Foreclosure in Torrance>Question Details

Gvc, Home Owner in Rodeo, CA

What does it mean when a foreclosed property's status is "revert to beneficiary"? How much time do we have to move or should we move?

Asked by Gvc, Rodeo, CA Wed May 23, 2012

Our property was scheduled for Trustee sale on May 16, 2012 at 1:30 p.m. We were expecting a notice to leave property. However I checked at http://www.priorityposting.com and I found that the status is noted as "revert to beneficiary". How much time are we allowed to leave? Should we just leave?

Help the community by answering this question:

Answers

4
Dennis Hartley’s answer
Unfortunately the bank has forclosed on your home, that is what "revert to beneficiary" means. No one was willing to purchase the property at the Trustees Sale because the debt was more than your home's current value.

The bank will notify you of the foreclosure and advise you to vacate within 3 days. If you refuse to leave, they will initiated an unlawful detainer action which should take about 45 days to wind its way through the court system. The sherriff will then arrive at your door and lock you out of the house.

The best course of action for you is to simply leave the property. It may be possible to receive some compensation from the bank for relocation expenses, this is generally referred to as "cash for keys", you can ask the bank if they offer this. It is not a good idea to force the bank to do an unlawful detainer action, this will show on your credit report for many years and make it very difficult to rent another property. I am very sorry for your current troubles, I hope things get bettter for you very soon.
0 votes Thank Flag Link Thu Jun 14, 2012
Our house was foreclosed on this morning but this was initiated by the junior mortgage company (secondary mortgage). The status said "revert to beneficiary". It was explained to me that the house did not sell, only the lien sold or the lien went back to the mortgage holder. I might want to add that the primary mortgage lender had no idea this was happening, why would they? It was assured to me over and over again by the primary mortgage to 'not worry about the sale', "they can't do that" or "it's not going to happen" (meaning the trustee sale). Well it did. Now it seems they are scrambling trying to get answers as to why this happened. The only scenario as explained to me that would make sense is that the 2ndary mortgage was clerically entered incorrectly as the primary. Regardless, very stressful waiting for answers.
0 votes Thank Flag Link Mon Jan 6, 2014
Hi There

The beneficiary has to go through a legal eviction to get you out, if you won't move voluntarily. Sorry for your hard times!
0 votes Thank Flag Link Sun May 27, 2012
Hello Gvc,

Revert to beneficiary just means that the property went back to the bank. This occurs when nobody bids at the sale or the property did not sell for full value/value set by bank. It is just a matter of time before you receive a notice to leave. There are ways for you to receive money from the bank to help you with your moving expenses and finding a new home. Please feel free to email me and we can setup a meeting to talk about your options’.
Best regards,

DJ Bonner
Keller Williams Realty South Bay
djbonner@kw.com
0 votes Thank Flag Link Wed May 23, 2012
Thank you, so much DJ Bonner. Your response was very helpful. Gladly, yesterday, a realtor who is representing the bank contacted us to offer us relocation assistance.

Thank you and kind regards,
Grace
Flag Fri May 25, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer