foreclosure: TRUSTEE'S SALE: What if the Trustor is unable to reinstate their loan?!
- 07/03/08 10:19 PM
If the trustor is in default and by chance unable to reinstate their loan, a Trustee's Sale is held, and the format is similar to that of a public auction. It is held in the county in which the property is locates; The sale may be postponed before completion ( at the instruction of the beneficiary or the direction of the trustee; After 3 postponements (unless ordered by a court or mutual agreement between the beneficiary and the trustor) a new notice of sale must be filed. The property is then sold to the highest bidder and the sale is final. The trustor does … (2 comments)
foreclosure: FORECLOSURE - The Reinstatement Period
- 06/21/08 05:22 PM
If your home is in foreclosure for being behind in your monthly payments, you have the right to reinstate your loan upto 5 business days before the date that it is scheduled for the sale. If the sale is postponed, your right for reinstatement is extended to 5 business days before the new sale date. In order to reinstate the loan you must bring all back payments current and pay all costs, fees and penalties attached to the loan. The loan balance does not have to be paid in full. After reinstatement, the foreclosure process is stopped and the trustor … (1 comments)
foreclosure: Possible Options for Owners in Foreclosure
- 06/20/08 10:50 PM
The amount of home in foreclosure in the United States is increasing at an alarming rate. Families are being displaced as it is a life changing event. There are options available to store foreclosure and the majority of owners in foreclose are not aware of what is available to them. Please find below a few options that may be worth looking into. Should there be enough equity in the property, the owner may: Be able to secure a secondary loan to cover the delinquent loan amount and provide some extra money to cover the monthly payment until the harship is resolved. If the owner … (3 comments)
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