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Asked 5 months ago - Irvine, CA
FlagI have a home loan through Bank of America. The trustee sale date was 2/15/13, but it is postponed during trial modification. I don't want to pay the trial modification, and want to list as a short sale in a few months. Because of the trial modification, the trustee sale date is off calendar and there is not sale date at this time. Because I am in default of my trial payments for 2 months now and won't be paying anything because I want to do a short sale, how much notice does the trustee have to give me before they can legally sell my house? Thanks
You are not entitled to written notice of a new sale date unless 365 days have passed since the notice of trustee sale. Section 2923.6 of the California Civil Codes says that a lender cannot sell property while it is under review for a modification of the first loan. If you default on your trial modification plan, the lender must send you a denial letter stating the reasons why. It cannot sell the property for 30 days from the denial letter. This statute is brand new, and it's not clear that all lenders in California know how it works. Consult an attorney who specializes in foreclosure prevention.
If the postponed sale date is more than 365 days from the original sale date, the trustee must record and publish and give you a new notice. If less than 365 days, no new notice is required, just a "public declaration" which is usually by the trustee's website or telephone recorded information. [Civ.Code 2924g(d)]
Richard A. Rodgers, Esq.
(805) 230-2525
200 N. Westlake Blvd. Ste 201
Westlake Village, CA 91362
rar@sd-attorneys.com
www.sdresq.com
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