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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Handling trustor's re-Instatement in the last 5 days... Posted by Ward-CA- on October 31, 2003 at 6:41 AM In Reply to: Re-Instatement posted by Lughead on October 30, 2003 at 11:03 PM : hello : we are foreclosing on a note - : a) do we have any responsibility to specifically notify the trustor that we will not accept re-instatement in the final 5 days? : b) if we so choose, may we accept a amoutnt less than full payment without canceling the full debt? : example - if note is for $100,000 : re-instatement amount is $15,000 : can we in the last 5 days require an amount of $50,000 or greater to cancel the sale? : thank you : Lughead =?=?=?=?=?=?=?=?=?=?= Lunk, A. The Trustee conducting your foreclosure will contact you whenever the owner is attempting to reinstate. B. Yes, CC §2924 provides that you can ask for ALL your balance due during the last 5 days before the sale. So certainly you could ask for less than that. However, I agree with Rick Harmon that you run the risk having a very agitated homeowner on your hands. If you've denied him the opportunity to reinstate his loan and he lost his home as a consequence...you're going to face a very angry occupant who blames you for his loss. Not too recommended if you hope to regain possession without any "payback" from the ex-owner. Hope this helps. Follow Ups: Can we demand an impound for insurance?? Lughead 10:02 AM, 10/31/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : hello : : we are foreclosing on a note - : : a) do we have any responsibility to specifically notify the trustor that we will not accept re-instatement in the final 5 days? : : b) if we so choose, may we accept a amoutnt less than full payment without canceling the full debt? : : example - if note is for $100,000 : : re-instatement amount is $15,000 : : can we in the last 5 days require an amount of $50,000 or greater to cancel the sale? : : thank you : : Lughead : =?=?=?=?=?=?=?=?=?=?= : Lunk, : : A. The Trustee conducting your foreclosure will contact you whenever the owner is attempting to reinstate. : B. Yes, CC §2924 provides that you can ask for ALL your balance due during the last 5 days before the sale. So certainly you could ask for less than that. : However, I agree with Rick Harmon that you run the risk having a very agitated homeowner on your hands. If you've denied him the opportunity to reinstate his loan and he lost his home as a consequence...you're going to face a very angry occupant who blames you for his loss. Not too recommended if you hope to regain possession without any "payback" from the ex-owner. : Hope this helps. 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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