Re: NEED CA FORECLOSURE HELP FROM JULIO!!!!
Posted by Julio Martinez-Clark on February 27, 2008 at 10:29:03:
In Reply to: NEED CA FORECLOSURE HELP FROM JULIO!!!!
Posted by Jennifer on February 26, 2008 at 22:37:45:
Jennifer,
Sorry to hear about your situation. Before I answer your questions, I recommend you think twice (rationally, not emotionally) before pursuing your plans to purchase another home. Data through December 2007 for the Case-Shiller Home Price Index shows broad based declines in the prices of existing single family homes across the United States. This marks 2007 as a full year of declining home prices.
As the charts here (//calculatedrisk.blogspot.com/2008/02/s-case-shiller-prices-fall-sharply-in.html) shows, annual returns of the national home price indices declined -8.9% versus the 4th quarter of 2006. This is the largest decline in the series' 20-year history. Comparatively, during the 1990-91 housing recession, the annual rate bottomed at -2.8%.
Shiller:
We reached a somber year-end for the housing market in 2007, says Robert J. Shiller, Professor at Yale University and Chief Economist at MacroMarkets LLC. Home prices across the nation and in most metro areas are significantly lower than where they were a year ago. Wherever you look things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates. Looking closely at these negative returns, you will see that 14 of the metro areas are also reporting record lows and eight are in double digit decline. The monthly data paint a similar picture, with all metro areas now reporting at least four consecutive negative monthly returns.
So, you if you purchase a new home now in Temeluca, all economic data that I've seen so far indicates that it will decrease in value significantly; thus leaving you in the same position you are in (property value less than what you owe on it), and your husband's credit will also be severely damaged. Please read my article titled "Investing In Residential Real Estate: What the media or the gurus won't tell you" at my blog ( )
Your answers:
1) I don't see how transferring the deed from your living trust to you personally will make a difference in the foreclosure complaint.
2. If both loans 1st and 2nd are "purchase money loans", then you should not be concerned about a mortgage deficiency judgment per the California Foreclosure Rules (//www.sandiegopredatorylending.com/?p=33)
3. It's never advisable in my view to have anything under your name for a) privacy reasons, 2) asset protection, and 3) probate avoidance. Bank accounts in my opinion should always be in Personal Property Trusts. To remove your name from a joint account is always a good move, but not the perfect solution. Please read my article on Asset Protection at my blog ( ).
4. Per my article titled "Homeowners Dilemma: To be or not to be in Foreclosure" at my blog ( ): "You can't go to jail for failing to pay a debt or a judgment. If you do not pay a debt or if a judgment is entered against you, this information can be reported to the credit bureau and made a part of your credit history. The credit bureau can report this information for seven years in your credit history. If a judgment is entered against you, you are called a judgment debtor. A judgment is an order entered by a judge at the end of a lawsuit. A creditor who obtains a judgment against you is called a judgment creditor. A judgment creditor can require you to attend a deposition and give information about your income and assets. The court can require you to give written information or testimony about your income, assets, property, employer and Social Security number. If a judgment is entered against you by a court, your wages or bank account may be taken from you to pay the judgment. This is called garnishment and attachment. The garnishment law allows the judgment creditor to obtain a continuing writ of garnishment which orders your employer to deduct money from your periodic wages until you have paid off the judgment. Through a process called execution a creditor can collect money owed under a judgment. The judgment creditor pays a bond to the local sheriff to seize personal p
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