Yes, probably someone goofed… however, it could just as easily have been when they gave you the answer that the property was withdrawn. It seems that Litton is having difficulty knowing exactly what is going on, and this is no real surprise, as I see it allt he time. It is a wonder that a Lender ever gets a foreclosure completed, the way some of them operate. I would not take their word to the bank on thsi. I would not believe it until I verified the data with the Sheriff or Trustee.
But then that is just me. Beyond that brief and doubting answer, I couldn’t begin to guess what the reason for a cancellation of the sale may have been. The lender should be able to tell you… if and when they find the file.
I have a question about auctions. I usually deal with preforclosures but this one the auction came quickly. But when I called to get more info in the way of due diligence for a possible short sale I found out that the auction was cancelled. So what now? I have heard that the bank would have to start all over again. Is this true? If not then what happens?
The auction being cancelled does not give enough info in order to render anything other than a guess at why this might be… But here are some reasons why the auction could have been cancelled:
Defendent filed for BK protection from creditors, either a Ch 7, liquidation or a Ch13 reorganization.
Defendent worked out a Forebearance agreement with the lender, allowing them to gradually make up back payments.
Teh defendent could have borrowed the money, either refinancing or from a personal source, to pay the arearage in full, and reinstate the loan.
Proper service may not have been given in order to hold the scheduled sale.
And on and on… You could probably check the jacket file in a few days for a clue as to what really happened in the case.
I didn’t realize how sparse I was with the details. I got a response to a mailing I did from a man whose property was coming up for auction in a week. During that time I contacted the servicer, Litton and the attorney and tried to get a payoff letter and short sale info. No luck for a week. Yesterday Litton’s rep got the payoff info hours before the sale set for 1/29, today. I called the attorney and requested the sale date, location and time. They couldnt find the case, and said it was cancelled. I worked with the family so none of the usually holdups like BK or getting the money at the last minute. Seems like someone goofed. Any thoughts?