The City of Los Angeles is eager to collaborate our efforts with you to reduce blight in our communities. There is typically a lapse between the final foreclosure judgment – which revokes ownership from the landlord – and the foreclosure sale, which completes the sale and transfer of title to a new owner. The holder of a mortgage without this clause has only two options: either to wait until all of the payments come due or convince a court to compel a sale of some parts of the property in lieu of the past due payments.
Foreclosure does not change the status of properties that are subject to the Rent Stabilization Ordinance (RSO) and Housing Code programs. Your subtotal so far, is your expected sale price of the property, less repair expenses, holding costs, liens and closing costs.
Alternatively, the court may order the property sold subject to the mortgage, with the proceeds from the sale going to the payments owed the mortgage holder. Plus, it’s better to be honest than optimistic, at least when it comes to homes. Villarreal says there are a lot of issues people have with buying foreclosed homes, but they are practical, not emotional.
The activity on foreclosed homes is happening in several other hard-hit markets. The property lists are normally updated each Friday; properties to be offered at the sale taking place in six weeks are added and the properties that were offered on the previous Tuesday are removed.
A list of properties for sale may also be obtained from Ocwen’s website at If you are interested in buying a VA-acquired property when it is listed for sale by Ocwen Federal Bank FSB, please contact a local real estate broker of your choice to see the property.