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Trustee Sale Dec 19th, can we get the house back?
California does not have a right of redemption following a nonjudicial
foreclosure sale in the instance you describe. The nonjudicial
foreclosure statute is very exacting when it comes to how the sale is
published and conducted from the NOD, the NTS and the actual sale.
Also, the U.S. Supreme Court has spoken on the issue of avoiding a
sale, and has held that absent the failure of the foreclosure trustee
to conduct the sale according to the exact specifications of the
nonjudicial foreclosure statute, you cannot avoid the sale because the
borrower believes the lender has received a "windfall." Therefore,
absent evidence that the sale or any notices preceding it were not in
conformity with the statute, you really have no leverage, and
hopefully, the client did not come through your door before the sale date!
>
> Susan
>
> A few observations
>
> I do not think there is any right to redemption after the foreclosure.
>
> As to notice. I believe that notice of sale is sent regular and
certified mail, and also a copy of the notice is posted on the
property. Also once the sale becomes public notice, the homeowner is
usually swamped with mail offering to help. About the only way the
homeowner is unaware of the sale, is if they do not live in the home.
>
> If there was truly $100,000 equity in the property, usually with
that much equity it is sold to a private bidder at the sale. (I was at
Norwalk Court a few weeks ago, and there must have been 50 bidders).
>
> I'm not aware of any leverage, but maybe someone eles has some ideas.
>
> Marvin Mann
> 2706 Artesia Blvd A
> Redondo Beach, CA
> 310 376 9864
>
>
> Marvin
>
> _____________________________________________________________
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Susan
A few observations
I do not think there is any right to redemption after the foreclosure.
As to notice. I believe that notice of sale is sent regular and certified mail, and also a copy of the notice is posted on the property. Also once the sale becomes public notice, the homeowner is usually swamped with mail offering to help. About the only way the homeowner is unaware of the sale, is if they do not live in the home.
If there was truly $100,000 equity in the property, usually with that much equity it is sold to a private bidder at the sale. (I was at Norwalk Court a few weeks ago, and there must have been 50 bidders).
I'm not aware of any leverage, but maybe someone eles has some ideas.
Marvin Mann
2706 Artesia Blvd A
Redondo Beach, CA
310 376 9864
Marvin
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What are the chances I can get the house back for my client?
Client claims not to have received the Notice of Trustee Sale date. Of course lender says otherwise.
Lender took the property on Dec 19th at the trustee sale.
We filed Ch 13 this week to stop foreclosure on another property and the eviction. Lender is willing to talk but what leverage do I have? Property is probably worth about $100K more than the amount the lender "bought" it for at the sale. Why should they get a windfall?
I would appreciate some guidance.
Thanks
Susana B. Tolchard, Esq.
LAW OFFICES OF SUSANA B. TOLCHARD & ASSOCIATES
23734 Valencia Blvd., Suite 304
Valencia, CA 91355
Telephone: (661) 287-9986
Facsimile: (661) 287-9662
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What are the chances I can get the house back for my client? Client claims not to have received the Notice of Trustee Sale date. Of course lender says otherwise. Lender took the property on Dec 19th at the trustee sale. We filed Ch 13 this week to stop foreclosure on another property and the eviction. Lender is willing to talk but what leverage do I have? Property is probably worth about $100K more than the amount the lender "bought" it for at the sale. Why should they get a windfall? I would appreciate some guidance. Thanks Susana B. Tolchard, Esq.LAW OFFICES OF SUSANA B. TOLCHARD & ASSOCIATES23734 Valencia Blvd., Suite 304Valencia, CA 91355Telephone: (661) 287-9986Facsimile: (661) 287-9662
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