Foreclosure in 75002>Question Details

Andy7, Other/Just Looking in 75002

What is Notice of Substitute Trustee Sale?

Asked by Andy7, 75002 Tue Aug 11, 2009

If a Notice of Substitute Trustee Sale was issued and an auction was held on Aug-4.
What does this mean?
Does it mean that if the auction was successful, the new owner will either ask the tenants to move out or stay under the new contract?
And if the auction was not successful, will the mortgage company try to get the tenant out so that it can list the house?
What are the chances that a mortgage company will allow the tenant to stay with a new lease?

Please help me understand the options.
Thanks
Andy

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Answers

2
It is the same as a Notice Of Foreclosure Sale. It is a notice announcing the public sale of a particular property. This notice is mailed to the parties affected by the sale and it's posted in the local publications. The notice will post what day and where the auction will take place.

It is possible that the property doesn't sell during that time. Sometimes, the owners are able to do a modification or just catch up on their payments and the house doen't make it to the sale. If the sale takes place, the new owner will have the option of evicting the occupants or make arrangements for a rental. It would all depend on what the new owner intends to do.

The chances that the mortgage company will let the tenants stay in the house are null. Banks are not in the property management business. They would rather have the house empty for years, let it get vandalized etc. than have a paying tenant stay in the house.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference: http://www.SumnerRealty.com
2 votes Thank Flag Link Tue Aug 11, 2009
This beyond the scope of my expertise. I would advise talking to someone at a local title company or a consultation with a board certified real estate attorney. Best of luck
0 votes Thank Flag Link Mon Mar 15, 2010
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