Bank wants to RESCIND


#1

First, your site is great, I have bought well over 100 homes with your help!

I bought one a couple weeks ago, i have the deed recorded. The trustee called me two days ago and said they need to unwind the sale. i told him to show me exactly where, in the law, they can unwind it after i have recorded the deed. i told him to give me my money, interest, and 10k, and i will unwind it peacefully. do you have any advice or know if the trustee can legally unwind it without my consent? they said the owner was in the HAMP program and it shouldnt have gone to sale.

thanks!!


#2

Based on past experiences I think you did exactly the right thing. No matter what they claim the question of whether or not it was a valid sale, and whether or not they can unwind it given that you are a bonafide purchaser is something that can only be settled in court. Your offer seems reasonable to me.

The bottom line is that they made a mistake. They now are just trying to find the least painful way out. They can rescind the deed and fight with you, or uphold the sale and fight with the homeowner. Who they pick will probably come down to which fight they think is easier.