So you get a Notice of Trustee Sale....

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IrvineCitizen_IHB

New member
It looks like from IrvineRenter's blog today that you have 21 days to make good. So is this what is called a recission? And how do you make good? Do you have to pay all of the back payments and taxes WITH interest? Who could do that?



By IrvineRenter's graph it looks like by the time you get to Notice of Trustee Sale you've already not paid for over 6 months. Now within 21 days you're gonna come up with 40K cash?



Must happen because I just saw a recission in my neighborhood. I sure wish I understood all of this better!
 
My observation is that the home debtors can get a 30 day postponment twice without paying anything. It appears that the first postponment is even automatic with some lenders.
 
THIS IS NOT LEGAL ADVICE - Only for information purposes. Please retain a lawyer for legal advice.



Debtor has up until 5 days before the sale to redeem, which means paying the balance of the loan. Yes very impracticable and unlikely. This redemption right can also be sold, but good luck with that.
 
Thank you for the information but I'm still a bit confused.



So say on May 1st you officially get a Notice of Trustee Sale. Awgee I believe is saying that you may have a 30-day postponement before it's official. Interesting. So on June 1st you either pay off everything or you're out.



I can see a Notice of Trustee Sale and a Release on HOA liens but 10 days later also see a Recission. Maybe this is auto-generated.



What I think is that these folks have to REALLY start thinking about moving!
 
THIS IS NOT LEGAL ADVICE - Only for information purposes. Please retain a lawyer for legal advice.



[quote author="IrvineCitizen" date=1243054190]Thank you for the information but I'm still a bit confused.



So say on May 1st you officially get a Notice of Trustee Sale. Awgee I believe is saying that you may have a 30-day postponement before it's official. Interesting. So on June 1st you either pay off everything or you're out.



I can see a Notice of Trustee Sale and a Release on HOA liens but 10 days later also see a Recission. Maybe this is auto-generated.



What I think is that these folks have to REALLY start thinking about moving!</blockquote>




I dont know about the 30 day postponement but I wouldnt be surprised since that is what all these new laws are doing. They can stall but they cant stop the power of the secured creditor. Plus most these banks are not going to get mad at uncle sam that they cant get their property asap since its on his dime. Small time investors will get hurt with these laws.



I think it goes like this: 90 days after NOD you get notice of Trustee Sale. Im not sure after NOTS how long you have but i think its about 21 days, or maybe 30. It says on the NOTS when the sale is, so doesnt matter exactly, the person getting NOTS knows when its being sold at trustee sale. Plus keep in mind that this must be a first mortgage NOTS, because a second can foreclose too (even though useless in this market). At this point the loan is accelerated, so there is no "ill just make the payments" talk. Its pay up 100% of debt or sold at auction. Debtor has till 5 days before a trustee sale for a nonjudicial foreclosure and up to 1 years AFTER the sale if it is a judicial foreclosure (very rare).



The person who wins at auction still has to get the debtor/tenants out. Its not like your house gets sold and you have to move immediately, but soon thereafter the buyer will sue to get them out, and usually doesn't take long but there are several stall tactics.



Also, check <a href="http://books.google.com/books?id=huxiy8E5STcC&pg=PA224&lpg=PA224&dq=notice+of+default+and+trustee+sale+california&source=bl&ots=M7-_8FDbcP&sig=DNdBp74oVJFWw5W42bMYnAct_Kc&hl=en&ei=BykXSt3mHZfNlQf3k6TdCw&sa=X&oi=book_result&ct=result&resnum=4">this </a>out
 
[quote author="IrvineCitizen" date=1243052476]It looks like from IrvineRenter's blog today that you have 21 days to make good. So is this what is called a recission? And how do you make good? Do you have to pay all of the back payments and taxes WITH interest? Who could do that?



By IrvineRenter's graph it looks like by the time you get to Notice of Trustee Sale you've already not paid for over 6 months. Now within 21 days you're gonna come up with 40K cash?



Must happen because I just saw a recission in my neighborhood. I sure wish I understood all of this better!</blockquote>


Have you tried snooping in your neighbor's trash can?
 
[quote author="stepping_up" date=1243056657][quote author="IrvineCitizen" date=1243052476]It looks like from IrvineRenter's blog today that you have 21 days to make good. So is this what is called a recission? And how do you make good? Do you have to pay all of the back payments and taxes WITH interest? Who could do that?



By IrvineRenter's graph it looks like by the time you get to Notice of Trustee Sale you've already not paid for over 6 months. Now within 21 days you're gonna come up with 40K cash?



Must happen because I just saw a recission in my neighborhood. I sure wish I understood all of this better!</blockquote>


Have you tried snooping in your neighbor's trash can?</blockquote>


There's no need. I can see everything they throw out when I look in their windows each night.
 
[quote author="LoudRoar" date=1243053374]THIS IS NOT LEGAL ADVICE - Only for information purposes. Please retain a lawyer for legal advice.



Debtor has up until 5 days before the sale to redeem, which means paying the balance of the loan. Yes very impracticable and unlikely. This redemption right can also be sold, but good luck with that.</blockquote>


Please reply to this to confirm that you represent, warrant, and certify to the accuracy of what you said above.
 
[quote author="Sunshine" date=1243074711][quote author="LoudRoar" date=1243053374]THIS IS NOT LEGAL ADVICE - Only for information purposes. Please retain a lawyer for legal advice.



Debtor has up until 5 days before the sale to redeem, which means paying the balance of the loan. Yes very impracticable and unlikely. This redemption right can also be sold, but good luck with that.</blockquote>


Please reply to this to confirm that you represent, warrant, and certify to the accuracy of what you said above.</blockquote>


In what scenario would the right of redemption be sold? Interested buyer who things the liens plus the price of the redemption are lower than the final auction price?
 
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