I was waiting for an auction, hoping to bid on a house, but 4 days before the auction the house is no longer listed on the trustee site. There is no explanation, no cancellation note. When I call the trustee recorded message, they just say there is no record for that TS#. So I’m assuming the house isn’t on auction any longer, but how do I find out info on this house? Could the owners have gotten the money together or perhaps another bank purchase the house before the auction?
So I called again and was able to speak to a person at the trustee site and they said the house was put on “hold” by BofA. That could mean anything, right? This has has been in foreclosure for 3 years! And this is the 3rd auction for it. Just before the 1st auction is was put into recission. Then the 2nd auction it didn’t sell. Then this 3rd auction is put on Hold. Yet the folks have been living in the house for 3 years and not paying the mortgage payment. Why would a bank allow that? And the funny thing is, the folks who own it now bought it as a bankowned property that had been foreclosed on and now they’ve been in foreclosure for 3 of the 4 years they’ve owned it!
Stacey, Could be on “hold” for any number of reasons. Check at the recorder’s office. You might look for a Modification Agreement (a loan mod to an earlier DOT). BoA was part of the national – 49 state attorneys general – $25bn foreclosure settlement agreement. Hence many loan mods are only recently coming to fruition.
Stacey, Sean just posted the latest Foreclosure Report - Dramatic Increase in California Foreclosure Cancellations > http://www.foreclosureradar.com/foreclosure-report and it covers ground that might be relevant to your question.
Thanks, idannyb…that article was helpful…I get it better now.
And one more bit of news today – “As part of the sweeping national mortgage servicing settlement that went into effect in March, officials at Bank of America said they are halfway to fulfilling their mandate of providing $7.6 billion worth of consumer relief.” … “According to officials on a conference call with reporters, Bank of America has approved or completed first-lien modifications for 30,000 customers, providing $4.75 billion in principal reduction.” http://www.cnbc.com/id/49824237
Stacey, there are a multitude of reasons a trustee sale can be canceled. A law suit by the current owners could have been filed against BoA. As well, the bank may have postponed the sale date because the owners are trying to save their home, either by refinancing, emergency bk, probate, or another program, mainly through the government, to allow them a chance to keep their home. These people aren’t bad people as some people in this strain would say. Banks seem to want to foreclose on homes that aren’t upside down. They can recoup all of the principle balance for the home, foregoing back mortgage, fees, etc., etc. A trustee sale can be canceled the day of a sale date. Stacey, you also understand that while a home is in foreclosure, the bank will not allow a payment. These people who have lived there for that amount of time probably aren’t the scumbags you suggest, they may be deling with a long drawn out case of probate, or they are trying everything under the sun to keep a house they worked hard to obtain. Many of these people need a little slack cut.
Thanks, Paul. I don’t think the people are scumbags. I understand that people fall on hardtimes and can’t pay. I was just surprised that a bank will allow homeowners to keep defaulting on the loan over and over for 3 years. And I’m surprised that the homeowners haven’t tried to short sale and get the heck out of it, that’s all. Stacey Thu Nov 15th 2012 at 12:49pm