new bank - Posted by brian

Posted by John Merchant on August 29, 2009 at 12:11:13:

Not necessarily, as the Trustee could just continue on with the already started foreclosure.

The originally named Beneficiary may have sold and assigned its interest in the property, note and DOT to the successor beneficiary under a pvt agreement but that doesn’t kill the already begun DoT Foreclosure.

This doesn’t mean the Trustee’s lawyer, acting with an over-abundance of caution won’t stop the foreclosure and start over but IMHO it isn’t necessary.

If I were advosomg the 2 banks I think I’d advise keeping the sale and assignment of the note and DOT pvt, not recorded until the foreclosure auction was finished and the title was back in Bank 1’s name.

new bank - Posted by brian

Posted by brian on August 28, 2009 at 22:05:51:

If you are in foreclosure and you have a new bank meaning as a example from gmac to country wide and in forecleure to they have to start the process over. thank you