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Raffy Mikaelian Boulgourjian

Raffy Boulgourjian’s Answers

30 total

  • Need to get out from under our Mortgage, what are our options and ramifications?

    We bought a condo 4 1/2 years ago for $375K, put down 20% and owe $300K on the property that is appraising for $250K. We are current on our mortgage. My husband recently closed down his small business and we only have my income now. We currently...

    Raffy’s Answer

    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.

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

    Do I have time to dispute an old debt once an entry of default has been requested by the collection law firm?

    Raffy’s Answer

    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.

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  • Deed in Lieu vs. Foreclosure (California) on a second residence?

    We had to move out of California due to a job transfer into Montana and we were unable to sell our house. We owe $450K but it's only worth $199K. My wife is not on the deed of the house and she is going to lose her job next month. We have rente...

    Raffy’s Answer

    Most banks will not accept a deed in lieu before you have first exhausted every effort to sell the property for a fair price by today's standards. If the property is listed for sale, make sure it's listed at a price that the bank considers fair (ask them) before spinning your wheels, because if they feel you have it listed too high, they will ask you to reduce it before they consider a short sale or deed in lieu.

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  • 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

    Why am I still getting a notice?

    Raffy’s 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 a negotiator. Make sure the foreclosure attorney (the company actually handling the foreclosure for the bank) is notified of any halt in proceedings because sometimes the 'left hand and right hand' aren't communicating well on the lender's side.

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

    I am getting the feeling that the current property owners will not leave the property after the sale of the house. They have asked for a rent-back agreement. My wife and I are not interested in doing this considering their current financial cond...

    Raffy’s Answer

    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.

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

    He lives in Fresno Ca. Onces the house is sold how long before he is notified to move out and off the property?

    Raffy’s 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.

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

    If the mortgage holder is both the Senior and Junior HELOC mortgage holder and they instigated a foreclosure on the 1st mortgage - is the HELOC protected under CCP 580D? The heloc was obtained after the purchase to help the 1st mortgae holder not ...

    Raffy’s 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 elected to 'write off' the loan. That doesn't mean that the obligation is extinguished, it just means that they have elected at this point in time to deem it uncollectible. The lender could sell your HELOC debt for 10 cents on the dollar and the new owner may pursue you. Afraid to say that you're not free and clear on the HELOC.

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

    We are losing more on the 2nd property, we want to get rid of the 2nd house. We are considering deed in lieu of foreclosure. No late payments yet and there is a renter. How do we go about this???What are the repercusions? There is a 2nd on house w...

    Raffy’s 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.

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  • In the foreclosure process, at what point is a notice posted on your door?

    I am trying to get some sense of the timing of posted notices.

    Raffy’s Answer

    You may or may not receive a 30 day notice from the lender before they begin proceedings. Assuming you don't, the formal foreclosure proceeding in CA begins with the filing, serving and posting of a Notice of Default. The lender must then do this every month for a period of 90 days before they then serve you with a Notice of Trustee's Sale, which will give you a foreclosure sale date about 20 days out.

    All in all, you have about 100 days. Use those days wisely. Contact your bank if you want to enter into a payment plan, apply for a loan modification, hire a reputable professional to review your loan docs to see if you have any legal defenses, but whatever you do, don't wait 'till the last minute. This is your time to do your homework and figure out what your best next step is.

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  • Deed of trust not honored

    I have a deed of trust for $15,000 that was filed in Washington State in 1998. It was not paid when the house sold . The grantor has moved to California and bought another house. Can I make a claim (lien) against the grantor's property so the deed...

    Raffy’s 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 aware of your lien and bought it subject to, then once you begin foreclosure proceedings it becomes time for them to "face the music."

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