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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Squeaker stories usually involve filing bankruptcy.. Posted by Ward-CA- on March 28, 2002 at 7:20 AM In Reply to: How Late is posted by Sean Wagle on March 27, 2002 at 8:44 PM : Ward, reading some of your posts on the other forum about cancelling a foreclosure quickly, got me curious as to the minimum time possible to do this. : Suppose an investor met a defaulting owner on the morning of the auction, got a signed QuitClaim deed at a notary right in front of the court house, and walked it in there immediately before the auction. : I'm assuming the foreclosure would continue at this point? Or would the auctioneer have leeway to delay the auction another day or two, to give you time to contact the lender for the payoff amount? : If agreement of the lender is absolutely needed, what would the minimum response be from them to delay the auction? A FAX stating this? Verbal agreement with an officer of the bank? (I can just picture the auctioneer talking on his cell phone: "What? Huh? Hold it? OK.") : There have got to be some foreclosure stories out there of people who just squeaked a deal-- right at the last second! =•=•=•=•=•=•=•=•=•=•= Sean, the most junior equity of any property is that of the owner. It is immaterial to a foreclosing lender who the owners of the moment are. Whoever they are, they’re going to be wiped off title by the foreclosing lien. Auctioneers don’t have the authority or leeway to delay an auction on their own. They only follow the instructions given to them by the foreclosing processor, such as the trustee in a trust deed state. And the trustee gets their marching orders from the lender. So such a postponement would have to be originated with the lender. The only squeaker stories I’m privy to are the ones where a bankruptcy was filed one or two minutes before the scheduled trustee’s sale. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, reading some of your posts on the other forum about cancelling a foreclosure quickly, got me curious as to the minimum time possible to do this. : : Suppose an investor met a defaulting owner on the morning of the auction, got a signed QuitClaim deed at a notary right in front of the court house, and walked it in there immediately before the auction. : : I'm assuming the foreclosure would continue at this point? Or would the auctioneer have leeway to delay the auction another day or two, to give you time to contact the lender for the payoff amount? : : If agreement of the lender is absolutely needed, what would the minimum response be from them to delay the auction? A FAX stating this? Verbal agreement with an officer of the bank? (I can just picture the auctioneer talking on his cell phone: "What? Huh? Hold it? OK.") : : There have got to be some foreclosure stories out there of people who just squeaked a deal-- right at the last second! : =•=•=•=•=•=•=•=•=•=•= : Sean, the most junior equity of any property is that of the owner. It is immaterial to a foreclosing lender who the owners of the moment are. Whoever they are, they’re going to be wiped off title by the foreclosing lien. : Auctioneers don’t have the authority or leeway to delay an auction on their own. They only follow the instructions given to them by the foreclosing processor, such as the trustee in a trust deed state. And the trustee gets their marching orders from the lender. So such a postponement would have to be originated with the lender. : The only squeaker stories I’m privy to are the ones where a bankruptcy was filed one or two minutes before the scheduled trustee’s sale. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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