If there are postponements nowadays it's primarily because the homeowner has filed documents to aquire protection so the Trustee cannot foreclose.
An effective way to avoid foreclosure is to have an Attorney bring Litigation against the investor of the loan not the servicer. If your trying to negotiate for a Modified loan and your talking to the servicer....it's a real long shot that you'll get the modification. When the investor gets brought into the picture it a whole different game.
A payment to the bank won't stop the foreclosure unless it's an amount that can settle the unpaid balance of the loan. Typically, once a property goes into default the lender will no longer take payments.
There's no rule on how long the postponement can be or the number of postponements (but if the property is not sold within 365 days the notice of sale may have to be republished and re-served)
An agent could have told you exactly what would, could and should take place..
(at least not in the context of a trustee sale on the West coast, as in a foreclosure auction
on the court house steps - every state is different and has different laws)
Not really sure what you meant by that last past, However the first part was right on!
MERS must be an East coast thing, West coast we have fidelity.
You need to be careful buying at the auction - most of the time the home owner will not let you into home before the auction date nor do they have any oblagation to let you in. (so you have no idea what you are getting) and you are not getting a home with clean title. There can be other trust deeds or liens against the property. My understanding is that junior liens are wiped out at the auction along with mechanics liens, how ever senior liens and property taxes ALWAYS have to get paid, so buyer beware!
It is fun going to the trust deed sale and seeing how it works but you need to do your home work first before you buy anything!
And then unless you are just bug nuts in love with the house you tend to get a better deal working with a buyers agent that knows what they are doing and can find you a deal either via a short sale or a motivated home owner. Also keep in mind you do not pay your buyers agent, they are paid by the listing agent broker at the close of escrow. No cost to you!
Diane Conaway, RE/MAX United, (760) 749-2888
Or, if it was a bundle of properties being offered by a bank, they could have sold the paper to another bank.
More information is needed. next time you go to a sale, try asking one of the auctioneers a few questions. They are usually happy to explain the process to you.