Urgent!!! Need to stop a trustee sale tomorrow

[hotmama]

Thanks for the time you all took to read my problems! I am not looking to defraud the system, and have never done so - I know what goes around comes around - I am just scared and desperate - Thanks - God bless you all - and hopefully nothing will happened tomorrow perhaps no one will show still ther is a chance the bank will sold it "in house" - I just have to wait.

[HHM]

If no one actually bids, the bank just takes the home into inventory, the DEED WILL CHANGE HANDS tomorrow, at which point, unless your state has a post sale right of redemption, you will be out of luck. You have 2 options
1. File chapter 13
2. Call the bank and see if they will delay foreclosure.

The problem with filing chapter 13 in your scenario is that you seem to be assuming the bank will negotiate a modification in the interium, that won't happen. Also, if you file chapter 13, (I will have to double check), but with a previously dismissed chapter 7, you might not have the right to voluntarily dismiss the 13 (although, I think that is only the case on a case converted from 7).

[hotmama]

Well I got a call from my agent and the bank is asking for a downpayment - that's my light at the end of the tunnel, right?
I do not want to get in any trouble by filing a bk again and that is what my agent is suggesting.

I apologize for my tantrum before

[jadams]

Your agent? What type of agent? Did you hire some type of company to negotiate for you?

Downpayment? As in a good faith payment towards a loan mod?

Will they fax you anything in writing explaining what it is and what it's going to accomplish?

Is the person you're speaking to aware that a sale is scheduled tomorrow? Don't assume they know because they're calling from the bank -- one department might not notify the other.

You don't want to send out money only to find nothing changes and you should have kept that money for deposits on a rental.

[hotmama]

Yes the mortgage agent knows about the sale and is someone I've been working for a long time now (i know he is not gonna run w/my money) So if one dept does not communicate with the other the sale still could go on?

[LuciluS]

Yes the mortgage agent knows about the sale and is someone I've been working for a long time now (i know he is not gonna run w/my money) So if one dept does not communicate with the other the sale still could go on?

Google your City/County/State and see if there is a website that lists the Dates of Sales on Foreclosures. Or better yet, I think you maybe able to go to your County Courthouse and see if you are listed for tomorrow. Or you might be able to make a phone call and find out.

I'm not so sure about who you are referring to as a Mortgage Agent unless He actually works for the company who holds the Deed to your home. If he is asking for a down payment, I would call the company and ask to speak to the Foreclosure Dept. and Verify Everything. They may even be able to tell you if your sale is tomorrow.

There is a lot of Companies out there who are pulling off Scams when it comes to modifying loans. There was an article in our State Newspaper this past Sunday to Beware!

[jadams]

So if one dept does not communicate with the other the sale still could go on?

What is he telling you is happening? What is the money going towards? Did he mention anything about the sale? Who does he work for?

I would be concerned that at this late in the game (approaching end of business the day before the sale) it wouldn't even matter if you came up with full payment.

What state are you in? Does your state give you a redemption option post-sale?

We really need more information to be able to help. Unfortunately there's not much time to do anything.

I do hope you find a helpful solution...

[hotmama]

well actually (if I do it-good faith payment) the money will be wired to the bank directly (can I say the name of the bank?) anyhow he already told me is not 100% guaranteed that the sale would be stopped.

[hotmama]

oh the state is California

[jadams]

So he doesn't work for your mortgage holder? Then what the heck does he have to do with anything?

Was he the broker that originally helped you get the loan?

I'm very confused.

I would walk away very quickly if he doesn't work for your bank, wants money, won't put things in writing, and can't guarantee the sale will be stopped.

If he can't stop the sale, what are you paying him for? The whole point of a "good faith payment" is to bind both parties to at least trying to work out a deal. Their "good faith payment" would be agreeing to temporarily halt the sale, yours is money.

[HHM]

Without a written agreement to postpone the sale, any money you send is wasted.

[hotmama]

yeah u r rite I won't put that much $ without any guaranteed that the sale will b stopped.

[whipster1]

You could try a TRO, but you need an attorney and a hearing before a judge that will sign it.

[UpsideDownMI]

I would call the phone number that is listed on the notice of default that you received in the mail and try to work out a settlement agreement with them. If it is to late to call, you could show up at the sale tomorrow at try to settle there. Bring as much cash as you can come up with.

By the way according to this link http://www.foreclosure.com/statelaw_CA.html the length of the redemption period in California is dependent on whether or not the original lender makes a full price bid. If they bid full price the period is only 90 days. If they bid less than full price the period is 1 year.

[hotmama]

a TRO has to b file by an atty only?