Notice Of Sale After Owner Assigned D/T To Lender?
Have found house with a notice of Trustee's sale taped on front door. Did some research downtown, and the owner signed an "Assignment of Deed of Trust" back to the lender. two days before the date of the notice.
If the owner has deeded the property back to the lender, does this still have to go to auction?
Is it likely that the lender would consider offers prior to the sale?
What do the statutes dictate must happen from this point forward?
I am interested in the house, but I'm unsure what I do next to check this out. Thanks in advance for your responses.
Jeff
You could buy out the position of the lender for the amount that is owed on the property. Since it already deeded back to the lender you can completely bypass the foreclosure and auction if you and the lender can agree on a price. You will need to find out how much the lender is still owed and start the offering around that price.
Good Luck,
Kyle
I suspected that was the case. I guess I was questioning my logic due to the fact that this is in reality an REO property. If this is the case was the sale a requirement due to state statute, or is the lender hoping that they get a bite at the sale? I guess they have nothing to lose by going through with the sale.
Thank you Kyle,
Jeff [ Edited by jeff12002 on Date 10/09/2003 ]
More than likely this is a case of "one hand not knowing what the other hand is doing". The servicing company is going about the foreclosure according to the foreclosure time line. The lender has just received a deed in lieu of foreclosure. What we have here is a communication problem End of foreclosure.
I once tried to do a short sale with a "big fish" lender who held a 2nd Mtg. I tried and tried to get a decision. I ultimately bought the property at the auction. The 2nd Mtg was wiped out. About 2 months after the sale I got a call that they were ready to discuss my offer.