All Forum Posts by: K Khanna

Hi Denise,

I do not see a Deed in Lieu of foreclosure listed in the County records.

Thanks.

Hi Christopher, thanks for the quick response. In California, almost all foreclosures are a non-judicial process.

You do make a good point about the possibility of short sale, but the bank got out of the picture by reselling the loan to a private party - who is a real estate developer and financier.  Is short sale and/or foreclosure also a possibility with the private lender but kept under wraps with no public record of it? 

Thanks again. and looking for answers from California experts.

I need the help of foreclosure experts on this wonderful forum. Basically, I need to establish if the property I bought earlier this year was in foreclosure or not. Please note that my purchase transaction was a conventional purchase. I am trying to connect the dots of previous transactions in history.

1. early Dec 2011 - Notice of Default (NOD)
2. late Dec 2011 - lender (bank) resells loan to private party (XYZ), not a bank.
3. early Feb 2012 - Notice of Cancellation
4. mid Apr 2012 - Grant Deed: title transfers from owners to (XYZ)

I can tell from the above documents that the foreclosure was averted after the bank resold the loan to a private party (XYZ), who then became the owner eventually. 

(XYZ) was the owner for 3 years, and sold to us this year.

What else really happened here? How did the private party (XYZ) as the 'lender' gain ownership?

Was there a private foreclosure? Does that not show up in any records?

I am not able to get any information from (XYZ) or the prior owners.

Can someone help me understand if this property can be characterized as a foreclosed property? If I am not clear in articulating, please let me know.

Thanks.

Where I live, Wells Fargo 'residential mortgage' will include 75& of the rental income towards the Debt/Income ratio in the case of a new purchase. I do not know about refi though.