Ventura County, CA. Former Home Owners Reclaim Foreclosed Property

Ventura County, CA. Former Home Owners Reclaim Foreclosed Property
One possible outcome of the foreclosure crisis could be a fight between former owners of foreclosed homes and lenders.

An example of what might become a larger trend happened in Simi Valley, California, where a couple and their nine children used a crowbar to break into their former home. Their lawyer recommended that they take this step, according to AOL’s HousingWatch.com

The former owners, Jim and Danielle Earl, say they were trying to catch up with their payments when the lender sold the property to Conejo Capital Partners.

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The Earls say it’s unclear what entity owns the loan. Housing Watch says the original lender was Washington Mutual, which became JPMorgan Chase. The Earls say that Chase failed to properly assume the loan and didn’t have the right to sell it, nor could Conejo Capital Partners legally sell it.

The Earls’ attorney, Michael Pines, told the Ventura newspaper, “They may claim we’re violating the law. We’re claiming they violated the law. Typically the authorities will say this is a civil dispute, but the question is, who owns the home? Because whoever doesn’t is trespassing.”
Source: The Wall Street Journal, Emily Peck (10/13/2010)

Thinking about a loan modification? Our Ventura County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Banks Pressured to Fix Foreclosure Problems

Banks are under increasing pressure to fix the foreclosure mess as analysts predict dire consequences and investors sell off bank stocks.

“The nation has been in denial about the scope of the problem, and it’s now just being revealed,” says Janet Tavakoli, founder of Tavakoli Structured Finance Inc., a financial consulting firm. “This is a huge crisis for our country.”

Harvard Law School visiting professor Katherine Porter, who investigated foreclosures in 2007, says lenders should agree to modify loans and avoid lawsuits. “From the beginning, mass modifications would have been better and I still think they’d be cost-saving,” she says.

Principal reductions could lead to “huge losses” for banks, says James Ellman, president of hedge fund Seacliff Capital. “You could potentially be talking about hundreds of billions of dollars in losses.”
Source: Bloomberg, Dakin Campbell and Christine Harper (10/15/2010)

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When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 805-208-0823.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ventura County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Chris B Johnson.

Chris is a Real Estate Agent at Prudential Califonia Realty.
Phone: 805-208-0823. cjohnson@prucalhomes.com.
Certified HAFA Specialist, Certified Short Sale Specialist
View My homes for sale at http://www.chrisbjohnsonrealtor.com/.

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Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Johnson’s personal views and do not reflect the views of Prudential California Realty. This information on Ventura County Short Sale Realtor Advice: I’ve heard banks won’t do short sales. Is that true is provided as a courtesy to our viewers to help them make informed decisions.