What happens to the properties that are "CANCELLED"?

What happens to the properties that are "CANCELLED"?

Posted by Gail Kelley
from CA




7 Answers

0
A cancelled property means that the Notice of Trustee Sale was cancelled and the property no longer has an active sale date. The sale could be cancelled due to a modification, short sale or other workout program. Keep in mind that this does NOT mean that the property is no longer in foreclosure and the trustee CAN refile a new Notice of Trustee Sale and set a new date. It is also important to note that the Notice of Trustee Sale expires after 1 year. If you see that the original Notice of Sale was filed approximately a year ago and it is cancelled it is likely that a new one will be filed soon.

Answered by Michelle


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Eliminating those that are cancelled because they need to refile, is there a way to track the remaining cancelled properties?

Answered by Gail Kelley


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They will continue to show in our site as cancelled until a new notice is filed. I am unsure what you are trying to "track"?

Answered by Michelle


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-1
After a cancellation does the entire process have to start all over? The initial 90 day redemption, the 20 day publication and then the Trustees sale dat?

Answered by Clarence in Riverside


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Hi Clarence, If a trustee sale is canceled the trustee would need to re-post, re-publish and re-record a new Notice of Trustee Sale but they would NOT need to start over by filing a new Notice of Default and restart the 90 day default period. A Notice of Default does not expire. Michelle
5
There is a propery which is cancelled now on foreclosureradar.com , hower it is on the market for sale(short sale). I understand that the sale could be cancelled due to a modification, short sale or other workout program. So does ismeans that NTS cancels when its sold in a shortsale or when it is listed for short sale. It was up for auction for 10 months and now its on market for short sale but NTS status is cancelled.

Answered by rahul


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Hi Rahul, A NTS cancellation can occur for a number of different reasons. Common reasons might include: 1) Owner has managed to bring the back due $ amount current 2) 12 months have passed since the original NTS rec date w/o a trustee sale and the NTS must now be cancelled and refiled 3) Deed in lieu (owner handed property back to lender) 4) Property has been sold and closed escrow (commonly a lender approved short sale) and loan balance thereby reconveyed

Answered by idannyb


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Maybe the Trustee has been bought by another company.  It looks like what happened now when ALAW bought California Reconveyance Company.

Answered by Allan
from CA


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