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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Post-sale disposal of abandoned personal property... Posted by Ward-CA- on February 11, 2004 at 11:23 PM In Reply to: Car on a property at time of foreclosure?? Not owned by homeowner?? posted by Greg on February 11, 2004 at 7:16 PM : Hi guys, I have a problem that I hope someone can answer. My mom moved out of the house my grandfather owns, and he is just letting the bank take it back it seems. The bank has someone going out there tomorrow, but here's the problem....I have a classic car that was being restored in the garage, and no way to get it towed in time. Can this car be siezed even if it isn't his?? If I throw everything together and get it atleast into the driveway would that change anything?? If I did, would the put a lock on the wheel or anything?? I fear they are going to lock everything up and sieze property, and my beloved car is sitting there. I couldn't find anyone to flatbed it over to her new house until tommorow AFTER the bank will be there. ============================ Greg, The real property was the security for the defaulted loan, not any personal property located on the real property. Any abandoned personal property left behind after a foreclosure auction has to be disposed of by the new owner according to state law. Here in CA there is a defined process for the disposition of such abandoned personal property. The owner of the personal property must be given notice for 15 to 18 days after the auction that the abandoned property is available for retrieval. If the owner doesn’t claim his property within that time then the new owner-by-foreclosure can dispose of the property...if it is worth less than $300...by any means chosen by the new owner. However, if the property is valued more than $300 then it must be advertised and sold at auction to the highest bidder. From the auction proceeds the new property owner can deduct the costs of sale, storage and sale. The remaining funds are deposited with the County Treasurer. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi guys, I have a problem that I hope someone can answer. My mom moved out of the house my grandfather owns, and he is just letting the bank take it back it seems. The bank has someone going out there tomorrow, but here's the problem....I have a classic car that was being restored in the garage, and no way to get it towed in time. Can this car be siezed even if it isn't his?? If I throw everything together and get it atleast into the driveway would that change anything?? If I did, would the put a lock on the wheel or anything?? I fear they are going to lock everything up and sieze property, and my beloved car is sitting there. I couldn't find anyone to flatbed it over to her new house until tommorow AFTER the bank will be there. : ============================ : Greg, : The real property was the security for the defaulted loan, not any personal property located on the real property. Any abandoned personal property left behind after a foreclosure auction has to be disposed of by the new owner according to state law. : Here in CA there is a defined process for the disposition of such abandoned personal property. The owner of the personal property must be given notice for 15 to 18 days after the auction that the abandoned property is available for retrieval. If the owner doesn’t claim his property within that time then the new owner-by-foreclosure can dispose of the property...if it is worth less than $300...by any means chosen by the new owner. : However, if the property is valued more than $300 then it must be advertised and sold at auction to the highest bidder. From the auction proceeds the new property owner can deduct the costs of sale, storage and sale. The remaining funds are deposited with the County Treasurer. : 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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