Recon Trust wants to Rescind Sale


#1

We bought the property back in July 2010 and have recorded the deed. Homeowner filed 2 ch 7 BK. Eviction happen around December. We got a called today from Recon Trust saying that they want to rescind the sale. We have spent over $20k on this property. Also, we have a contract with a buyer wanting to buy this home.

Is there anything we can do to stop them from rescinding the sale?


#2

Get a lawyer who is familiar with foreclosure laws and steps (Trustee) sales. I suspect ReconTrust is relying on their standard NTS verbiage … “This sale may be rescinded at any time.”
Given the delay in action by Recon and the $ you’ve spent on the property thus far, I suspect you can get back at least the extra cash you’ve put in + a bit more for your atty fees.


#3

Hi Michael,
You need to find out the reason the trustee wants to rescind the sale. They will need to give you some legal basis for the rescission otherwise they have no right to rescind the sale. Once you determine the reason then Danny is right you would need to hire an attorney. We have heard cases where the investor has fought the rescission and won.


#4

B of A probably stole the property through illegal foreclosure and now has lost ,in court, to the previous owner. Learn your lesson and never deal with these pirates again. http://www.getsmartaboutbanks.com/wp-content/themes/chocotheme/images/gsabnewhead.jpg


#5

You will need to get an atty. What county are you in? I’ll attempt to give you names if it’s in a County where I know people.
If they get the feeling you are new at this - they will run all over you.


#6

My house was auction on sept15,2011 i been sick but i have mortgage ins, bank of america do not want to use my ins they rader sae at the auction, what type of attorney do i need i am 87 years old.
please help


#7

Hi Gloria, Most of the mortgage insurance products protect the lender not the homeowner. You can certainly reach out to a free HUD approved counselor in your area. To find a list you can go to www.makinghomeaffordable.gov. They should be able to assist you in understanding your rights.