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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Chronic bankruptcy filers. Posted by Ward-CA- on April 03, 2002 at 6:44 PM In Reply to: TS Cancelled posted by Kevin on April 02, 2002 at 2:32 PM : Hi Ward, : Thanks for all the great information! I was all set to bid at TS tomorrow, I did a lot of homework. The ASAP recorded message still says the sale is on, so I called the lender to confirm, and was told the sale is cancelled. I tried to dig a little further regarding why, but couldn't draw out any additional information. My questions are: : - I believe if the owner files BK, that postpones the sale. Right? : - Have you ever known a BK to cancel a TS? : - How can I find out if the owner actually paid the lender or went the BK route? : If the owner goes BK, I don't believe the court will stay the foreclosure for very long due to non-payment of IRS taxes for last several years. : I'm still interested in the property, but I know it will not go through sale/escrow due to property tax, HOA, and IRS liens. I think the owner is playing with the lender and the foreclosure process timing. : -Have you known lenders to go through foreclosure multiple times with the same owner? Do lenders have a way out when faced with owners defaulting multiple times on the same loan? : It doesn't make any sense to me. Any suggestions? : This message is much longer than originally anticipated, sorry. : Thank you very much, : Kevin =•=•=•=•=•=•=•=•=•=•= Kevin, Whether or not a bankruptcy will postpone a trustee’s sale or cancel one depends upon the circumstances. If the trustor files a petition in bankruptcy before the trustee’s sale but doesn’t notify the trustee then the trustee’s sale will take place. However that sale will be invalid since it took place while the debtor was in bankruptcy. So when the bankruptcy filing ultimately becomes known to the trustee the invalid trustee’s sale will have to be cancelled. Then the lender will have to have their attorney petition the Bankruptcy court for permission to re-record another Notice of Trustee’s sale and advertise the new sale date once weekly for three consecutive weeks. To check on the records in Bankruptcy Court go to their PACER website http://pacer.psc.uscourts.gov/ I have witnessed situations where an owner has gone into foreclosure 4 or 5 times and at the last minute cure each successive foreclosure before it goes to sale. Follow Ups: hoodia Harry Juna 0:31 AM, 02/04/05 (0) hoodia Harry Juna 3:13 PM, 02/03/05 (0) Re: Chronic bankruptcy filers. Kevin 9:12 PM, 04/03/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : Thanks for all the great information! I was all set to bid at TS tomorrow, I did a lot of homework. The ASAP recorded message still says the sale is on, so I called the lender to confirm, and was told the sale is cancelled. I tried to dig a little further regarding why, but couldn't draw out any additional information. My questions are: : : - I believe if the owner files BK, that postpones the sale. Right? : : - Have you ever known a BK to cancel a TS? : : - How can I find out if the owner actually paid the lender or went the BK route? : : If the owner goes BK, I don't believe the court will stay the foreclosure for very long due to non-payment of IRS taxes for last several years. : : I'm still interested in the property, but I know it will not go through sale/escrow due to property tax, HOA, and IRS liens. I think the owner is playing with the lender and the foreclosure process timing. : : -Have you known lenders to go through foreclosure multiple times with the same owner? Do lenders have a way out when faced with owners defaulting multiple times on the same loan? : : It doesn't make any sense to me. Any suggestions? : : This message is much longer than originally anticipated, sorry. : : Thank you very much, : : Kevin : =•=•=•=•=•=•=•=•=•=•= : Kevin, : Whether or not a bankruptcy will postpone a trustee’s sale or cancel one depends upon the circumstances. : If the trustor files a petition in bankruptcy before the trustee’s sale but doesn’t notify the trustee then the trustee’s sale will take place. However that sale will be invalid since it took place while the debtor was in bankruptcy. So when the bankruptcy filing ultimately becomes known to the trustee the invalid trustee’s sale will have to be cancelled. : Then the lender will have to have their attorney petition the Bankruptcy court for permission to re-record another Notice of Trustee’s sale and advertise the new sale date once weekly for three consecutive weeks. : To check on the records in Bankruptcy Court go to their PACER website http://pacer.psc.uscourts.gov/ : I have witnessed situations where an owner has gone into foreclosure 4 or 5 times and at the last minute cure each successive foreclosure before it goes to 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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