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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I figured it out - I think Posted by Peter in CA on June 23, 2009 at 2:22 PM In Reply to: Trustee Sale after Deed in Lieu posted by Peter in CA on June 23, 2009 at 1:00 AM US Bank had purchased the mortgages from New Century. US Bank forecloses 12/2008, on the 1st lien. Balance is $515k. They lower the opening bid to $325k Nobody bites. It goes back to the bank. Thus the 'Trustee Deed'. Then the borrower's lawyer detects some formal error (not sure what) 3/2008 - Recission of Trustee's Deed Upon Sale. The document does not give a specific reason. It says "The Deed is being rescinded as a result of mutual agreement of the parties" 6/2008 - the trustee company attempts a second sale. As I posted earlier, the Notice of Sale references the first lien instrument, and I feel quite comfortable. I was in a rush yesterday and I did not check out the 'CANCELLATION' document. I was confused by the fact that the bank already had the deed. Now I understand it did not have it any more. That also explains why the people still live there. If my conclusions are wrong, I would appreciate if someone points that out to me. Thanks, Peter Follow Ups: good home work Skimmer 9:18 PM, 06/23/09 (1) Re: good home work Peter in CA 10:52 PM, 06/23/09 (0) Makes sense to me (NT) Rick, the Probate Guy 3:43 PM, 06/23/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : US Bank had purchased the mortgages from New Century. : US Bank forecloses 12/2008, on the 1st lien. Balance is $515k. : They lower the opening bid to $325k : Nobody bites. It goes back to the bank. Thus the 'Trustee Deed'. : Then the borrower's lawyer detects some formal error (not sure what) : 3/2008 - Recission of Trustee's Deed Upon Sale. : The document does not give a specific reason. It says "The Deed is being rescinded as a result of mutual agreement of the parties" : : 6/2008 - the trustee company attempts a second sale. : As I posted earlier, the Notice of Sale references the first lien instrument, and I feel quite comfortable. : I was in a rush yesterday and I did not check out the 'CANCELLATION' document. : I was confused by the fact that the bank already had the deed. : Now I understand it did not have it any more. : That also explains why the people still live there. : If my conclusions are wrong, I would appreciate if someone points that out to me. : Thanks, Peter [ 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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