Raffy Mikaelian Boulgourjian’s Answers

Raffy Mikaelian Boulgourjian

Glendale Real Estate Attorney.

Contributor Level 9
  1. Need to get out from under our Mortgage, what are our options and ramifications?

    Answered almost 5 years ago.

    1. Steven Alan Fink
    2. Raffy Mikaelian Boulgourjian
    2 lawyer answers

    Attorney Fink's answer is spot on in my opinion. If you have been denied a modification, your next best option would be to sell the property at a price that today's market would bear. A realtor experienced with short sale work could help you. If that doesn't work, then a deed in lieu would be your last resort short of foreclosure.

  2. Is it too late to dispute a debt once a request for Entry of default has been requested against me?

    Answered almost 5 years ago.

    1. Matthew Edward Williamson
    2. Raffy Mikaelian Boulgourjian
    3. Brian Wyld Freeman
    3 lawyer answers

    It's not too late, but the longer you wait the more work it's going to require to set aside your default and contest the lawsuit. This is not a situation that I recommend you handle alone. Consult an attorney.

  3. I recieved a forclosure notice posted on my door and i am working on a modification but i still got this notice why am i still g

    Answered almost 5 years ago.

    1. Raffy Mikaelian Boulgourjian
    1 lawyer answer

    Lenders are not required to stop foreclosure proceedings when you apply for a modification. That being said, when I handle a loan modification I make certain that they halt the foreclosure proceeding or at least agree to postpone the sale date once having received a complete loan modification application. This can be troublesome and require a fair amount of persistence on your part. Stay on top of them and your application. Make sure your application is complete, accepted and assigned to...

  4. What is my recourse if I purchase a property via short sale and the owners refuse to vacate the property after closing?

    Answered almost 5 years ago.

    1. Matthew Edward Williamson
    2. Raffy Mikaelian Boulgourjian
    2 lawyer answers

    You will have to evict them. Evictions are a somewhat technical creature of statute. I would never recommend that anyone attempting one on their own.

  5. My Son is losing his house in foreclosure and it is being auctioned off

    Answered almost 5 years ago.

    1. Raffy Mikaelian Boulgourjian
    1 lawyer answer

    He will receive a three day notice to vacate. It could be longer depending on whether the moratorium applies to the foreclosing party, etc., but that would not be a safe assumption to make. Once the 3 days expires, the eviction process will begin and can reasonably take a few more weeks.

  6. Ignored at Foreclosure and Later Charged Off. is This Protected by Ccp580d I have received my first collection letter HELP!

    Answered almost 5 years ago.

    1. Raffy Mikaelian Boulgourjian
    1 lawyer answer

    General Rule in CA: The two loans stand independantly, even if they are held by the same lender. If the lender foreclosed on its first, then it 'wiped' out the second's secured position on the property. This does not make your debt obligation on the second 'go away'; it merely wipes out its secured position against the property. The second never foreclosed on you; the debt obligation is still alive and can be collected upon by filing a lawsuit. A charge off simply means that the lender has...

  7. We are considering deed in lieu of forclosure on 2nd property, no late payments and with renter. losing more than gaining thanks

    Answered almost 5 years ago.

    1. Raffy Mikaelian Boulgourjian
    1 lawyer answer

    Sounds like a fairly marketable property. A deed in lieu of foreclosure can have a negative impact on your credit profile; not as bad as a foreclosure but negative nevertheless. You may want to consider selling it short first. ie. putting it on the market at today's fair market value. In fact, many lenders will require that you first try to sell the property (and not have any good offers) before they agree to take it back with a deed in lieu.

  8. Deed of trust not honored

    Answered almost 5 years ago.

    1. Raffy Mikaelian Boulgourjian
    1 lawyer answer

    As long as the buyer is willing to purchase the house subject to your lien, they are not obligated to sell the loan. Why not start a foreclosure and see what happens? If the buyer was not aware of your lien when they purchased the property, the first thing that they are going to do is make a claim to the title insurance co. which issued them title insurance at the time of purchase. If title accepts the claim, then they will tender the defense or most likely settle w/ you. If the buyer was...

  9. If there are 2 parties on a home loan, what happens when one party files bankruptcy?

    Answered almost 5 years ago.

    1. Raffy Mikaelian Boulgourjian
    1 lawyer answer

    Any time a bankruptcy is filed, an automatic stay goes into effect. i.e all creditors must immediately cease collection activity. Therefore, any foreclosure will be halted and then the question of the bankrupt party's responsibility for the debt will be addressed by the bankruptcy court. There are many ways that the bankrupt party's indebtedness on the home loan could be resolved, which their bankruptcy attorney should discuss with them, but for your purposes, the bankruptcy will temporarily...

  10. Can I release interest in a jointly owned investment property in default? Am I also liable for the full amount of the second?

    Answered almost 5 years ago.

    1. Raffy Mikaelian Boulgourjian
    1 lawyer answer

    If you deed your ownership interest back to the bank it does not deed the other party's interest so I don't see that helping much because the bank would likely proceed with the foreclosure anyway. Second, you are legally liable on whatever loan agreement you signed, regardless of your ownership interest in the property. Do seconds typically pursue recovery? That seems to go either way in this economy. Most seconds are in no position to foreclose these days, so they sell the debt for 10...