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Duration Of Foreclosure And Non Payment Of Property Taxes In Los Angeles, Ca?

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Well, it’s time to make a decision. Lost my job, owe more on my house than it is worth, and my property taxes are $5,000 per year. So, if I stop payment on loan and taxes, how long do I have until I have to move?

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5 Comments on "Duration Of Foreclosure And Non Payment Of Property Taxes In Los Angeles, Ca?"

  1. organize on Sat, 21st Nov 2009 9:34 am 

    That depends on when your bank starts the foreclosure proceedings. If they don’t file it, waiting for a government bail-out, it could be indefinite. But, the law in California says that you have a minimum of 3-1/2 months from notice-of-default until the bank can seize the property.
    BTW – If you lost your job, you may be elligible for a short sale, where the bank forgives the difference between what you owe on it and what you can get for it. If you go into foreclosure, the banks can put liens on other assets you may own (personal property, bank accounts, etc.).
    You might want to contact your lender about submitting a short sale hardship package and then contact a real estate agent on listing the house as a short sale. Many banks require you to be in default before you can submit a short sale package (as incentive for you to get it done soon or face foreclosure). But, it’s a lot less of a hit on your credit report than a foreclosure.

  2. quidproq on Sat, 21st Nov 2009 9:39 am 

    All 3 answers are good. Just notify your lender immediately, as they have shifted as well to deal with all the foreclosures. Alot more easier to deal with them if you come clean and you’re honest. You’ll have a good rapport with them as well.
    Hang in there, as you’re not alone. My house was on the market for 8 months before I even had a bite. Now they’re coming in droves.
    Don’t get me wrong; the real estate issue will never be a good market again, atleast not in our lifetime. It will take centuries to overhaul the issue created by lenders. Along with people living way above their means.

  3. Paul in San Diego on Sat, 21st Nov 2009 9:59 am 

    7 months. If you are planning to find a new job, ask for a forberance agreement from your lender. This will allow you to make partial or no payments for a short time until you find a job, Plus it will slow down the foreclosure process as they will put it on hold while working with you.
    Your other option, if this fails, is to do a short sale. maybe you can make some money off of it as well.
    Whatever you do, don’t pay your property taxes until you have a plan in place since it takes the county 5 years before they kick you out. If you do a short sale, the lender pays for your property taxes and maybe your HOA (if any),
    Good Luck,
    Satar Naghshineh

  4. satarnag on Sat, 21st Nov 2009 10:32 am 

    You need to work out a short sell arrangement with your bank. This will save ur credit betterr than going thru a foreclosure process. I just went thru this and Eric did me right.Eric 805-522-1113 . Also this will give you time to decide what ur going to do. with all the banking forclosures you may have 3-6 months.

  5. Rick T on Sat, 21st Nov 2009 10:46 am 

    Stop paying the loan and you will probably be escorted out by the sheriff in 6-7 months.
    Stop paying the property tax and you will lose the house in 5-7 years.
    Or you can sign a deed to the bank today and be done with it..

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