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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Trustee Sale "Stay" and Loan Modification Posted by Jerry - Ca. on April 05, 2009 at 11:31 AM I've been working with a Debt Resolution Company and they say to stay away from Loan Mods with a Trustee Sale scheduled in 30 days or less. Since owners receiving the NTS are prime candidates for modification ... I wanted to solicit them as well as Notice of Default recipients. I know that once a lender' legal department receives notification of "loan fraud" violations found in the Loan Doc.'s forensic audit completed by us, they must legally respond to the complaint within 20 days of notiifcation and settle the the dispute within 60 days of the said notice. My question is that I have been told by a Mortgage Broker friend that he attended a modification seminar and the NARS attorney said that there was a California law that automatically stay the Trustee Sale once the loan modification negotiations begin! Can anyone point me to the statute or code where I might find this law ... if it exists. I know I can have these potential foreclosure owners declare bankruptcy and get an Emergency stay of the "sale". I don't want them to have Bankruptcy on their credit report for ten years ... to be filed simply as a delaying tactic to get the loan mod. started! Jerry-Ca. Follow Ups: Re: Trustee Sale "Stay" and Loan Modification Craig in LA 12:42 AM, 04/05/09 (1) Re: Trustee Sale "Stay" and Loan Modification Jerry - Ca. 1:09 PM, 04/05/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I've been working with a Debt Resolution Company and they say to stay away from Loan Mods with a Trustee Sale scheduled in 30 days or less. Since owners receiving the NTS are prime candidates for modification ... I wanted to solicit them as well as Notice of Default recipients. : I know that once a lender' legal department receives notification of "loan fraud" violations found in the Loan Doc.'s forensic audit completed by us, they must legally respond to the complaint within 20 days of notiifcation and settle the the dispute within 60 days of the said notice. : My question is that I have been told by a Mortgage Broker friend that he attended a modification seminar and the NARS attorney said that there was a California law that automatically stay the Trustee Sale once the loan modification negotiations begin! Can anyone point me to the statute or code where I might find this law ... if it exists. : I know I can have these potential foreclosure owners declare bankruptcy and get an Emergency stay of the "sale". I don't want them to have Bankruptcy on their credit report for ten years ... to be filed simply as a delaying tactic to get the loan mod. started! : Jerry-Ca. [ 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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