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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buying 4 days before the sale Posted by scinv on May 01, 2003 at 8:25 PM In Reply to: Buying 4 days before the sale posted by Ward-CA- on April 30, 2003 at 10:44 PM : : Ward: : : We have only four days before the sale. Owner wants to sell to us. We have all the forms we need except we don't have time for "five days of cancellation rights". What do we do????? Is this time for right of cancellation mandatory. : : We plan on coming to an acceptable agreement and stop the foreclosure. We can bring the first current but do we have too or can we call them with debtor permission and try to neg. a reduction in the loan??? : : Jc : =•=•=•=•=•=•=•=•=•=•=•= : JC, : According to Civil Code Section 1695.4 (see link below) the right of cancellation truncates to 8:00 AM the morning of the trustee’s sale date when there’s less than 5 days before the sale. So use the Right of Cancellation form and have it terminate at 8:00 AM on morning of the scheduled trustee's sale. : If the 1st lender’s balance amounts to 85% or less than the fair market value (FMV) of the property then they won’t drop their balance due. : I think you better be prepared to bring the 1st current and do it as fast as you can. You can have the current owner call and ask the trustee for the reinstatement amount or perhaps it’s easier to call the lender and get the reinstatement amount. They’ll probably want it paid in the form of a cashier’s check made payable to the lender. : Ask if you can take the check to the nearest branch of their bank to speed things up. : Hope this helps. after signing all paperwork, send the reinstatement amount through western union's quick collect. it's only 12$ and stops the sale in its tracks. most large lenders are hooked into it. have the owner call for all the info. used it the other day. worked like a charm. only drawback, CASH ONLY! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward: : : : We have only four days before the sale. Owner wants to sell to us. We have all the forms we need except we don't have time for "five days of cancellation rights". What do we do????? Is this time for right of cancellation mandatory. : : : We plan on coming to an acceptable agreement and stop the foreclosure. We can bring the first current but do we have too or can we call them with debtor permission and try to neg. a reduction in the loan??? : : : Jc : : =•=•=•=•=•=•=•=•=•=•=•= : : JC, : : According to Civil Code Section 1695.4 (see link below) the right of cancellation truncates to 8:00 AM the morning of the trustee’s sale date when there’s less than 5 days before the sale. So use the Right of Cancellation form and have it terminate at 8:00 AM on morning of the scheduled trustee's sale. : : If the 1st lender’s balance amounts to 85% or less than the fair market value (FMV) of the property then they won’t drop their balance due. : : I think you better be prepared to bring the 1st current and do it as fast as you can. You can have the current owner call and ask the trustee for the reinstatement amount or perhaps it’s easier to call the lender and get the reinstatement amount. They’ll probably want it paid in the form of a cashier’s check made payable to the lender. : : Ask if you can take the check to the nearest branch of their bank to speed things up. : : Hope this helps. : after signing all paperwork, send the reinstatement amount through western union's quick collect. it's only 12$ and stops the sale in its tracks. most large lenders are hooked into it. have the owner call for all the info. used it the other day. worked like a charm. only drawback, CASH ONLY! 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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