNIA LAST YEAR IN MAY-2006 IN L.A. CALIFORNIA BUT WE LEND SOME MONEY TO A RALATIVE AND GOT INTO TROUBLE FINANCIALLY RESULTING IN BEING IN DEBT AND NOW WE CAN NO LONGER PAY THE PROPERTY, WELL WE CAN BUT THAT IS ALL WE CAN DO NO MONEY IS LEFT FOR LIVING AND WE KNOW THAT THE HOUSES ARE LOWERING THEIR PRICE AND NOT GAINING ANY EQUITY WHAT CAN WE DO TO SELL THIS PROPERTY FAST AND GET OUT OF PROBLEMS WE CAN NO LONGER BE LIVING WITH THIS LOAD OF STRESS I'M VERY VERY DEPRESSED AND CAN NOT FIND A EXIT. PLEASE NO JOKES WE KNOW WE MESSED UP AND NEED SUGGESTIONS.

Answer 1

There are several things you can do. When you call your lender make sure you speak with the Loss Mitigation Manager or at least someone in the Loss Mitigation's Department.

#1 Call the lender

A. See if they can lower the monthly payments on your mortgage.

B. See if they will take a deed-in-lieu of foreclosure

C. See if they are acceptable to a short-sale

D. See if the lender will allow the back payments added to the end of the loan as a second. You will then have a small second to pay as well as your current first mortgage. (Least favorable in your case)

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

The first place to start is with your lender. Please call and ask to speak with someone in the loss mitigation dept. Some of the options may include:
1. Forbearance and Repayment
This is the most common resolution to a loan default. The homeowner and the lender work out a plan which allows you to repay part of your delinquency in addition to your regular monthly payment. The lender also might suspend payments for a period of time as long as you can show how you will be able to repay them in the very near future.

2. Reamortization
This option is viable for a homeowner with short term circumstances. The lender reamortizes or adds the delinquent payments to the end of the loan in order to bring the payments current. This strategy could increase the actual payment amount. However, if the lender also extends the length of the loan, payments could remain the same or decline.

3. Short Sale
A short sale is a real estate transaction that is used when a homeowner is having difficulty making payments on a house where they owe more than what it is worth. In this situation, the lender agrees to and negotiates the sale for less than the loan balance.

4. Deed in Lieu of Foreclosure
Similar to a foreclosure, but not as lengthy a process, the home owner actually deeds the home back to the bank. The savings come in terms of time and immediate relief to the homeowner’s stress level.

5. Refunding
If you have a Federally Funded Loan, like a VA loan, the government agency may purchase your loan from the lender and take over the servicing of it. This option should be considered if you are able to make payments, but your current lender is unwilling to extend a repayment plan or forbearance, for any longer.

It should be noted that there are tax and credit consequences to many of these options. Please contact a professional tax advisor prior to making any final decisions.

Another option if you need to sell your home quickly is to contact the people at HouseBuyerNetwork.com to see if they have coverage in your area. They have a nationwide network of investors and quick sale agents. Their service is free to you, the homeowner.

You will feel much less stress once you begin the process. Unfortunately 60% of homeowners never call their lender to talk about their financial situation.
Good luck!

Answer 3

genuine property license in CA is stable in ALL of California. edit: they'd choose you to be interior sight to their place of work. Out of city brokers may well be a undertaking to personalised provider.