can bank take the home back after 3rd party buys it and records the deed?


#1

sean,
?
? i just had a quick question. I bought a house at the steps the other day and have already recieved and recorded the trustee’s deed. The trustee calls me the other day and says that BofA called her and told her that the old owner had worked out a loan mod with them and that BofA failed to notify the trustee. so bascially BofA asks the trustee to see if i would just unrecord the deed and give them the house back? i have never run across this scenario, i have had a number of sales unwind, but that was before i had recieved and recorded the deed. is it possible for anyone to take this home away from me without my permission? i just want to know how stubborn i can be with them or if i should take a nominal ‘bonus’ amount for being workeable? for the record i want to just rehab the home and flip it, but i am worried their could be some unknown law or rule that give the lender or trustee the right to take the home back for a certain period of time.
?
thanks,


#2

i am in california. forgot to tell you that above.


#3

I would be very stubborn. Specifically I’d want proof that the loan mod was signed and delivered before the auction was held. And even then I’d want interest on my money plus something for my time and trouble given BofA’s mistake. Ultimately they can likely record a recission forcing your hand. But you can always make it clear you will file a lis pendens and sue for specific performance (I think I’ve got that right). In the end they will make a decision between facing a lawsuit from you or from the homeowner. In the end you can likely get to keep the house if the deal wasn’t done, or get a check for interest but probably not much more if it wasn’t.