What happens to the properties that are “CANCELLED”?
A cancelled property means that the Notice of Trustee Sale was cancelled and the property no longer has an active sale date. The sale could be cancelled due to a modification, short sale or other workout program. Keep in mind that this does NOT mean that the property is no longer in foreclosure and the trustee CAN refile a new Notice of Trustee Sale and set a new date. It is also important to note that the Notice of Trustee Sale expires after 1 year. If you see that the original Notice of Sale was filed approximately a year ago and it is cancelled it is likely that a new one will be filed soon.
Eliminating those that are cancelled because they need to refile, is there a way to track the remaining cancelled properties?
They will continue to show in our site as cancelled until a new notice is filed. I am unsure what you are trying to “track”?
After a cancellation does the entire process have to start all over? The initial 90 day redemption, the 20 day publication and then the Trustees sale dat?
Hi Clarence, If a trustee sale is canceled the trustee would need to re-post, re-publish and re-record a new Notice of Trustee Sale but they would NOT need to start over by filing a new Notice of Default and restart the 90 day default period. A Notice of Default does not expire.
There is a propery which is cancelled now on foreclosureradar.com , hower it is on the market for sale(short sale). I understand that the sale could be cancelled due to a modification, short sale or other workout program.
So does ismeans that NTS cancels when its sold in a shortsale or when it is listed for short sale. It was up for auction for 10 months and now its on market for short sale but NTS status is cancelled.
A NTS cancellation can occur for a number of different reasons. Common reasons might include:
- Owner has managed to bring the back due $ amount current
- 12 months have passed since the original NTS rec date w/o a trustee sale and the NTS must now be cancelled and refiled
- Deed in lieu (owner handed property back to lender)
- Property has been sold and closed escrow (commonly a lender approved short sale) and loan balance thereby reconveyed
Maybe the Trustee has been bought by another company.? It looks like what happened now when ALAW bought California Reconveyance Company.