All Forum Posts by: RJ Walker

I appreciate the info, looking forward to dropping by both clubs and learning alot!

Thanks for the tip, Will. Checked out their site and would love to visit and hear you speak sometime. By any chance is there anything similar down in the OC?

Great thread going here! Good point Bryan, I'm down in Southern CA and the quality/quantity of RE clubs is a little overwhelming/intimidating, especially with the dues involved.

I was thinking of maybe organizing a speed networking session (followed by an hour or so of normal networking) of a good mix of newbies, experts, and non-shady service providers (legit real estate lawyers/tax advisers etc).

Just an idea, what do folks think?

Hello all, came across an article from last year regarding Fair Isaac finally giving estimates on how late payments, foreclosure, bankruptcy, etc. affect credit score. You can find the article on CNN at http://money.cnn.com/2010/04/22/real_estate/foreclosure_credit_score/index.htm

30 days late: 40 - 110 points
90 days late: 70 - 135 points
Foreclosure, short sale or deed-in-lieu: 85 - 160
Bankruptcy: 130 - 240

Using the above as a function of credit impacts from late payments + impact of foreclosure/short sale/dead in lieu, how does your experience compare to the numbers in the article? Have these estimates proven realistic?

Thanks, all! I am always overwhelmed by the quality and breadth of advice on this site. Your insights will be definitely useful to me in my search, will keep you guys updated on how it goes.

Hello all, just seeing what criteria you use to hire a real estate lawyer for your team?

I'm from Orange County CA and I want to find best ones in the area to start talking to (I've browsed superlawyers), but besides looking up their standing with the state bar here http://members.calbar.ca.gov/search/member.aspx and making sure they don't have any criminal activity through the superior court website http://www.occourts.org/online-services/case-access/ how can you tell if they are actually superior at what they do compared to other lawyers?

Thanks so much, all. Just talked to the homeowners, they contacted their lender (BoA) who told them a deed in lieu would be doable for them.

Not really familiar with deed in lieu process, how long can they expect it to take? Would you recommend an RE lawyer?

Mike, from what I know of CA tax laws (mostly from this site), I have heard that the Mortgage Forgiveness act of 2007 was extended through 2012 (your property qualifies if it's a primary residence). This is a federal law that forgives the difference between the loan and actual selling price. However, in states like mine, I've been asking around and the deficiency has to be negotiated and put in writing in the closing papers, otherwise the lender has the right off a techincality to pursue/have recourse on the loan. They don't have to calculate the value of the home, it's whatever the outstanding balance of the loan is minus what the ultimate (short sale/foreclosure/auction) price was-- At least that's what I understand. Also, I think HELOCS are now non-recourse as well.

Good point, Justin. Luckily, CA is a non-judicial state and there is only one loan for the property. If they filed bankruptcy and proved hardship, wouldn't that release them from recourse on the loan?

Hello Joel! Yes, deed in lieu has been on my mind, but with the outstanding city issues, do you think the bank will take the property back if the problems haven't been corrected? The homeowners simply don't have the money to correct them at the moment.

Are there any foundation companies out in CA you would recommend?

Hi Justin, thanks for the reply. I don't think i'd touch this property with someone else's ten-foot pole, I just wanted see if I could let them know of any options, and if folks out there could see another alternative to bankruptcy or foreclosure.