Foreclosure in San Francisco>Question Details

Curly1919, Home Owner in Brentwood Lake, Bren...

Does the trustee have to posses the actual promissory note to sale my house at public auction?

Asked by Curly1919, Brentwood Lake, Brentwood, CA Thu Apr 14, 2011

Public sale is Tomorrow on my home and I would like to delay this

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Lamont Duncan’s answer
like the other agent stated, it is hard to offer a viable solution without knowing all the details. I guess the crux of this is "What is your real question?" If you are seeking to delay, without working with the bank, it will be very difficult to do. There are things you can do to convince the bank to give you more time however but if the foreclosure process is at the end stage, and you have a short lead time, you may be in for a rough ride.

I spent all of 2009 assisting people who were underwater or were about to enter the foreclosure process. I can bring you a buyer for your home but at this point it will depend on what happens tomorrow at the auction. In fact I can sell your house in 14 days if you can get the bank to allow you time to close. Most likely though, you want to keep your home or buy some time to figure out how to come up with the deficiency money.

If this is a courthouse-steps auction, you have a right to attend and you should. I can attend for you if you are in San Francisco but what you really want to know is who is present at the auction. I 've literally been to hundreds of these auctions and I’d say a handful of them had more than 6 people present. I can guarantee you that the banks representative will be there to make sure they get what they want for the home. There are few people that attend these auctions because trustee sales/auctions can be tricky and require a percentage of cash to purchase. This severely limits the competition. Most likely investors that invest in these types of foreclosures have been watching your home for some time and have been waiting for an opportunity to purchase at a low cost. The bank is there to make sure that the investor doesn’t completely lowball and offer something the bank is not willing to swallow

What almost always happens at these auctions is that nobody is there but the bank and they almost always take the property back and sell it through their own foreclosure channels…You can try and negotiate with the bank tonight to sell the home at an agreed upon rate or you can negotiate with a third party to come up with the deficiency money (hard money loan or private loan backed by the security of the note).

Bottom Line…if the auction is tomorrow and hasn’t been postponed…you may be screwed . The battle may be lost but you can win the war…. I can help by offering more information or work with you to try and rescue your position or point you to somebody who can….

I’m updating my website, but you can email me at lduncan@duncanrealestateservices.com if you want more information…..I don’t have all the answers…but I often tell it with no filter.

Seriously in either case…best of luck…you're in a difficult situation.
0 votes Thank Flag Link Thu Apr 14, 2011
The trustee having the actual promissory note or not should not be the basis for any decision you need to make concerning protecting your rights to "your" house. The notion that the much discussed "robo-signing" problem might aid in forestalling the lender's last resort to recovering their "investment" in your house isn't something that promises you a favorable outcome -- even if they don't have the actual promissory note, if the courts have allowed them to proceed with the foreclosure will almost certainly result in that happening. If you want to contest that down the line, you may have something to argue with, but unless you have sufficient funds to retain an attorney to go after the naughty lender, you'll still be out of luck.

A more sensible approach to "buy time" may be to seek the bankruptcy option, but you'll have to get the facts about that from an attorney that specializes in that field, and sooner rather than later.
0 votes Thank Flag Link Thu Apr 14, 2011
Why do you think they should actually have the original promissory note? Do you not remember signing it? Didn't you make the payments at some point?
0 votes Thank Flag Link Thu Apr 14, 2011
Unfortunately you are in a bit of a pickle - without knowing the whole story it is hard to offer you a viable solution. My best advice for you is to try to find an attorney that can help you today and see what can be done with the bank... it may be that they advise you to file bankruptcy to postpone the sale but at almost 5 the night before the auction you may not have any options. An attorney can give you the best advice at this point.
0 votes Thank Flag Link Thu Apr 14, 2011
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